Residential listing activity picked up the pace this week with a total of 164 single family homes (houses) and condominiums being offered for sale on the Saskatoon MLS. Total active listings in the residential category finished the week at 470 units including 298 houses and 127 condos. An additional 50 properties are displaying the “conditional sale” flag. Though still a relatively small number, the Saskatoon real estate market didn’t see inventory build to this level until into August during 2007. In fact, at this time last year there was a total of 254 listings including both active and conditionally sold, so there are more than twice as many Saskatoon homes available now as compared to the end of March last year.
Saskatoon real estate sales remained brisk with 94 homes reported sold on the local MLS, up from 86 the week before. A larger number of sales in areas 4 and 5, combined with fewer sales in area 1 brought average selling prices back under the $300,000 mark.
Overbid activity was down some over the previous week with 46 of 94 Saskatoon homes (49%) reporting sale prices that exceeded the asking price. During the same week last year we were up around 55% but the average overbid was a little lower at $14,076, compared to $16,130. You may recall that the market really began to heat up through April and May last year with average overbids topping $20,000 and $25,000 respectively.
Should we expect more of the same in 2008? It’s a pretty tough call and most would admit that they’d have never dreamed that we’d be where we are today. Logic has failed us over and over during the last 18 months so I can’t say I’d be totally surprised by another insane spring. On the other hand, I think that the sales numbers over the next couple of months, perhaps beginning with March, will finally start to show some weakening in demand. If the current inventory trends continue on an upward swing, we should start to see the pressure coming off of prices earlier this year. Given the massive deterioration in affordability over the past two years, the troubled North American economy and the fact that most major real estate markets across Canada are starting to experience at least some weakness, I can’t say I’d be surprised if our “suddenly” isn’t looming just around the corner.
- Meadowgreen bi-level, 972’, very dated, no garage goes $53K over list at $248,500.
- North Park bi-level, 820’ with a single garage, dated, sells $40K over at $280,000.
- Avalon area 1.5 storey, 952’, no garage, a stone’s throw from the freeway sells for just over $267,000.
- Massey Place apartment, 1,050’ goes 20K over at $220,000.
- Confederation Park 4-level split, 940’ without a garage fetches $295,000.
- Lakewood apartment, 868’ sells for $250,000.
- Adelaide Churchill bungalow on busy street, 1,004’ and no garage brings just over $328,000.
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Royal LePage Saskatoon Real Estate