Saskatoon real estate: Week in review (June 9-13 2008)

New listing activity remained strong this past week as 221 properties were introduced to the Saskatoon real estate market, including 62 condominiums and 142 single-family homes (houses), pushing active listing inventories beyond record highs and settling at 1,326 units by the close of business Friday. Currently, there are 836 houses and 388 condominiums showing an “active” status on the Saskatoon Multiple Listing Service.

Sales in the single-family and condo categories took a big upward bounce, increasing from 67 homes last week, to 93 this week. Total residential sales came in at 99 units, showing their best performance since the last week of April. On the other hand, conditional sales were fairly low as of Friday with just 48 properties displaying the status.

Overbids were nearly non-existent in all of the major real estate areas, except area 3, where 25% of successful sellers bagged a sale at a price which was greater than their asking price. The average overbid ($6,438) reached its lowest level since the last week of January.

68 of 93 home buyers managed to negotiate a below list price purchase and the average underbid held steady, above the $10,000 mark, for the second week in a row.

The average selling price fell back to $303,453, a number that is likely more representative of our market than the figure of nearly $330K that we hit last week.

Saskatoon real estate: Week in review (June 9-13, 2008)

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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Norm Fisher
Royal LePage Saskatoon Real Estate