Saskatoon real estate: Week in review (October 1-5 2007)
In spite of market conditions which should clearly be working in favour of Saskatoon real estate buyers, sellers who managed to strike a deal on their home this week did quite well, particularly in the east end areas.
New listings of Saskatoon homes outpaced unit sales by two to one with 113 condos and single family homes offered up for sale on the Multiple Listing Service®. Active listings in the residential category reached an all time high for the year at 641 units. Only 56 homes were reported sold throughout the week which is the lowest number recorded since the inception of the “Week in review.”
The highlights as I see them.
- The percentage of homes selling above the list price increased to 29% from its previous record low of 20%.
- The average overbid soared to its highest level since the week of July 23-27.
- Area two produced the highest average overbid ever recorded in the history of the “Week in review,” largely driven by one property which sold $181,000 above list price.
- The average selling price exceeded the average asking price for the first time since the week of August 27-31.
- The average selling price of a Saskatoon home bounced back above the quarter million dollar mark following a fairly sharp drop during the two previous weeks.
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
8 comments so far. We'd love to hear your thoughts.
May 27th, 2009 at 3:20 PM
181K over! Norm, can you give any details or does that violate a privacy act or professional courtesy? If you can’t, can you at least tell us the area, or something like river view to give us an idea of why it went for so much.
If you can get that for mine you can have 11% commission;-)
May 27th, 2009 at 3:20 PM
Jedi,
I made an offer on a property on Saskatchewan Crescent last week and missed out on it. Listed at $495,000 and my agent later told me that it sold for $676,000. The math works. Small bungalow on a large lot backing the river.
May 27th, 2009 at 3:20 PM
Hey I have a real fixer upper.Should I start out in the low 400,000 mark?Here a link to my pic http://www.pasty.com/cam/2004/0618.jpg
Thanks guys.
May 27th, 2009 at 3:21 PM
Jeffrey,
Depends on the location.
Nice image though. I love old buildings like that. The light was about perfect for you.
May 27th, 2009 at 3:21 PM
Saskshopper:
Just wondering if that bungalow was 105 Sask Cres East? Older house, walk out basement…? Let me know.
May 27th, 2009 at 3:21 PM
Warren,
That’s the one but I think the address was west.
May 27th, 2009 at 3:22 PM
Norm:
Lol, my mistake, yeah it was West (I lived there, I should know). $676,000, I don’t even know what to say about that! Ummm…have I mentioned that Saskatoon is overvalued, lol? The owner basically paid for the lot, and the lot needs a lot of landscaping at that. Don’t get me wrong, it’s the best location in Saskatoon, but that’s a lot of money for a lot. But good for my old landlord I guess.
May 27th, 2009 at 3:22 PM
No kidding.
Well, like they say, “location, location, location.” This is one of those properties which is probably pretty special and is attractive to people that have some buying power. I suspect that you’re probably correct in your guess that the house will meet a wrecking ball making way for something fairly grand. It will be interesting to see what develops there.
I am just amazed at the number of 600+ sales recorded this year (33 vs. 5 through all of last year).