October is here. The leaves are falling, Halloween decorations are popping up, and half of Saskatoon is pretending winter tires are a problem for another day.
So, what’s been happening in real estate over the last couple of weeks?
Actually… quite a bit.
From September 15–28, 177 homes sold in Saskatoon.
The first week saw 79 sales, and the following week jumped to 98 sales. That’s roughly a 24% increase in weekly sales activity.
Not exactly a market that has packed up and gone into hibernation.
DID HOUSE PRICES JUST DROP $56,000?!
Here’s a great example of why I’m always careful when someone tells me, “I heard the average Saskatoon house price dropped.”
The average sale price during the first week was about $480,583.
The next week it was $424,298.
So did every homeowner in Saskatoon wake up $56,000 poorer?
Thankfully, no.
The biggest reason was simply what sold.
The second week had 35 condo sales, compared with only 19 the week before. Condos generally sell at lower prices than detached houses, so when a bunch more condos sell, they drag the overall average price down.
That’s why average sale price can be misleading over short periods.
It’s kind of like saying the average price at a restaurant dropped because everyone ordered burgers instead of steaks. The steak didn’t suddenly get cheaper.
ARE BIDDING WARS STILL A THING?
Yep.
Over those two weeks, 44 properties sold OVER asking price and another 16 sold right at asking.
But here’s the interesting part…
117 properties sold BELOW asking price.
That pretty much sums up the Saskatoon market right now.
A great house, in a good area, showing well and priced properly can still have buyers fighting over it.
An overpriced house?
It can sit there quietly refreshing Realtor.ca wondering why nobody has called.
HOW FAST ARE HOMES SELLING?
Pretty consistently.
Average days on market were 29 days one week and 30 days the next.
The average sale-to-list-price ratio was also roughly 99%.
So buyers are definitely still buying.
They’re just being a little more selective about what they’re willing to chase.
WHAT DOES THIS MEAN IF YOU’RE SELLING?
Pricing matters.
When inventory is extremely low, sellers can sometimes get away with being a little… optimistic.
Right now, buyers have more choices.
If your house is priced properly, looks good online and shows well in person, you can still get excellent activity and potentially multiple offers.
But pricing $30,000 too high because your neighbour’s cousin told you what your house is worth probably isn’t the strategy I’d recommend.
AND IF YOU’RE BUYING?
There are definitely more opportunities to negotiate.
The majority of Saskatoon properties sold below asking during these two weeks, which is good news for buyers.
But don’t assume that means you can lowball every house either.
If something great hits the market Friday afternoon, is priced properly and checks all your boxes, saying “Let’s think about it until next week” can still turn into “Why does Realtor.ca say SOLD?”
Welcome to real estate.
So that’s Saskatoon right now.
Not crazy everywhere. Not slow everywhere. Very property specific.
If you’re wondering what your house would actually sell for in today’s market, send me a message. I’m always happy to take a look at what’s happening specifically in your neighbourhood.
Kevin Leuschen Real Estate
Coldwell Banker Signature