Yellowknife Real Estate market update May 19/23

Yellowknife Real Estate Market Update May 19 2023

Hello all and happy long weekend ahead! I hope you all have something fun planned for this long weekend. 

Straight into it here; the market is alive and well. We are seeing a lot of new listings and sales taking place. This past week we saw 10 new listings hit the market here in Yellowknife, 1 already has an accepted offer on it. Average list price of these new listings was just above the 500k mark at $504,650.

We saw 4 price reductions this past week on properties currently listed. 

This past week we saw 9 conditional sales, as we know a conditional sale is when a property accepts an offer on the property which contains subject conditions on either the buyer or sellers behalf needing to be completed prior to the sale being binding. 

We saw 8 firm, final sales take place this past week. The average list price of these 8 sales was $453,062 and the average sale price is HIGHER at $453,500! This means the markets hot, we are seeing multiple over/over ask sales! When the average sale price is 100% of the listed price you know the market is moving. And for those buyers out there who think the prices are waaaaaaay too high and expect to buy a home for 15k, 25k, 50k under ask.... best of luck! Deals are out there but they are harder to find in these market conditions, especially when you arent working with a realtor!!