Yellowknife real estate market update May 5 2023

Hello all and Happy Cinco de Mayo!

I for one couldnt be happier; gorgeous weather, tacos & margaritas and a hot real estate market make for a great Cinco de Mayo. That being said, before I head to the NWT brewing company for their tastey tacos and drinks lets get you what you came for, this weeks Yellowknife real estate market update!

This past week in Yellowknife real estate we saw 10 new listing hit the market. Average list price for these 10 properties is $520,410.

This is seemingly right on par for where we are in Yellowknife in terms of market value. Over the last 30 days we saw 25 sales, average list price for these sale was $552,900 and the average sale price was $552,300. Meaning, MOST homes are selling at 99.9% of the listed value, some of those 25 sales went above and beyond the listed price with multiple offers. 

Over the last week we saw 7 price reductions, 6 conditional sales and 6 firm sales! Of those 6 firm sales the average listed price was $590,600 and the average sale price was $586,515. Again, 99% of listed price. These numbers are great but what does that mean?? If your trying to low ball, or even offering 5% or 10% below asking price You Probably Wont Get The Accepted Offer.  Of those 6 sales we saw go through this past week 2 (30%) were sold over the listed price. When 30% of the homes selling in a week are going above the listed price that means you better come ready, with pre approval in place and due dilligence done if you want to successfully win your bid to buy the home you have your eye set on.

Obviously as your realtor my focus is to protect you while getting you the best value possible for the home. I never recommend to forego conditions or through caution to the wind and write an offer with a stupid high offer price... thats not my goal. I will always work with you to get you the accepted offer with a reasonable price and necessary conditions. I look out for you, and you look forward to moving into you new home :)