Saskatoon real estate week in review: June 10-17, 2018

The Saskatoon real estate market recorded its highest volume sales week for the year as local agents reported 103 residential sales for the period, up from 77 last week, and even topping sales for the same week a year earlier when 90 Saskatoon homes traded hands.

New listings also came on strong at 222 units but fell short of breaking any records for the year. Still, that number is up from 209 the week before and 203 for the same period last year.

The inventory of active MLS® listings grew by just 24 this week to reach 2023 by this morning. This is its first appearance above the 2K line this year. At the close of the same week last year buyers had a selection of 2251 active listings to chose from. That particular week saw inventory reach its highest level that I ever recall it reaching. Today’s totals include1071 single-family homes, down from 1243 at this time last year, and 828 condos, down 14 units from a year earlier.

With this week’s highest-priced sale falling below the 600K mark, the weekly average sale price of a Saskatoon home slipped about 27 grand to $322,890. A fairly stable mix of sales at both the upper and lower end of the market kept the weekly median from sliding nearly as much, though it fell about five thousand dollars to $320,000. Meanwhile, the six-week average price slipped four thousand dollars from last week to settle at $332,450 down just $2500 annually. The four-week median price went up to $325,000 for a weekly gain of five thousand dollars and an annual drop of $7,450.

Three sellers attracted offers for more than they were asking. One wild overbid of $60,000 on a City Park home skewed the average discount wildly high to $20,803. While 13 buyers agreed to pay the seller’s asking price, 87 insisted on a deal and ground themselves a discount averaging $12,253.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra

A new listing at 117 – 670 Kenderdine Road, Arbor Creek, Saskatoon, SK

Welcome to 117 – 670 Kenderdine Road in the Arbor Creek area of Saskatoon.

Offered at $225,000 MLS®

View full listing detailshere.

Our images accurately portray the loving care and attention to detail that the current owner has put into this terrific home. It’s a place you can feel proud to live and entertain in. Sadly, it’s time for them to move, and while they will miss their first home very much, we all hope that it brings you as much joy as it has them, as you begin to build your new life here. This townhome stands out from many by offering an excellent Arbor Creek location at the tip of the area’s linear park. Your daily walk doesn’t get better than this as you follow this lovely trail right up to John Avant Park for a bit of lakeside reflection. A host of shopping, dining and recreational opportunities are available to you within minutes, as are the schools in neighbouring Erindale. The home’s low maintenance exterior gives it exceptional visual appeal, and the yards are lush and green, offering concrete patios, accessible through patio doors in the kitchen where you’ll enjoy many family barbeques. You’ll probably appreciate having the grass seemingly cut itself and the snow disappear with no action required from you. The interior space of this lovely home is fresh, clean and inviting in every way. The home comes with two parking stalls, both offering electrical service. Come have a look today.

Interested parties should contact Lyndon Neher at 306-380-9090 for details and showing arrangements.

Last year, TeamFisher.com hosted 334,888 user sessions. Those users viewed 1,594,672 listings while they were here providing our sellers with prime exposure. If you have a home to sell, we’d be happy to represent you and prominently display your home here.

Saskatoon real estate week in review: June 3-9, 2018

Before we get started on this week’s activity I just want to point out that statistical overview of Saskatoon home sales provided by the Saskatoon Region Association of REALTORS® has been posted here.

It was one of those rare weeks in which sales increased on an annual basis. Saskatoon real estate agents processed a total of 77 firm home sales through our local MLS®, down nine from the previous week, but topping sales for the same period last year, also by nine.

The number of new residential listings that were added to the multiple listing service® database remained steady at 209 to match last week’s numbers. That falls well short of the 260 Saskatoon homes that came up for sale during the same week in 2017.

For the 15th consecutive week, the number of residential properties offered for sale through the MLS® remained at four-year lows (comparing year-over-year numbers) even as they pushed higher from the previous week to close the period at 1999. That represents an increase of 44 listings from last week and an annual decline of 231 homes for sale. As usual, the majority of those inventory declines can be counted in the single-family homes category where total listings now sit at just 1061, down from 1243 a year ago. Condominium listings total 816 as of Saturday morning, down just slightly from 825 a year earlier.

There was some solid upper-end activity this week, included a sale that approached the $1.5 million dollar mark. However, with 31 sales reporting a price of less than $300,000 the weekly median price fell lower to $324,900 even as the average sale price for the period spiked higher and grew by more than 20K to reach $349,988. The upper end activity was enough to move the six-week average price higher. It grew by four thousand dollars compared against last week’s number to finish the week down on an annual basis by just fourteen thousand dollars. That’s the smallest year-over-year decline we’ve seen in nearly two months time. Meanwhile, the four-week median price gave up last week’s gains and came back down to $320,000 which is now just thirteen thousand dollars below where it was a year ago, and also showing the smallest annual declines in a couple of months.

A little bit of competitive action led to three overbid sales this week, one paying the seller a $2100 bonus, and the other two coming in at just $100 over the list price. Some solid activity in new homes led to 10 sales being reported at the asking price. On the flip side of the negotiating table, 64 Saskatoon home buyers made off with a discount that averaged $14,560.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra

Saskatoon home buyer’s market persists through May, 2018: SRAR

Fewer homeowners were ready to put their home on the market this year compared to last. In May, a total of 943 properties were added on the Multiple Listing Service® (MLS®) in Saskatoon representing a nine percent decline from last May. Year-to-date, there have been 13 percent fewer homes listed in Saskatoon.

The total number of active listings in Saskatoon at the end of May was 2,001, just slightly above the five-year average of 1,945 units. “Typically we see the highest number of active listings between May and September,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “It’s the most active time in our market, largely due to favourable weather,” he added. Saskatoon MLS® inventory levels reached an all-time high in July of last year with 2,210 homes for sale. At the current rate of sales, it would take five and a half months to liquidate the current stock of active listings.

In May, there were 364 Saskatoon homes sold, a decrease of 13 percent from the same month last year. Year-to-date, sales for the city are down seven percent with a total of 1,345 residential MLS® home sales. So far this year, sales have declined in every price range with the exception of the under $200,000 range which saw a 30 percent increase with a total of 203 sales. The price range with the greatest decline in sales were homes priced between $450-500,000 with a year-to-date total of 85 sales, a 17 percent drop from last year. Homes selling between $750,000 and $1M are on par with last year at 19 sales. Sales with prices in excess of $1M however are off sharply with three just MLS® sales year-to-date. In 2017, there were three home sales in May alone over $1M and nine year-to-date.

The sales-to-listing ratio fell from 43 percent in April to 39 percent in May. The sales-to-listing ratio is a comparison of the number of sales for a period of time against the number of new listings. “Saskatoon remains a buyer’s market, however, homes that are priced to market and in good condition will still command great interest and in some cases competing offers,” comments Yochim. Last month, the average home in Saskatoon took 47 days to sell. This is the lowest time to sell so far this year.

Year-to-date, the average sale price was $334,449, a four percent decrease from the same period last year. Since averages can be misleading, a better reflection of the market is the median. The median home sale price year to date is $320,000. The five year average for median residential home sale prices in Saskatoon is $341,980.

The Home Price Index Composite Benchmark Price (HPI) continued on an upward trend for most home types (except apartments) again in May. The HPI is the most accurate indicator of where home prices are trending.

Jason Yochim CAE, CRAE
Chief Executive Officer
Saskatoon Region Association of REALTORS®

Saskatoon real estate week in review: May 27 – June 2, 2018

The number of Saskatoon home sales grew to 86 this week, up from 70 for the previous week, but fell well short of matching numbers generated during the same period of 2017 when 102 local properties traded. New listings also grew as Saskatoon real estate agents added 209 residential listings to the MLS® system, way up from 170 the week before, but significantly down from the 247 homes that were listed during the same week last year.

As the month of May closed, 80 residential listings came to the end of their term without a sale. Another 81 home listings were either canceled or withdrawn this week. While a good number of these failed listings would have come back to be counted a second time as a “new listing”, more listings came out than went in over the period, and consequently, the number of Saskatoon homes listed for sale on the multiple listing service® fell lower to 1955, down from 1997 at last week’s close, and down just more than 200 on a year-over-year basis. At just 1038, there are close to 150 fewer single-family homes for sale than there were a year ago. Available condominium options sit at 791, down from 818 a year earlier.

A fairly consistent distribution of sales across various price ranges kept both the weekly average sale price and the weekly median price pretty stable at $338,360 and $327,000 respectively. The longer-term measures also changed little. The six-week average price inched slightly lower as it slipped just over thirteen hundred dollars to $332,680. That’s about eighteen thousand dollars lower than it was a year ago. The four-week median price took a small increase as it grew by two thousand dollars from last week’s close to reach $322,000. That measure is at it’s highest point since the middle of March but is still down eighteen thousand dollars annually. If there’s any notable change in these longer-term price measures, it’s more about what happened last year at this time, than what’s going on now. You can see that both the six-week average and the four-week median price took a huge jump through the early spring weeks of 2017. By this point of last year, those large gains were starting to fall off. With more stable pricing this year, we are seeing the massive year-over-year declines in these two measures begin to moderate quite a bit now, due to last year’s declines through this period.

Once again, two Saskatoon home sellers found some love in the market and ended up selling for more than they were asking, those sale prices were most likely driven up by a little competition amongst buyers. One of those two deals closed nearly 13K above list, while the other got a bonus of around five thousand. Another 75 deals were reported to have sold for less than the asking price. In those cases, buyers netted an average discount of $13.944.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra