SRAR releases Saskatoon real estate statistics for March and April 2008

It took some time for the Saskatoon Region Association of REALTORS to work the kinks out of a new MLS system, launched in late February, but some monthly numbers for the Saskatoon real estate market have finally been put together, along with the following media release.

Residential Housing Market Remains Steady in the Month of April

Saskatoon REALTORS® assisted 418 home buyers to find their dream home in the month April. That number was down 12% from April 2007 when 476 homes were purchased. Year to date home sales are on par with 2007 with 1480 homes have sold.

The average residential selling price for April was $306,268.00 up 39% from April 2007 when the average was $220,776.00. The year to date average residential selling price is $281,360.00. This average selling price for the month of March was $289,440.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comprehensive market evaluation.

Saskatoon still remains one of the most affordable places to live when compared to larger centers such as Edmonton where in the month of April a single family home sold on average for $386,033.00. That average selling price down .4% from April 2007. Saskatoon again looks good when compared to Calgary were in the month of April a single family home sold on average for $474,564.00. Calgary’s average sales price number is on par with 2007. An additional reality check comes when comparing Saskatoon home prices to Fraser Valley BC where a single family home sold on average for $547,590.00.

Housing inventories have risen across the country and Saskatoon is no exception. REALTOR® listed 898 properties in the month of April that number up 73% from last year at this time when 520 homes were available for purchase. Year to date REALTORS® have sold $416,412,879.00 of residential real estate in Saskatoon that number up 42% from April 2007.

Communities around Saskatoon including Martensville and Warman experienced sales levels on par with 2007 with 104 properties selling. The average price took a jump similar to the city with an average selling price of $244,642.00.

Markets across Canada are seeing inventory levels increase with sales remaining on par with 2007. All indicators point to a strong completion of the second quarter as consumer confidence and in migration continues at steady levels.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon and Regina real estate to follow Calgary and Edmonton: RBC

In the latest “Canadian City Trends” report, released last week by RBC Economics, economist Amy Goldbloom makes the case for a “cooling” but fairly stable Canadian real estate market. Following six years of double-digit gains, sales activity is starting to moderate and listings are growing in most major cities causing sellers to “lose some bargaining power.” According to Goldbloom, “the risk of significant price declines is still low, and Canada’s housing market is expected to eke out modest price gains in 2008.”

Goldbloom does make some comments about western markets, and addresses Saskatchewan’s situation head on.


“The slowdown is not shared evenly among cities. The markets that soared well above their underlying economic fundamentals are the very ones with the most downside potential. Calgary and Edmonton have moved from chart-toppers to the bottom-of-the-heap in only a matter of months on a range of key housing market indicators, including house prices and sales.


“Saskatchewan jumped into the spotlight in 2007 as a commodity-led expansion attracted an influx of migrants and led to a major housing boom. Regina and Saskatoon continue to clock year-over-year price gains that are several multiples above the pace of their local wage growth. This lends evidence that the current momentum is unsustainable, with a similar fate to Alberta’s likely for both of these cities within a years time.”


Goldbloom made similar comments about Saskatoon in October of 2007 when she said Saskatoon homes were overvalued and “out of whack with the underlying fundamentals.”


Read the RBC City Trends report here

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

CMHC Housing Outlook for Saskatoon still fairly rosy, or not?

The latest Housing Market Outlook for the Saskatoon area, which was released by Canada Mortgage and Housing Corporation (CMHC) last week predicts that the Saskatoon will experience its “highest number of sales on record” during 2008 before sales begin to “moderate somewhat…due to rapidly escalating prices and weaker speculative demand.”


Based on February statistics, CMHC notes that the average selling price of a resale home in Saskatoon had already reached $262,000 and predicts further gains of 18% through 2008. That would bring us to about $275,000, easily $25,000 behind the roughly $300,000 averages that we’ve seen posted over the past three months. According to CMHC, we can expect to see prices rise another 8.2% in 2009 to nearly $300,000.


At the end of April, the second consecutive month where sales were down over the previous year, resale unit sales were just slightly ahead of last year (for the year). May is likely to show some larger declines in total unit sales. It seems overly optimistic at this point that we could finish 2008 ahead of 2007.


Read the CMHC Housing Outlook for Saskatoon here

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (May 19-23 2008)

New listing activity softened some this week as 179 single-family homes and condominiums were offered up for sale on the Saskatoon real estate market, finishing under 200 for the first time in five weeks. A similar softening occurred in the sales column with just 69 residential properties changing hands including 61 houses and condos, the lowest level of sales recorded for any week since January 14-18. With just 260 sales recorded for May, and just one week remaining in the month, it’s clear that unit sales will be off significantly from May, 2007 when they reached 500 units.


Total active listings reached a new high at 1,125 residential units. At present, there are 715 single-family homes (houses) and 315 condominiums available to Saskatoon home buyers.


Overbidding returned to the lower levels we’ve seen in recent weeks with just 9 properties (14.75%) recording sale prices above the asking price. A full 75% of home buyers were able to negotiate with their chosen seller to the tune of about $11,000 on average. This is the first week where the average underbid crept above $10,000 and the second largest average since we started recorded underbidding last August.


The gap between list price and selling price continued to widen. While the average selling price remained pretty strong at $295,238, nearly 20% higher than it was at this time last year, sellers are starting to get the message that the market has softened. So far in May, 241 price adjustments have been processed on the local multiple listing service.

Saskatoon real estate: Week in review (May 19-23)

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (May 12-16 2008)

This past week produced the second highest number of new residential listings this year with a total of 244 properties offered up for sale including 162 single-family homes and 67 condos. Total active listings available on the Saskatoon real estate market now sits at 1,051 units, the highest level that I can recall in the past 15 years. Last year, at this time, we were celebrating as active listings briefly broke the 300 mark. Based on weekly sales at that time, we barely had a two-week supply. Today, we easily have enough property to satisfy demand for about two months, even if another home wasn’t offered for sale during that time. It’s a different market indeed.


Total recorded unit sales came close to the 100 mark and settled at 89 in the single-family and condominium categories, up just a smidge from last week, and down from 154 units during the same week last year. Given the diminished demand and the growing number of active Saskatoon home listings, sellers have about a one in fourteen chance that their property will make the “sold” category by the end of next week. Just a few months ago, you had enough market clout to name the place and the time of the sale. If your home has been on the market for more than three weeks, your price is too high and you’re headed toward an expired listing without an adjustment to your price. Again, it is a different market today.


Remarkably, the percentage of Saskatoon homes that sold above the asking price took a pretty solid jump from around 15% last week, to 26% this week. The average overbid also increased and crossed the $10,000 mark for the first time in four weeks. Last year at this time, 75% of the homes sold went above list price by an average of $27,000.


In spite of rising inventories and lackluster sales, the average selling price of a Saskatoon home hit a new high this week at $326,544. The average was skewed significantly higher by one remarkable residential sale that recorded a price of almost $1.8 million dollars. Remove that sale from the equation and the average is closer to $310,000. On the average, selling prices stayed below list prices for the fourth consecutive week, but again, the difference was marginal given the expanded options that exist for Saskatoon home buyers.

Saskatoon real estate: Week in review (May 12-16)

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate