Saskatoon real estate: Week in review (July 20-24 2009)

The Saskatoon real estate market continued to operate at levels far stronger than one might expect given the current economic conditions, and the time of the year. Agents reported ninety-eight firm sales to the MLS, an increase of just six units compared to last week, but a gain of thirty-nine home sales compared to the same week last year.

New listings of Saskatoon houses and condos dropped, falling from one hundred and fourteen homes last week, to just one hundred and two, down twenty-two properties on a year-over-year basis. Thirteen listings in the same categories expired this week without a successful sale.

Click the image for a larger version of the graph.

The total number of active home listings available to Saskatoon real estate buyers edged down again, falling twenty units from the close of last week to finish at 1290 properties, the lowest level we’ve seen since the week of February 23-27 when 1298 homes were for sale. Active listings are down fourteen percent on a year-over-year basis. During the same week in 2008 there were 1506 Saskatoon homes for sale.

The next few weeks will be interesting, and somewhat telling with regards to where our market is headed as we move into fall. Last year, active listings grew aggressively through August and September climbing from 1500 to 1756 over an eight-week period. Will the current downward trend continue, or will failed sellers of the past year who have been waiting for better days resurface to try again?

In prices, fifty-seven home sellers adjusted their asking price over the course of the last week. A total of thirty-three Saskatoon MLS listings were canceled or withdrawn from the system, with eighteen of those homes re-appearing as a “new listing,” most a new lower price.

The average selling price of a Saskatoon home slipped again for the second consecutive week and settled at $273,128. Meanwhile, the six-week average managed to make some small gains climbing from $281,555 last week to finish at $283,520, a mere eighty-nine dollars off of the peak price for 2009, but down just under $20,000 compared to the same week in 2008. The four-week median selling price took a pretty good dip sliding nine thousand dollars from last week to $270,000, which is $15,000 lower than the same week last year.

Click the image for a larger version of the graph.

The average underbid grew from $11,605 last week to $12,014, or roughly 4.2 percent of the asking price. Home buyers ground a slightly better deal in some instances as the percentage of sellers bagging a deal within $10,000 of their asking price fell to fifty-eight from sixty-five last week. The percentage of buyers who managed a discount of more than $15,000 grew from fourteen to nineteen percent.

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.

Real estate geeks can follow our daily updates on Twitter @Norm_Fisher.

Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (July 13-17 2009)

Saskatoon real estate agents reported ninety-two sales of single-family detached homes and condominiums to our MLS system this week, a gain of just one property compared to the previous week, and up twenty-one homes compared to the same week last year.

New listings of houses and condos increased to one hundred and fourteen properties, up from one hundred and three last week, but down fifty-two units compared to the same week last year when one hundred and sixty-six Saskatoon homes were offered up for sale.

Click the image for a larger version of the graph.

Total active residential listings fell again sliding by nine units from last week to finish at 1310, a decline of roughly twelve percent compared to this time last year when 1500 properties were available.

Sixty-three home sellers adjusted their asking price this week while another fourteen canceled and relisted their property, most at a new price.

The average selling price of a home in Saskatoon retreated and fell just over $16,000 compared to last week to settle at $284,638. The six-week average held steady on a week-over-week basis at $281,555, but was sharply lower year-over-year, down from $304,824. The four-week median edged up $2,500 compared to last week, down $11,000 compared to the same week in 2008 when it reached $290,000.

Click the image for a larger version of the graph.

The average underbid slid to $11,605, down from $14,262 last week. The average discount came in at 4% of the asking price.

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 @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (July 6-10 2009)

Saskatoon real estate sales continued along at an impressive pace with ninety-one homes being reported as firm sales to the Saskatoon MLS system. Unit sales were up over the previous week by just two, but increased by sixteen compared to the same week last year when seventy-five properties changed hands.

New listings of single-family detached houses and condominiums took a dip falling to one hundred and three properties, down from one hundred and nineteen last week, and sharply lower than the one hundred and seventy-six homes which were offered for sale during the same period last year.

Click the image for a larger version of the graph.

Total active residential listings took another slide, falling twenty units on a week-over-week basis to finish at 1322, nearly ten percent lower than they were at this time last year when the residential inventory reached 1461.

Active residential listings for the Saskatoon real estate market at July 10 2009

Fifty-six home sellers adjusted their asking price this week while another twenty-two canceled and relisted their property, most at a new price.

A good run on higher end homes including two houses that sold above $800,000 pushed the average selling price for the week sharply higher to $300,899, up more than $30,000 from last week. The six-week average also edged higher to finish at $281,537, up just $1300 from last week, but about $26,000 lower than it was this week last year when it reached its peak for 2008 at $307,696. The four-week median increased a little more, up $4,200 from the week before to $276,500, but down from $289,950 at this time last year.

Click the image for a larger version of the graph.

The average underbid grew from $11,393 last week to $14,262. An average discount of 4.5% puts us on the higher side of what we typically see from one week to the next, but this isn’t unusual during weeks when a higher percentage of the sales are in the $400,000 and higher category. A total of fifteen homes traded above 4400K this week.

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 @Norm_Fisher

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (June 29-July 3 2009)

Following what turned out to be one of the strongest weeks in the past two years, Saskatoon home sales slowed some, but managed to maintain a pace that is more typical of spring than summer, as local real estate agents reported eighty-nine house and condominium sales to the Saskatoon MLS system. This week’s final sales numbers show a drop of twenty-one units compared to last week, and a gain of twenty-three homes when compared to the same week last year.

Conversely, new listing activity picked up over last week with one hundred and nineteen houses and condos being offered up for sale, nine higher than the previous week, but forty-four units fewer than were listed for the same period last year.

Click the image for a larger version of the graph.

Total active residential listings took another hefty slide as the month of June closed and a few dozen MLS listings expired without a sale. This is fairly typical of any week that coincides with month end and it’s not unusual to see the inventory climb briskly over the next week as sellers make arrangements to put their homes back on the market. Still, total active listings finished the week at just 1342, down sharply from last week’s close of 1435, and ninety-one properties shy of last year’s number when Saskatoon real estate listings reached 1433. Active residential listings seem to be developing a downward trend declining fairly steadily over the past six weeks, reaching their lowest level since the week of March 9-13, and settling well below this year’s peak (May 18-22) of 1528 properties. Today, there are eight hundred and thirty-one single-family detached houses and four hundred and twenty-three condominiums displaying an active status on our system.

Sixty-two sellers adjusted their asking price this week and fifteen of thirty-one canceled or withdrawn listings came back as a new listing, most with a new price.

The average selling price of a Saskatoon home came back down to earth after crashing through the $300,000 last week for the first time in six months. It settled at $270,931, approximately $28,000 lower than the same week last year when it hit $299,301. The six-week average took a bit of a gain on a week-over-week basis, rising about $1700 to $280,204, down from $306,107 last year. The four-week median price slid nearly five thousand dollars to $272,300, down from $290,000 during the same week in 2008.

Click the image for a larger version of the graph.

Average underbids were down again, sliding from $11,393 last week to $9,973, but the average discount expressed as a percentage of the asking price remained fairly steady at about 3.6%. Overbid sales nearly fell of the chart with just two sellers bagging an offer above their asking price. Where it did occur, the average overbid was just $1100. The percentage of home buyers who were willing to strike a deal within $10,000 of the asking price jumped to seventy-one percent, up from fifty-eight percent last week.

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 @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

A closer look at the Saskatoon real estate statistics for June 2009

The Saskatoon Region Association of Realtors recently reported June results for the entire residential category of Saskatoon real estate, which includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 442 properties across all of these property types, at an average selling price of $276,867. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Sales of single-family homes in Saskatoon increased from 247 properties last month, to 298 in June, and posted a solid gain over the previous June when just 212 houses changed hands. Active listings took a downward turn through the month of June, falling to 818 from 890 properties in May, and down approximately twelve percent from the close of last June when 931 single-family homes displayed an active status on the Saskatoon MLS system.

In spite of brisk market activity and surprisingly strong demand, the average selling price of a Saskatoon house managed to decline marginally for the second month in a row, sliding to $303,999 from $311,016 last month, and down a whopping $35,000 from June of 2008 when it reached $339,548. The median price held steady at $295,000 for the third month in a row, but fell $24,000 compared to last June when it hit $319,000. The three-month average managed a bit of a bounce, showing gains for the fifth consecutive month, rising nearly $5,000 from May to finish at $305,303, down from $331,630 last year.

A closer look at house prices by area indicates that this month’s averages aren’t likely telling the whole story. The average price of a single-family home in area one was bolstered by a near million dollar sale and a number of sales above $600,000 keeping it within four percent of last year’s number. However, the other four major Saskatoon real estate areas showed year-over-year declines in house prices ranging from a low of twelve percent (area 5) to a high of eighteen percent (area 3).  The average price of a single-family home in areas 2 and 4 dropped fourteen and sixteen percent respectively.

The average price per square foot for single-homes showed a little more steadiness on a month-over-month basis, remaining flat at two hundred and forty-nine dollars when compared to the previous month, but sliding approximately ten percent from June of 2008 when it reached two hundred and seventy-seven dollars.

Active listings of Saskatoon condos took a sharper decline on a month-over-month basis falling from 480 units in May to 411 by the close of June. The condo inventory remains up just slightly compared to last June when 408 units were available. Saskatoon condo sales saw their strongest month since April of 2008 as units sales climbed to 123, up 12 from the previous month, and 26 units higher than last June when 87 condos sold.

The average selling price of a Saskatoon condo saw a slight increase compared to May moving from $210,599 to $215,380 in a month’s time, but finished well below last June’s average of $248,681. The median sale price held steady at $209,000 on a month-over-month basis, down $16,000 from June 2008. The three-month average also stayed steady compared to May but showed year-over-year declines of nearly $40,000. In June of 2008, the three-month average price of a Saskatoon condo reached its peak of $253,577.

The average cost per square foot for a Saskatoon condo bounced slightly higher compared to May, rising from two hundred and eleven dollars to two hundred and seventeen. Still, that’s roughly fourteen percent lower than it was last June when it sat at two hundred and fifty-three dollars.

Remember, averages and cost per square foot numbers can provide some useful insights into pricing trends but they’re not as useful when engaging in an actual transaction. If you’re buying or selling you should be seeking current information on active listings and recent sales, which are most comparable to your property in terms of location, size, features and amenities.

Next week, the second quarter Royal LePage House Price Survey will be released. It examines specific residential property types in fairly specific locations through out the city of Saskatoon, and compares prices to the same quarter last year. I think that this report will provide our most accurate look at how Saskatoon house prices have changed over the course of a year. The report is scheduled for release on July 7. Please drop in to check out the details.

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 @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate