Saskatoon real estate week in review: May 23-27, 2011

The final week of May proved to be a bit of a bust, at least when compared against the first three. Saskatoon real estate agents reported just seventy house and condo sales to the local MLS®, down twenty-eight units from the previous week and falling short of last year’s numbers by three. Still, last week’s sales were strong enough to put month-to-date numbers even with unit sales for all of May 2010. With two days left to report in this calendar month, it looks like the month will finish ahead of last year by ten to fifteen percent.

New listings also slid fairly significantly as just 114 house and condo listings hit the MLS®, declining forty-three from last week to finish just ahead of the same week last year when 109 properties were offered up for sale.

Click the image for a larger version of the graph.

The total inventory of MLS® listings in the residential category grew again picking up twenty-five units to reach 1405, and topping last year’s inventory by just four properties. Today, I see 823 single-family homes and 509 condos listed for sale on the multiple listing service®, almost identical to last year’s number when there were 822 and 503 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings were about even with the previous week at thirty-nine. Just over half of those made a return appearance as a new listing the same day they were removed. Most of them returned with a lower asking price. An additional forty-nine sellers used a standard price adjustment to sweeten their offering in hopes of closing a deal before the spring rush starts to loose its steam.

An unusually strong burst of activity in lower priced homes drove the weekly median price lower by nearly thirty-five thousand dollars to $276,500.  The average selling price of a Saskatoon home moved in the same direction dropping twenty thousand dollars to $303,679. The longer-term measures held pretty firm.  The six-week average price actually moved higher on a week-over-week basis, gaining just a couple of hundred dollars to finish at $318,995 roughly twenty-three thousand dollars higher than it was at this time last year. The four-week median was down just nine hundred dollars from the week before to $306,000 for a year-over-year gain of twenty-one thousand dollars.

Click the image for a larger version of the graph.

Overbid activity remained weak with just two sellers closing a deal above their asking price, by an average of just $2,600. Another four got their full asking price while sixty-four of seventy firm transactions required a sharper pencil to close the deal. The average dollar discount on those homes that sold below list price was $8,993 or about three percent of the price.

Click the image for a larger version of the chart.

Highlights from the news this week

New Regina tower to be Sask’s largest – Star Phoenix
First time home buyers a growing real estate market – Star Phoenix
Smooth moves, how to spot a moving day scam – Globe and Mail
First time considerations, buying a home requires thought – Star Phoenix
Top ten features of a profitable rental property – Globe and Mail
Home prices continue upward climb – Financial Post
How to give up renting without growing broke – GlobeInvestor
Canadians load up on mortgages, cut credit card debt – Financial Post
Banks trim mortgage rates – Globe and Mail
How to avoid turning your condo dream into a nightmare – Financial Post
How to score the perfect mortgage – Globe and Mail
Real estate industry and Competition Bureau lock horns again – Globe and Mail
Rate hike hold likely to keep housing hot – Financial Post

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.

Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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.

Norm Fisher
Royal LePage Saskatoon Real Estate

 

 

 

 

 

Saskatoon real estate week in review: May 16-20, 2011

Happy May long weekend!

Saskatoon home sales continued to show year-over-year gains for the month as the third week of May came to a close. A total of ninety-eight single-family home and condominium sales firmed up this week for a weekly gain of fourteen units and an annual uptick of sixteen.

Following an unseasonably slow week for new real estate listings, activity spiked higher as 157 houses and condos were added the Saskatoon multiple listing service®, up thirty-eight properties from last week to match volume from the same week last year.

Click the image for a larger version of the graph.

The total inventory of active MLS® listings in the residential category saw its greatest gain in a month climbing by forty units from last week to 1380 properties. At the same time, this number represents the smallest year-over-year gain that we’ve seen in almost a year. Last year, at this time, there were 1376 residential properties showing an active status on the Saskatoon MLS® system, just four fewer than there are this year.

Today, there are 804 single-family homes and 502 condos available to prospective buyers. Those totals are up from 786 and 486 respectively, last week. Single-family home inventory is now down on a year-over-year basis, by just sixteen properties, while condo listings remain higher than the previous year by twelve.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings edged up over last week as forty-one sellers removed their property from the MLS®. Twenty-nine of those homes returned on the same day as a new listing. Another eighty listings saw a change to the pricing strategy with most moving lower.

Following a brief retreat last week, the median selling price of a Saskatoon home edged back up to reclaim more than fifty percent of last week’s loss, closing at $308,932. The weekly average gained even more, closing almost ten thousand dollars higher than it did the previous week at $323,669. The six-week average price finished the week at $318,724 for a weekly gain of nearly four thousand dollars and a year-over-year gain of roughly twenty thousand dollars. The four-week median price actually edged lower, falling about two thousand dollars from last week to $306,900 for an annual gain of about 18K.

Click the image for a larger version of the graph.

Eighty-six of ninety-eight sales were closed at a price that was roughly 3.3 percent ($10,667) below the seller’s asking price. Three sellers closed a deal for more than they were asking, by an average of just $1,566. Another nine sellers found a buyer who was willing to conclude a deal for exactly what they were asking.

Click the image for a larger version of the chart.

Highlights from the news this week

April showers bring sales? – National Post
Canadian real estate investors among world’s most active – Globe and Mail
Home prices up in April even as sales fall: CREA – CTV News
Home sales plunge as mortgage rules bite – Financial Post
Mortgage rules take wind out of home sales – Globe and Mail
Canadian home sales fall in April – BNN
Case asks what a seller must reveal – National Post
Home prices continue to climb – Financial Post
Canadians biggest buyers of U.S. real estate – Globe and Mail
Home ownership less affordable: RBC – National Post
Five reasons to save for a big mortgage down payment – Globe and Mail
Is U.S. real estate for suckers? – National Post

    A map displaying the boundaries of Saskatoon real estate areas is here.
    An overview of data collection and calculation practices for our statistical reports is here.

    Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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.

    Norm Fisher
    Royal LePage Saskatoon Real Estate

     

     

     

    Canadian home sales edge down in April: CREA

    CREA economist Gregory Klump reports on MLS® sales and listings for the Canadian real estate market for April, 2011.

    More from CREA’s release.

    The number of newly listed homes edged up 1.3 per cent in April from the previous month on a seasonally adjusted basis, but remained well below levels in January and February, when impending changes to mortgage regulations were announced.

    With fewer sales and an increase in newly listed homes, the national housing market moved further into balanced territory in April. The national sales-to-new listings ratio, a measure of market balance, stood at 52.5 per cent in April, down from 55.7 in March.

    More than two-thirds of local markets in Canada were balanced in April. Almost half of the remainder could be classified as sellers’ markets based on a ratio of sales to new listings above 60 per cent.

    The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at six months at the end of April on a national basis, up from 5.7 months in the previous month.

    The national average price for homes sold in April 2011 was $372,544, up eight per cent from the same month last year. April marked the third consecutive month in which the national average price was up by eight per cent from year-ago levels.

    The national average price has been skewed in recent months due to surging multi-million dollar property sales in selected areas of Greater Vancouver. Demand for these properties moderated in April from the previous month. A reduction in this source of upward skewing for the national average price was offset by fewer sales of lower priced properties.

    Read the full release 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.

    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: May 9-13, 2011

    Saskatoon real estate sales had another reasonably strong week with a total of eighty-four firm house and condo sales being reported to the local MLS®, a drop of seven compared against last week’s numbers and off just one from the same period a year ago.

    Following on the heels of a week that saw a huge spike in the number of new listings brought to the Saskatoon MLS® system, new listings took a downturn again falling forty-five units from the previous week to just one hundred and nineteen houses and condos. That’s thirty-four fewer listings than were offered up for sale during the same week of 2010.

    Click the image for a larger version of the graph.

    The total inventory of active MLS® listings in the residential category continued to climb, but at a very modest pace, as the number grew by just twelve to 1340 for a year-over-year gain of thirty-seven properties. Of course, the year-over-year gap has been narrowing fairly substantially each week for the past couple of months. Assuming that the pace of new listings over the next couple of weeks is similar to what we’ve experienced in the last four or five weeks, it appears that we will soon be looking at inventory numbers that are actually down from last year. At this point, we’re just six to seven weeks away from the tipping point when inventory usually starts to decline through the balance of the year, making it highly unlikely that we’ll hit anywhere close to record levels as some had been predicting months ago.

    Today’s active listings show 786 single-family homes, a gain of twelve from last week for a year-over-year gain of just four units. Condo inventory actually slipped this week, falling by four properties to 486, up from 453 at this same point last year.

    Click the image for a larger version of the graph.

    Cancelled and withdrawn listings remained steady with thirty-four Saskatoon home sellers pulling their listing from the system. Twenty-two of them apparently changed their minds and re-listed the same day, setting the days on the market clock back to zero, with most coming back at a new lower price. Another fifty-seven sellers opted for a price change.

    The entry-level market saw some improvements this week pushing the weekly median price lower by roughly eleven thousand dollars to $301,500. The weekly average price followed, slipping about six thousand dollars to $314,231.  We saw less change in the longer-term averages, but they both moved in the same direction. The six-week average selling price slipped just over a thousand dollars from last week to $315,005, maintaining an annual gain of fifteen thousand dollars. The four-week median slid lower by thirty-five hundred dollars to finish the week at $309,000, for a year-over-year gain of twenty-four thousand dollars.

    Click the image for a larger version of the graph.

    This week brought some big gains in the percentage of deals that resulted in a bit of overbidding as nine Saskatoon home buyers agreed to close a deal at a price greater than the asking price. The average overbid also saw a large increase to $12,485.  Sixty-eight of this week’s eighty-four deals closed at a price that was below list with an average drop of $9,516 for a discount of roughly three percent.

    Click the image for a larger version of the chart.

    Highlights from the news this week

    House rich – Financial Post
    Young adults waiting to buy home – Globe and Mail
    Invest in U.S. housing? – Financial Post
    Housing starts unexpectedly fall in April – Globe and Mail
    The five fastest ways to save for a down payment – Globe and Mail
    CREA updates resale housing forecast – CREA News
    CREA hikes forecast for house prices – Globe and Mail
    Canadian housing market resilient; U.S. not so lucky – Financial Post
    No new mortgage rule changes: Flaherty – Canada.com
    Why you shouldn’t be loyal to your bank – Macleans
    Five steps to scoring a mortgage – Globe and Mail
    New home price bumps up in Saskatoon – Star Phoenix
    Canada a land of millionaires – Financial Post

    A map displaying the boundaries of Saskatoon real estate areas is here.
    An overview of data collection and calculation practices for our statistical reports is here.

    Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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.

    Norm Fisher
    Royal LePage Saskatoon Real Estate

     

     

     

     

    Saskatoon real estate week in review: May 2-6, 2011

    It was another spring like week for Saskatoon real estate sales as conditions were fulfilled and removed on ninety-one home sales. Unit sales declined three from last week but finished higher than the same week last year by eight.

    After showing signs of softening over two consecutive weeks, new listings came to the market in greater numbers than they have for more than a full year. One hundred and sixty-four houses and condos were added to the inventory, up forty-six units from last week, and one more than we saw over the same period last year.

    Click the image for a larger version of the graph.

    The fifty-five listings that expired without a sale kept the total inventory of MLS listings from expanding significantly, but the number grew by eighteen when compared against the close of last week and finished at 1,328. At this time in 2010, there were 1,254 active listings for buyers to choose from. Today’s totals, by category, show 774 single-family homes (houses) and 490 condominiums with houses up twenty-one and condo numbers declining by one on a week-over-week basis. Last year at this time, those categories stood at 722 and 444 respectively.

    Click the image for a larger version of the graph.

    Cancelled and withdrawn listings spiked to thirty-two, a gain of ten compared to last week. Twenty-two of those same properties immediately returned as a new listing, most at a new price. Sixty-eight Saskatoon home sellers took the more obvious route of simply adjusting the price on their existing listings.

    Just a touch more action in the entry-level market saw the weekly median price soften by just over five grand to $312,750 while the weekly average slid by twice that to $320,147.  The six-week average still managed to edge higher picking up about five thousand dollars to close the week at $316,112 for an annual gain of about sixteen thousand dollars. The four-week median took a smaller bump gaining thirty-five hundred dollars on the week to finish at $312,500. That’s well up from $286,000 four-week median at the same time in 2010.

    Click the image for a larger version of the graph.

    Overbid activity remained weak as just four lucky sellers completed a deal at a price greater than asking, by $3,787 on average. Another nine sellers found a buyer willing to pony up with all that they were asking.  Seventy-nine of ninety-two firm deals required some give and take as sellers gave up an average of $9,158 at the negotiating table.

    Click the image for a larger version of the chart.

    Highlights from the news this week

    Competition Bureau asked to settle new fight over MLS listings – Globe and Mail
    CREA response to “Competition Bureau asked to settle fight…”
    Nine signs you can’t afford a mortgage – Globe and Mail
    Housing’s good news is government cash shortage – Bloomberg
    Home sales pinched by election: SRAR head – Star Phoenix
    Real estate: Long flip versus quick flip – Globe and Mail
    Rule changes make mortgages a moving target – Globe and Mail

    A map displaying the boundaries of Saskatoon real estate areas is here.
    An overview of data collection and calculation practices for our statistical reports is here.

    Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out 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.

    Norm Fisher
    Royal LePage Saskatoon Real Estate