Saskatoon real estate week in review: June 20-24, 2011

Saskatoon real estate sales softened this week falling to their lowest point in four weeks with just seventy-four firm house and condo sales being reported to the Saskatoon MLS® system. The final sales tally was lower than the previous week by twenty-seven homes and fell short of levels recorded during the same week the previous year by nine.

New listings of houses and condos also slipped lower dropping by twenty-five units compared to last week with just 111 properties being offered for sale on the multiple listing service®, down twelve from the same period last year.

Click the image for a larger version of the graph.
The total number of residential listings offered for sale on the Saskatoon MLS® system edged higher once again gaining just twelve units over the close of the previous week to reach its highest point this year at 1463 properties. Today, there are just thirty-six more homes on the market than there were at the same time in 2010. There are presently 824 single-family homes and 523 condominiums showing an active status on the Saskatoon MLS® system. Last year at this time, the two categories stood at 853 and 495 respectively.

Click the image for a larger version of the graph.
This week, there were thirty-eight cancelled and withdrawn listings removed from the MLS®. Twenty-eight of those immediately returned to the system as a new listing. The number of price adjustments made to the active inventory moved sharply lower from the mid-nineties last week to just fifty-six.

The median selling price of a Saskatoon home pushed higher gaining more than fifteen thousand dollars to close at $310,850. The average moved up at a more modest pace picking up four thousand dollars from last week to finish at $308,222. The six-week average price moved in the opposite direction for the fourth consecutive week losing just over a thousand dollars to $313,947 to finish roughly fifteen thousand dollars higher than it was at this time last year. The four-week median moved higher by five thousand dollars compared to last week reaching $300,000 for the first time in four weeks. That’s also fifteen thousand dollars than it was one year ago today.

Click the image for a larger version of the graph.
Overbid activity remained weak with just two sellers picking up a firm deal above their asking price. The average overbid was $2,100. Another eleven sellers did find themselves a full price offer. Sixty-one buyers managed to grind a bit of a deal, talking their seller down by an average of $10,626. That’s about a thousand dollars higher than last week.

Click the image for a larger version of the chart.
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: June 13-17, 2011

Saskatoon real estate sales for the week finished above the one hundred-unit mark for the second time this year as local agents brought 101 firm house and condo sales to the MLS® system. Total units beat last weeks sales by ten and topped sales for the same week last year by eighteen.

New listings of houses and condos edged higher than the previous week by six homes, finishing at 136 units and handily beating last year’s volume when just 115 Saskatoon were offered up for sale on the multiple listing service®.

Click the image for a larger version of the graph.

The total number of residential listings offered for sale on the Saskatoon MLS® system pushed higher again gaining thirty units over the full week to finish at 1451, just slightly lower than inventory at this time last year when 1467 homes were for sale. Today, there are 841 single-family homes and 518 condominiums displaying an active status on the system. At this time last year, single-family home inventory was at 842 while condos sat at 500 units.

Click the image for a larger version of the graph.

This week, there were forty-four cancelled and withdrawn listings removed from the MLS®. Twenty-nine of those immediately returned to the system as a new listing. The number of price adjustments moved sharply higher again to ninety-five as Saskatoon home sellers attempted to reposition hoping to find themselves in the sales column next week.

The median selling price of a Saskatoon home slipped after showing gains for the past couple of weeks. It slid nearly thirteen thousand dollars to $295,000. The weekly average price also finished well below last week’s numbers as it fell more than twenty-four thousand dollars to $304,202. The six-week average sale price slipped about twenty-eight hundred dollars from last week to close at $314,969 reaching its lowest point since late April. It still sits roughly eighteen thousand dollars higher than it was at the same time last year. The four-week median followed along slipping almost four thousand dollars to $295,000. That’s just eighty-five hundred dollars higher than it was for the same week a year ago.

Click the image for a larger version of the graph.

Overbid activity slipped again as just three of 101 sellers found a buyer willing to pay more than their asking price. The average overbid was just over $3,000. Another eight buyers agreed to a full list price purchase. The remaining ninety insisted on a bit of a deal and managed to grind the seller for a discount of $9,783 on average.

Click the image for a larger version of the chart.

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

 

 

 

 

 

Summer time is home maintenance time

This summer home maintenance list was provided to me by Frank Browne and his crew at Pillar to Post Home Inspections. Hope you find it useful.

With summer’s kickoff on the way, it’s time to get your home in top shape for the months ahead. Whatever your weather, taking some time to take care of your home will help to ensure a worry-free, comfortable summer.

OUTDOORS
  • Inspect siding for cracks and make any needed repairs.
  • If paint is peeling, cracking, or chipped, repair and repaint now to limit damage to the underlying materials.
  • Repair any damaged caulking around windows and doors.
  • Remove window screens and clean with a soft brush and soapy water. Repair any holes or tears before reinstalling.
  • Have air conditioning units serviced to ensure good operation. Promote good air circulation around the unit by keeping shrubs and plants trimmed.
  • Clear debris from gutters and eaves to allow rainwater to drain properly
  • Seal cracks in the driveway and keep walkways clear of debris and overgrown plants
  • Test irrigation/sprinkler systems and replace any broken sprinkler heads or emitters. Check for proper water coverage and adjust if necessary.
  • Power wash decks and patios and seal surfaces as appropriate.
INDOORS
  • Vacuum refrigerator coils to help maintain energy efficiency.
  • Empty dehumidifier pans and clean hoses according to the manufacturer’s instructions.
  • If possible, take area rugs outside and hang them over a deck or porch rail to air out.
  • Adjust ceiling fans for proper balance.
  • Change filters in window-mounted air conditioning units.
  • Switch heavy bedding out for lightweight summer fabrics. Have the winter bedding cleaned before storing.
  • Close the chimney flue to prevent insects from entering and to help keep cool air in.
  • Repot houseplants to give their roots a fresh start for the summer.
  • Check door and cabinet hinges and lubricate any that stick or squeak.
  • Open windows on cooler days to keep fresh air flowing throughout the home.

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: June 6-10, 2011

Coming off of the highest volume sales week for Saskatoon real estate since June of 2007, it’s no surprise that house and condo sales took a step back this week. Sales slipped twenty-nine units when compared against the previous week to finish at ninety-one. That number is up by nineteen firm sales when measured against sales from the same week last year.

New listings introduced to the Saskatoon multiple listing service® followed a similar path falling twenty-two units from last week to 130 homes, and finishing fifteen units higher than the same week in 2010.

Click the image for a larger version of the graph.

Following a small downturn last week, the result of month end expired listings, the inventory of residential real estate listings available in Saskatoon moved up to its highest point this year with 1,421 properties showing an active status on the system. That’s a gain of twenty-eight compared to the close of the previous week, and just fifteen units higher than inventory levels for the same time last year. Today, there are 826 single-family homes and 511 condominiums for sale on the local MLS®, virtually unchanged from a year ago when those numbers stood at 828 and 504 respectively.

Click the image for a larger version of the graph.

There were forty-one cancelled and withdrawn listings processed this week. Thirty of those returned to the system disguised as a new listing on the same day they were removed. Eighty Saskatoon home sellers adjusted their asking price this week. I’m quite certain that would be the largest number of price changes that we’ve seen for any week this year.

The median selling price of a Saskatoon home moved higher again, gaining about fifteen thousand dollars from last week to reach $307,900. Nine home sales with prices exceeding five hundred thousand dollars helped move the average selling price higher. It fell just shy of the peak for this year and closed at $328,263. The six-week average price slipped for the second consecutive week to finish just five hundred dollars lower than last week at $317,770 for a year-over-year gain of roughly seventeen thousand dollars. The four-week median sale price moved in the opposite direction picking up almost four thousand dollars on the week to reach $298,900 for an annual gain of ten thousand dollars.

Click the image for a larger version of the graph.

Overbid activity fell from nine units last week to seven. On average, those lucky sellers bagged an additional $4,050 compared to their asking price. Three more sold at full list price while eighty-one on ninety-one buyers managed to grind a bit of a discount averaging $8,554 or about 2.7 percent.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for MLS sales June 6-10 2011

In recent months this blog has become a major target of comment spammers. The spam filter I’m using does a great job of keeping this garbage off of the comment threads. Hundreds of bogus posts are being filtered on a weekly basis. The filter seems to be quite intelligent at recognizing a legitimate contribution to the discussion but it’s very possible that the odd legit comment gets caught up in the spam filter. The volume of spam comments has reached a point where I cannot realistically manage them. If you happen to make a comment that doesn’t appear in the thread immediately you’ve probably been incorrectly flagged. Feel free to drop me a note here and I will fetch your comment and ensure that it’s posted.

Highlights from the news this week

Vacation property market remains mired in downturn – Globe and Mail
Still too many without jobs: Flaherty – Financial Post
Canadian home building beats forecasts – National Post
Sell your home or stay put? – Globe and Mail
Another recession unlikely, Flaherty says – Financial Post
Americans’ home equity keeps falling – Globe and Mail
Housing starts edged higher in May: CMHC – National Post
Surge in renters lowers vacancy rate – Globe and Mail
Housing takes step ahead in city – Star Phoenix
More vacancies, higher rent in Saskatoon – Star Phoenix
Canadian real estate – A piggy bank for Chinese investors – Globe and Mail
Dreams of life on the beach a reality – Star Phoenix

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 30 – June 3, 2011

If last week was a bust, this week was a boom. Saskatoon real estate agents reported 120 firm house and condo sales to the local MLS® this week to record the largest volume sales week since the last week of June in 2007. This week’s sales are up fifty units over last week and are higher by almost as much when compared against the same week last year. Looking at average sales over the past two weeks things look more or less “normal” for the season, and normal feels good to most in the business. Agents are busy, buyers have a decent selection of good homes to choose from and sellers have a reasonable chance of selling if they have a sound pricing and marketing strategy.

As sales spiked higher, new listings of Saskatoon houses and condominiums followed with a total of 152 properties being added to the inventory. The total number consisted of 103 single-family homes and forty-nine condos. Overall, new listings were up by thirty-eight units from last week and ahead of the same week in 2010 by a dozen.

Click the image for a larger version of the graph.

Nearly fifty expired listings that came off the system at the end of May kept the total inventory of MLS® listings in the residential category from climbing, in spite of the fact that new listings exceeded sales by some thirty-two units. Total active listings actually slipped by twelve from the close of the previous week to 1393, about on par with the number of Saskatoon homes that were available at the same time last year (1401). Today, we have 797 houses and 516 condos displaying an active status on the multiple listing service®. Again, those numbers are virtually unchanged when compared against numbers from this time last year when they stood at 814 and 512 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings came in at forty-five. Twenty-nine of those listings reappeared on the system as a “new listing,” the same day they were removed. An additional forty-nine Saskatoon home sellers adjusted their pricing strategy, most opting for a lower price.

The median selling price of a Saskatoon home bounced back this week climbing nearly fifteen thousand dollars from last week to $292,250. Of course, the average selling price followed in the same direction claiming a ten thousand dollar gain to finish the week at $313,465. Some upward skewing can be seen in the average. This week saw two sales at the extreme upper end of our market range, one at $825K and the other at slightly more than $1.1 million. In spite of higher prices for the week, both of the longer-term price measures took a bit of a dip. The six-week average price dropped just eight hundred dollars to $318,222 for an annual gain of eighteen thousand dollars. The four-week median slipped further dropping eleven thousand dollars on the week to $295,000 and finishing ahead of last year by just six thousand dollars.

Click the image for a larger version of the graph.

Overbid activity increased as nine lucky sellers bagged a deal for more than their asking price, by an average of $4,622. Another eleven found a buyer willing to pay their full list price. 100 of 120 sales reported a price that was below the asking price by an average of $9,054 or roughly 2.9 percent.

Click the image for a larger version of the chart.

Highlights from the news this week

Rate hike holding likely to keep housing hot – Globe and Mail
Bank of Canada unlikely to hike rates – Star Phoenix
Comparison shopping for mortgages key to getting best rate – Globe and Mail
Saskatoon housing starts fall slightly – Global News
When is it worth it to break your mortgage? – Globe and Mail
U.S. housing double dip – Financial Post
Mark Carney’s nudge, nudge, wink, wink on interest rates – Globe and Mail
Rate hikes okay for most but a ‘financial shock’ to many – Globe and Mail
Is envy driving Canadian’s home reno plans – Globe and Mail
Seven home owner costs renters don’t pay – Globe and Mail
Foundation continues crumbling in U.S. housing – Globe and Mail
Housing rush scrutinized – Financial Post
Why the U.S. housing market will keep falling – Globe and Mail
Five myths about home owner insurance – Globe and Mail
$30 million donation for Saskatchewan Art Gallery – Star Phoenix
Low rates stoke housing bubble – National Post
Real estate profit today could mean trouble later – 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