Saskatoon real estate week in review: July 25-29, 2011

Saskatoon real estate sales slipped lower again compared to last week but remained fairly strong for the last week of July. Local agents reported one hundred and one firm house and condo sales to the local MLS, five fewer than last week but ahead of the same week last year by sixteen units.

New MLS® listings spiked higher gaining twenty units from last week to one hundred and thirteen. That trumped new listings during the same period last year by a dozen units.

Click the image for a larger version of the graph.

The total inventory of Saskatoon MLS listings slid slightly lower, declining just five units from the close of the previous week to 1417 for a year over year gain of roughly five percent. As of this morning, there are 818 single-family homes and 508 condominiums located within city limits, which are displaying an active status on our system. That compares with 803 and 468 respectively at the close of the same week in 2010.

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Cancelled and withdrawn listings fell twenty-one. Seventeen of those immediately returned to the system, offered up with a new MLS number, and in most cases a new price. An additional forty-six Saskatoon sellers adjusted their asking price.

The median sale price of a Saskatoon home pushed higher again for the fourth consecutive week and finished above the $300K ($310,000) mark for the first time during that climb. The average sale price of a Saskatoon home bounced back and finished the week at $308,616. The six-week average broke an eight-week losing streak to claim a small gain over the previous week finishing at $305,919. That’s ahead of last year’s number by a little more than fourteen thousand dollars, one of the smaller year-over-year gains that we’ve seen in some time. The four-week average followed all of the other price measures and finished up nearly four thousand dollars on the week at $299,900 for an annual gain of nearly twenty thousand dollars.

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Eighty-five of this week’s one hundred and one sales recorded a sale price that was below the asking price, by an average of $8,471. Another thirteen Saskatoon home buyers came to the table with everything the seller was asking. Three stepped up and overbid to get the home they wanted. On average, they offered up an additional $2,400 to seal their deal.

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: July 18-22, 2011

Saskatoon real estate sales softened some compared to last week but continued at levels above the average for the past few months. A total of ninety-three single-family homes and condominiums were reported sold through the multiple listing service®, ten fewer than last week and five more than were sold during the same week last year.

New MLS® listings remained steady at one hundred and six homes, for a week-over-week drop just two and down four from the same period a year ago.

Click the image for a larger version of the graph.

The inventory of active Saskatoon MLS® listings continued to show some stubbornness posting modest growth on a weekly basis and climbing twelve units to 1422, up from a year ago when 1368 residential properties were for sale. As of this morning, there were 814 houses and 512 condos showing an active status. Last year at this time, those numbers stood at 808 and 479 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings fell to just thirty homes with roughly two thirds of those immediately returning to the MLS® system as a new listing, most with a new price. An additional fifty-four property owners adjusted the asking price of their home.

The median sale price of a Saskatoon home moved higher again but managed to stay just below the $300K mark at $299,900. The average sale price for the week moved in the opposite direction falling a little more than ten thousand dollars to $297,261. The six-week average sale price continued downward on an eight-week trend, this time taking its largest drop during that time and slipping nearly four thousand dollars to $305,108. Still, it sits roughly fifteen thousand dollars higher than it was at the same time in 2010. The four-week median price also dropped for the third week in a row finishing at $296,000 for a weekly decline of almost three thousand dollars and an annual gain of twenty one thousand dollars.

Click the image for a larger version of the graph.

Seventy-nine of ninety-three sellers sharpened their pencil to make a deal with an average discount of $9,486. Eleven others managed to get their asking price. Just three sellers completed a deal at a price that exceeded their asking price by an average of just $1,766.

Click the image for a larger version of the chart.

Highlights from the news this week

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: July 11-15, 2011

Saskatoon real estate sales activity showed gains for a third consecutive week as local agents reported one hundred and three firm single-family home and condominium sales to the multiple listing service. That number represents a gain of nine units over the previous week, and thirteen more sales than were recorded for the same week last year.

New listings softened and fell to just one hundred and eight for a drop of eighteen units compared to the previous week, and down seven from the one hundred and fifteen Saskatoon homes that were offered for sale on the MLS during the same period of time in 2010.

Click the image for a larger version of the graph.

The inventory of active Saskatoon MLS listings in the residential category fell back this week dropping twenty-one units from the close of the previous week to 1410 properties, thirty-six more than could be found on the system at the same time last year. Today’s inventory shows 801 single-family homes and 518 condos, both down from last week when we had 819 and 524 respectively. At this time last year, there were 810 single-family homes and just 484 condominiums showing an active status on the Saskatoon multiple listing service. While there’s nothing alarming about today’s inventory levels, we are still about two hundred units above the five-year average. On the other hand, strong units sales are keeping the current level of listed Saskatoon homes manageable and within balanced territory with roughly three and one half months of housing supply.

Click the image for a larger version of the graph.

This week saw forty-nine cancelled and withdrawn MLS listings. Thirty of those made another appearance on the system as a “new listing” the same day that they came off, most offered up at a lower price. Another sixty-eight home sellers took the more direct route and adjusted their asking price on their existing listing.

The median sale price of a Saskatoon home took an upward bounce and climbed just over eight thousand dollars to $297K this week. The average selling price followed along and showed a gain of just a bit more than eight thousand, closing the week at $308,017. The six-week average price continued to fall for the seventh consecutive week, dropping by just over a thousand dollars from last week to $309,853 while maintaining year-over-year gains of just over fourteen thousand dollars. The four-week average slipped $750 dollars on the week to $298,750 and held nearly nineteen thousand dollars in gains compared to the numbers we posted a just a year ago.

Click the image for a larger version of the graph.

Ninety of one hundred and three sales reported a sale price that was less than the asking price by an average of $9,782. Seven deals closed at the full asking price. Just six sellers managed to create a bidding war finding a buyer willing to pay more than their asking price by an average of $7,173.

Click the image for a larger version of the chart.

Highlights from the news this week

New housing starts up in Saskatoon: CMHC – Global News
Vancouver, Toronto to feel brunt as home prices fall: TD – Globe and Mail
Home prices likely to fall 102 percent in two years: TD – National Post
Home sales rise while prices ease – Globe and Mail
Defects must be disclosed by sellers – Winnipeg Free Press
Canadian home sales pick up in June – CREA News
Rise in home sales shows solid footing – 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 homes sales pick up in June: CREA

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

Highlights from CREA’s release.

  • Sales activity climbed from May to June, with a big year-over-year gain reflecting falling demand in June 2010.
  • Year-to-date sales remain in line with the ten-year average.
  • The number of newly listed homes also rose from May to June.
  • National housing market remains firmly entrenched in balanced territory.
  • National average price still being skewed upward by the value of sales in expensive Vancouver neighbourhoods, with price gains in other markets providing additional loft.

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

Canada’s housing market set for modest correction: TD

Subdued job and income growth, rising interest rates, the recent tightening in borrowing rules for insured mortgages and fewer first time buyers will set the stage for a decline in housing unit sales in most regions of Canada through 2012 and 2013, according to a report released by TD Economics today. TD is predicting a 15.2 percent decline in resale activity over the two-year period and a 10.2 percent decline in average prices.

Citing an economy that “stumbled” through 2010 and deterioration of affordability that is worse than other regions of the province, the report calls for a slightly higher rate of price declines in Saskatoon than may be experienced nationally. TD is forecasting an 11.5 percent decline in unit sales and an 11.1 percent decline in the average sale price for Saskatoon.

Interested in learning more about the TD report? Read it 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