Saskatoon real estate week in review: August 22-26, 2011

Saskatoon home sales continued at a pace that looked more like a spring market than the final full week of August. Real estate agents reported a total of ninety-one firm sales of single-family homes and condos to the local MLS®, six fewer than last week and up by twelve on a year-over-year basis.

Meanwhile, the number of new listings continued to tail off and fell for the fourth consecutive week. Just ninety-two houses and condominiums were listed this week, down nine from last week, and pretty much on par with listing numbers recorded during the same week last year.

Click the image for a larger version of the graph.

The total number of residential listings on the Saskatoon multiple listing service® slipped lower again, falling by eighteen units from last week to 1350, to finish slightly lower than levels seen a year ago when 1386 residential listings were for sale. As of this morning, the Saskatoon MLS® shows 806 single-family homes and 470 condominiums displaying the active status. Those two categories are both down on a year-over-year basis from 818 and 486 respectively. It’s starting to look like predictions that Saskatoon was headed for record inventory levels were somewhat overblown, again.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings slipped lower again to just thirty-one. Twenty-two of those cancelled listings made a same day re-appearance with a new MLS® number, and in most cases, a new price. An additional fifty-eight listings saw a price adjustment over the course of the week.

The median sale price of a Saskatoon home climbed nearly sixty-five hundred dollars compared to last week and finished at $299.000. The average selling price moved sharply higher, as a handful of luxury home sales, including one that surpassed the million-dollar mark, skewed the numbers higher. Reaching its highest level since last April, it finished at almost 330K, about twenty three thousand dollars above last week’s number. The six-week average took another upward bump closing just above the $310K mark for the first time in six weeks. It was higher than it was during the same in week in 2010 by just under twelve thousand dollars. The four-week median price slipped lower by about three thousand dollars compared to last week and closed at just under $297,000 for a year-over-year increase of just twenty-eight hundred dollars, the smallest that we’ve seen since late February of this year.

Click the image for a larger version of the graph.

Just one lucky seller managed to close a deal for more money than they were asking. That sale closed fifty-one hundred dollars above the asking price. Another eight sellers found a buyer willing to pay all that they were asking, Eighty-two of ninety-one sales required some back and forth work at the negotiating table resulting in an average dollar discount of $11,726. It’s worth noting that one property in area two sold for almost a quarter million dollars below the asking price and skewed the average discount higher than it otherwise would have been.

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

Canadian home sales stable in July, 2011: CREA

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

Highlights from CREA’s release

  • Sales activity was stable from June to July, but posted a big year-over-year gain due to weakened demand in July 2010.
  • Year-to-date sales continue to run in line with the ten-year average.
  • The number of newly listed homes inched up by less than one per cent from June to July.
  • The national housing market remains firmly entrenched in balanced territory.
  • The national average price posted the largest year-over-year gain since April 2010, but was below where it stood in June.
  • Upward skewing of the national average price is diminishing due to fewer expensive sales and a declining share of national activity in Vancouver and Toronto.

Read the complete 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: August 15-19, 2011

Saskatoon real estate sales continued to cook last week as local agents reported ninety-seven firm house and condo deals to the multiple listing service®. That total places the week’s volume among the top five sales weeks this year for an increase of seventeen units compared to the previous week and a gain of thirty-three when compared against the same week last year.

New listings showed a slight decline on a weekly basis falling for the third consecutive week. Saskatoon real estate agents brought in one hundred and one new listings to the Saskatoon MLS®, seven fewer than the previous week and forty fewer than were listed during the same week in 2010.

Click the image for a larger version of the graph.

The total inventory of Saskatoon MLS® listings in the residential category finally took a dip of some significance as totals slid by forty-two units over the course of the week to reach 1368, its lowest point since early May. For the first time since early June, year-over-year listing numbers are showing a decline, however modest. At the same date last year there were 1387 residential listings available on the Saskatoon MLS®. As of this morning, buyers can find 810 single-family homes and 475 condos showing an active status on the system. Last year at this time those two categories stood at 827 and 488 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings slid lower with just twenty-nine listings being removed from the system. Nineteen of those homes made a same day return with a new MLS® number and “days on the market” reset to zero.  An additional forty-seven price changes were processed throughout the course of the week.

The median sale price of a Saskatoon home showed some growth after last week’s sharp fall. It finished up nearly five thousand dollars at $292,500. The average sale price moved higher by about six thousand dollars to $306,604. The six-week average price inched up about a thousand dollars this week to just over $306K, up from $297,291 for the smallest year-over-year gain we’ve seen since mid April. The four-week average went against the tide this week and dropped by fifteen hundred dollars to $300,000 to finish the week with a year-over-year gain topping sixteen thousand dollars.

Click the image for a larger version of the graph.

Overbid sales were nearly non-existent with just two sellers reporting a price above the list price. Both of those deals closed at just $100 higher than the seller was asking. Another thirteen sales closed at the full asking price. Eighty-two of the ninety-seven sales closed this week reported a price that was below the list price by an average on $10,153.

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: August 8-12, 2011

Following the softest week for Saskatoon real estate sales since early April, local agents reported eighty firm house and condo sales to the MLS®. That number represents an increase of nineteen properties compared to the previous week and a gain of fourteen homes when compared against the same week a year ago.

New listings of houses and condos inched lower on a week-over-week basis falling just three units to one hundred and eight, just five fewer than were offered for sale during the same week in 2010.

Click the image for a larger version of the graph.

The total inventory of Saskatoon MLS® listings in the residential category refused to fall further and actually grew by fifteen units over the past week to find itself above the fourteen hundred mark again. Currently, there are 1410 active residential listings, approximately thirty-nine more than were available at this time last year. Amongst them, there are eight hundred and twenty single-family homes (detached houses) and five hundred and eight condominiums. Both of those categories are showing marginal year-over-year gains. At this time in 2010, there were eight hundred and ten single-family homes and four hundred and eighty-eight condos available to Saskatoon home buyers. Inventory is on a very similar trend to 2010, down slightly from the peak in June, but remaining pretty level for the time being.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings remained fairly consistent on a week-over-week basis at thirty-nine. Twenty-seven of those homes made a quick return to the MLS® system masquerading as a new listing, most at a lowered price. An additional sixty-two home sellers adjusted the asking price on their existing listing hoping to take advantage of the final weeks of a pretty active summer market for Saskatoon homes.

The median sale price of a Saskatoon home moved sharply lower compared to the previous week as it softened some thirty thousand dollars and reached its lowest point since late May at $287,750. The average sale price for the week moved in the same direction slipping about twenty-one thousand dollars to $300,119. The six-week average sale price inched down by roughly two thousand dollars to $305,334 to pick up a year-over-year gain of just over twelve thousand dollars. The four-week median followed the same path and lost seventeen hundred dollars on the week to finish at $301,500 claiming an annual gain of nearly thirty thousand dollars.

Click the image for a larger version of the graph.

Overbid sales remained weak with just two sellers reporting a sale price that exceeded the asking price. Both deals closed higher by just one hundred dollars. An additional twelve sellers found a buyer willing to cough up the full asking price. Sixty-six of this week’s eighty sales required some pencil sharpening. Those buyers saw discounts that ranged from next to nothing to as high as thirty-seven thousand dollars. The average underbid on the sales that went for less than the asking price was $11,745 or about 3.8 percent of the list price.

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: August 1-5, 2011

Sales of Saskatoon homes (single-family homes and condominiums) fell off rather sharply this week as local real estate agents reported just sixty-one firm deals for a weekly decline of forty units. Interestingly, sales took a similar path during the same week of 2010 when they dipped a little more to just fifty-three homes.

New listings remained on par with the previous week, slipping just two units to one hundred and eleven. That’s nineteen fewer listings than were offered for sale on the Saskatoon multiple listing service® during the same week last year.

Click the image for a larger version of the graph.

The total inventory of Saskatoon MLS® listings continued to decline slowly as numbers slipped by just eighteen units compared to last week and closed below the 1400 mark for the first time in a month. There are currently 1395 active listings in the residential category, which includes houses, condos, duplexes, semi-detached, mobiles and vacant lots. That puts us higher than we were at this time in 2010 by forty-five units. As of this morning, there are 821 single-family homes and 495 condominiums for sale on our MLS® within the city of Saskatoon. Last year at this time, those numbers stood at 802 and 477 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings doubled from the previous week as forty-five Saskatoon home sellers pulled the pin on their MLS® listing. All but eleven of those found their way back onto the system, most at a lower price. An additional fifty-five sellers adjusted the asking price on their existing listing.

The median sale price of a Saskatoon home moved higher for the fifth consecutive week gaining eight thousand dollars and reaching $318,000.  The weekly average selling price jumped by thirteen thousand to reach its highest point since early June at $321,573. The six-week average moved up for the third week in a row gaining about fifteen hundred dollars compared to last week, and reaching $307,380 for an annual gain of fourteen thousand dollars. The four-week median sale price edged up thirty-three hundred dollars from last week to close at $303,200 and claimed an annual gain of more than twenty thousand dollars.

Click the image for a larger version of the graph.

For the first time in many months there were no overbid sales reported, except for three new homes that clearly included additional improvements not include in the asking price. Just six Saskatoon home sellers managed to find a buyer willing to pay their full asking price. Fifty-five of sixty-one deals closed at a price that was below the asking price by an average of $8,600.

Click the image for a larger version of the chart.

Highlights from the news this week

Saskatoon home sales rise 13% in July: SRAR – Star Phoenix

How will the housing bubble pop? – Canadian Business

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