Saskatoon real estate week in review: September 19-23, 2011

Saskatoon residential real estate pushed a little higher this week as agents reported eighty-five house and condo sales to the local MLS®, a gain of five compared against last week, up eleven from the same week a year ago.

New listings spiked more aggressively reaching levels not seen since the first week of July. This week saw one hundred and twenty-four new listings of Saskatoon homes, up sixteen from last week and trumping numbers for the same week last year by twenty-seven.

Click the image for a larger version of the graph.

After five consecutive weeks of declines, the total inventory of MLS® listings in the residential category grew by seventeen units this week to reach 1291 but remained below levels of a year ago when 1352 properties were showing an active status on the Saskatoon MLS® system. This morning, there are 772 single-family homes and 458 condominiums for sale within Saskatoon city limits. A year ago, those two housing categories stood at 812 and 472 units respectively. It will be interesting to watch if we manage to maintain our “below last year’s level” status over the next few weeks.

 

Click the image for a larger version of the graph.

Cancelled and withdrawn increased to fifty-four units. As usual, the vast majority of those (thirty-eight) returned to the system the very same day with a new MLS® number, and in most cases, a new price. An additional sixty-two home sellers adjusted the asking price on their home this week. Eighteen listings ran their full course and expired without a sale.

The average selling price of a Saskatoon home slid lower this week dropping six thousand dollars to $311,013. The median sale price moved in the same direction, but dropped more sharply, slipping eighty five hundred dollars to $305,000. The six-week average price managed to inch up nearly two thousand dollars from where it stood a week ago reaching $314,457 and maintaining a year-over-year gain of just over two thousand dollars. The four-week median price remained stable on a weekly basis at $300K, up roughly ten thousand dollars when compared against the same week a year ago.

Click the image for a larger version of the graph.

Overbid sales fell flat as just two lucky sellers completed a deal above their asking price. The average overbid was fifteen hundred dollars. Another eight sellers closed a deal at the full asking price. Seventy-five of eighty-five buyers ground some dollars off and closed firm deals at an average of $9,404 below 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 and 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 hold steady in August, 2011: CREA

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

Highlights from CREA’s release

  • Sales activity was stable from July to August, but posted another big year-over-year gain reflecting weakened demand last summer.
  • Year-to-date sales pulled ahead of 2010 levels for the first time this year, and remain in line with the ten-year average.
  • The number of newly listed homes was also little changed from July to August.
  • The national housing market stayed firmly entrenched in balanced territory.
  • There were more balanced local markets in August than at any other time on record.
  • The national average price posted another year-over-year gain in August, but has moderated from elevated levels earlier this year.
  • 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: September 12-16, 2011

On the heels of one of the more sluggish weeks for Saskatoon real estate sales, at least in recent months, sale numbers of houses and condos took an upward bounce and new listings moved in the same direction. Local agents reported a total of eighty home sales, up nineteen units compared to the previous week, and up eighteen on the same week a year ago.

One hundred and eight new listings (houses and condos) were added to the Saskatoon multiple listings service®, exactly on par with the number processed during the same week last year, but up ten properties when compared on a week-over-week basis.

Click the image for a larger version of the graph.

Total MLS® listings in the residential category stayed pretty stable this week losing just two from the final tally last week, which finished at 1274. Still, it is the fifth consecutive week of drops suggesting strongly that inventory will likely follow its normal seasonal trend and continue to decline through the balance of the year, as it should by late summer. Last year at this time, total active residential listings were higher at 1362. At the close of the week there were 754 single-family homes and 453 condominiums showing an active status on the system.  That compares with 807 single-family homes and the same number of condos that were available at the same time in 2010.

Click the image for a larger version of the graph.

Cancelled and withdrawn listing remained steady at thirty-eight, with twenty-eight of those homes quickly returning with a new MLS® number, and in most cases, a new price. An additional forty-three Saskatoon home sellers adjusted their asking price on their existing MLS® listing. Sixteen listings reached the end of their term and expired from the system without a sale.

 

The average selling price of a Saskatoon home edged up slightly this week to $317,129 and finished higher than the previous week by roughly three thousand dollars. The median sale price moved in the opposite direction slipping one thousand dollars to $313,500. The six-week average price gained a grand on the week to close at $312,782 finishing higher on an annual basis by just four thousand dollars. The four-week median price gained just over two thousand dollars when compared to last week and finished at $300K, precisely where it was when the tallies where counted at the close of the same week last year.

 

Click the image for a larger version of the graph.

Overbid sales increased from just one during the previous week to four, but average overbids remained modest at just $1,075. Another five sellers got all that they were asking. Seventy-one of eighty sales required some back and forth negotiating and completed with an average discount of $9,282.

 

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: September 5-9, 2011

The Saskatoon real estate market was considerably cooler last week than it has been recently. Local agents reported just sixty-one firm house and condominium sales to the MLS®. That number is down forty-two units from the previous week, and just below total sales for the same week last year when sixty-two homes traded.

New listings also declined, though not nearly as significantly. Ninety-eight house and condo listings were added to the multiple listing service®, down just six from the previous week and fourteen fewer than were listed during the same period in 2010.

Click the image for a larger version of the graph.

The total inventory of residential listings available on the Saskatoon multiple listing service® dropped by just one unit last week to 1276 and finished eighty units below the inventory level at the same time a year ago. As of this morning, there are 763 single-family homes and 453 condominiums for sale on the Saskatoon MLS®. On a year-over-year basis, single-family home listings are down about twenty-eight while condo listings are lower by thirty-two units

Click the image for a larger version of the graph.

Cancelled and withdrawn slipped lower as just thirty-six Saskatoon home sellers either cancelled or withdrew their listing from the MLS®. Twenty-one of those sellers did an immediate relist, most at a new price. Forty-seven price adjustments were processed on the MLS® last week. Twenty-six listings completed their term and expired without a sale.

Less activity at the entry-levels of the Saskatoon real estate market caused the weekly median price to spike and finish the week higher at $314,500, up twenty-seven thousand dollars compared to the previous week. The average sale price also moved higher, though not as sharply, finishing up thirty-five hundred dollars from last week at $312,167. After three weekly increases, the six-week average slipped lower declining about six hundred dollars from last week to $311,753, not quite one thousand dollars higher than it was at this time last year. The four-week median moved in the opposite direction gaining a little more than five thousand dollars over the week to reach $297,760. That number is actually lower than it was a year ago by about eight thousand dollars.

Click the image for a larger version of the graph.

Overbid sales dropped to just one unit and that single seller only picked up a hundred dollars more than their asking price. Twelve Saskatoon homes traded at the full asking price. Forty-eight sellers had to engage their buyer in a negotiation that resulted in an average discount of $12,476.

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 29-September 2, 2011

It was another brisk week for Saskatoon real estate sales, the second highest volume week of the year, in fact. Local agents reported one hundred and three sales of single-family homes and condominiums to the Saskatoon MLS®, up twelve from last week and significantly higher than the sixty-eight home sales reported for the same period last year.

New listings barely exceeded sales for the third consecutive week as one hundred and four new listings were added to the inventory of the multiple listing service®. That’s twelve more than last week but twenty-seven fewer than were listed during the same period last year.

Click the image for a larger version of the graph.

The total inventory of residential listings available on the Saskatoon multiple listing service® took a fairly good dip this week falling seventy-seven units since the close of the previous week to finish at 1277, its lowest point since early April and well off of the 1338 properties that were available at this time last year. Today, there are 768 single-family homes and 454 condominiums showing an active status on the system. At this time last year, those categories stood at 782 and 476 respectively. Higher than expected unit sales and softer listing activity caused the total supply of homes to drop by .3 months over the month of August. Supply now sits at just 3.2 months.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings pushed higher again as fifty-one Saskatoon home sellers either cancelled or withdrew their listing from the MLS®. Thirty-one of those sellers did an immediate relist, most at a new price. Additional sixty-nine sellers adjusted the asking price on their listings in hopes of attracting a buyer.

The median sale price fell back nearly thirteen thousand dollars this week to $287,500 as more entry-level sales were recorded. The average sale price followed suit and dropped more than twenty thousand dollars from last week to just $308,637. The six-week average price inched up for the third consecutive week, gaining just over two thousand dollars on the week, to close at $312,397 for an annual gain of just eight thousand dollars. The four-week median price slipped lower by more than four thousand dollars compared to last week. For just the second time this year, the four-week median price finished lower than it had during the same week a year ago, this time by three thousand dollars.

Click the image for a larger version of the graph.

Stronger sales and weaker listing activity may be responsible for an uptick in the number of overbid sales this week. Five lucky sellers struck a deal for more than they were asking, by an average of $4,450. Another eight got their full asking price. Ninety of one hundred and three sales closed below the asking price with an average underbid of $10,771.

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