Saskatoon real estate week in review: October 24-28, 2011

Following three consecutive weeks of declining sales, the Saskatoon real estate market rebounded this week to show 76 units sold (detached houses and condominiums) for an overall gain of 12 sales compared to last week. The weekly total finished well ahead of the same week last year when just 56 Saskatoon homes were reported sold to the local MLS®.

New listings in the same housing categories moved in the opposite direction and finished four units behind last week at 94. That total is higher than the number recorded during the same week last year by nine listings.

Click the image for a larger version of the graph.

The total inventory of active MLS® listings in the residential category continued to follow last year’s trend line and declined by just ten units over the course of the week to finish at 1215, about even with the number of properties available at the same point in time last year. As of this morning, there are 747 single-family homes and 394 condos displaying an active status on the multiple listing service® for areas located within municipal boundaries. Last year at this time, those numbers stood at 734 and 414 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings came in on par with last week at 33 units with 18 of those immediately returning to the system, pretending to be a new listing, most at a new and improved price. An additional 57 Saskatoon home sellers adjusted the asking price on their home in hopes of finding a buyer before winter. Another 11 properties slipped out of the system when they failed to sell during the original listing period.

Following a series of increases that brought the average selling price of a Saskatoon home to its annual peak for three consecutive weeks, the average fell more than $30,000 from last week to $320,549. The six-week average price continued to ride the momentum created by a number of high-end sales in recent weeks and reached its highest point this year for the third consecutive week, gaining just under a thousand dollars to close the week at $326,584. That gives it an annual gain of close to $25,000. The four-week median price crept up even more picking up almost $2,000 this week to finish at $309,950. That number is creeping on previous highs for the year and sits nearly $30,000 above where it was at this point in 2010.

Click the image for a larger version of the graph.

Overbid sales were low again at just two, with one seller managing a contract more than $10,000 above the asking price. An additional six sellers got all that they were asking. The majority of this week’s sales (68 of 76) were completed at a price that was below the asking price by an average of $11,626.

Click the image for a larger version of the chart.

Highlights from the news this week

Is it time to lock into a fixed rate mortgage? – Globe and Mail
Canadian salaries on the rise – Financial Post
Canada’s economy goes on a slower pace, Carney holds rates – Globe and Mail
Listings website pries open property data vault – Globe and Mail
Real estate appraisers decry Zoocasa calculator – Globe and Mail
Housing shortage prominent issue – Star Phoenix
Lingenfelter touts NDP housing plan – Star Phoenix
NDP promises affordable housing – 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

NDP unveils a comprehensive Saskatchewan housing strategy

Last week, I wrote a brief post providing details on the Saskatchewan Party’s plan to provide a tax credit to first-time home buyers that would save then up to $1,100 when purchasing their first home.

I’ve just been reviewing the housing strategy for the New Democratic Party (NDP), which is substantially more comprehensive. According to their platform brochure, the NDP plans to implement the following housing initiatives should they end up forming a government following the November 7 election.

  • Rebating the PST on construction materials for new houses to be priced under $280,000; and
  • Rebating the PST on the first $10,000 in repairs to homes more than ten years old.
  • Investing $20 million into co-operative and community organizations to buy land for housing.
  • Providing first-time homebuyers a $2,000 grant to cover closing costs and other related expenses for homes purchased for under $280,000.
  • Offering interest-free loans to co-operatives and community organization building new housing stock.
  • Ending unfair rent increases through next-generation rent control. We will  introduce rent control that makes allowances for new construction and non-corporate landlords.
  • Investing $230 million to create 2,500 new public rental units, with 1,000 units dedicated to student accommodation, and to upgrade existing units by working with community organizations and co-operatives.
  • Making a commitment to end homelessness with $20 million targeted to a “Housing First” approach, based on the belief that a stable place to live is a basic right and a critical building block to helping individuals gain stability in their own lives.
  • Adding 750 new subsidized affordable assisted-living units, with special attention paid to building these onto long-term care homes so that couples who require different levels of care can stay together.
  • Providing a property tax rebate of $500 per year to senior homeowners and renters.
  • Introducing the Credit for Caring refundable tax credit of up to $1,000 per year to individuals providing care to elderly or disabled relatives or friends.
  • Guaranteeing Saskatchewan residents the lowest-cost bundle of utilities in the country.

Read the NDP’s platform brochure here.

Read the Saskatchewan Party’s platform brochure 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: October 17-21, 2011

Saskatoon home sales declined again for the third consecutive week as local real estate agents reported 64 detached house and condo sales to the local MLS®, down just two units from last week, for a year-over-year decline of five.

The number of new listings bounced up from last week’s remarkably low numbers, reaching 98 units, for a gain of 33 compared to last week. New listings were also higher on a year-over-year basis this week. During the same week of 2010 there were just 85 houses and condos offered up for sale on the multiple listing service®.

Click the image for a larger version of the graph.

Active listing inventory continued to follow a fairly typical seasonal trend by slipping lower again by just nine units compared to last week. As of this morning, there are 1225 residential properties showing an active status on the MLS® system. That’s precisely how much inventory was available to buyers at the close of the same week last year. Today, we have 746 single-family homes and 411 condominiums for sale within the city of Saskatoon. At this time last year, those two categories of housing stood at 739 and 721 respectively.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings fell off substantially from last week to just 33 units. Of those, 17 made a same day return to the MLS® system, most at a lower price. An additional 35 price changes were processed this week. A total of 18 listings reached the end it their term and expired without a sale.

The average sale price of a Saskatoon pushed higher for the fourth consecutive week breaking the record high for the year three weeks in a row as it rose just above $360K. The median sale price followed suit and gained about $13,000 from the previous week as it climbed to $321,450. The six-week average selling price followed along reaching annual record highs for the second week in a row. It finished at $325,922, which is roughly $3,500 above last week’s high. That’s about $24,000 higher than it was at this time last year. The four-week median price edged up $5,000 over the course of the week to $308,000 and finished $18,000 higher than it was exactly one year ago.

Click the image for a larger version of the graph.

Overbid sales slipped lower to just two with an average overbid of $3,600. An additional nine sellers closed a deal at their full asking price while 53 of 64 sellers had to sweeten the pot to complete a deal. On average, those buyers negotiated a discount of $13,437.

Click the image for a larger version of the chart.

Highlights from the news this week

Into the arms of housing – Financial Post
New Democrats pledge rent controls – Star Phoenix
Canadian home prices post smallest gain since January – Financial Post
Average Canadian home price rises 6.5% – CBC News
Canadian home sales pick up in September – CREA News
Regina posts big increases in home sales, prices – Star Phoenix
Average resale home price rises 6.5% – Globe and Mail
Housing market still economy’s ‘bright spot’ – Financial Post
Resale home sales seen as bright spot – Financial Post
Affordable housing funding endorsed – Star Phoenix
Standard of living deteriorates as housing costs rise – Canadian Real Estate Magazine
15 years of economic growth mean little to everyday lives – Huffington Post
Canada’s housing market: ‘Slowdown postponed’ – Globe and Mail
Housing policies misguided – Star Phoenix Opinion
Saskatoon is home to Canada’s fastest growing economy – 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

Canadian home sales pick up in September: CREA

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

Highlights from CREA’s release

  • Sales activity rose 2.7 per cent in September from the previous month.
  • Holding in line with the ten-year average, activity during the first nine months of this year pulled ahead of sales over the same period last year.
  • The number of newly listed homes held steady when compared to the previous month.
  • The national housing market tightened in September from the month before, but remains firmly entrenched in balanced territory.
  • The national average price posted the smallest year-over-year increase since January.

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: October 10-14, 2011

Following a huge spike in new listings last week, new MLS® listing activity softened this week to its lowest level for 2011 as Saskatoon real estate agents brought just 65 house and condo listings to the multiple listing service®. That’s almost 80 units fewer than the number of homes listed the week before and behind numbers produced during the same week last year by 12.

Unit sales slipped again, falling just two from the previous week to 66 homes but still managed to trump numbers from the same week a year ago by 16 units.

Click the image for a larger version of the graph.

On the heels of a week that produced one of this year’s sharpest jumps to the total number of MLS® listings available in Saskatoon, numbers softened again declining 32 units on a week-over-week basis and finished just twelve properties below last year’s levels at 1234. This morning, there are 744 single-family homes and 416 condominiums in the mix. The inventory of Saskatoon houses and condos available for sale are each lower than they were last year at this time by nineteen units.

Click the image for a larger version of the graph.

Cancelled and withdrawn listings more than doubled over the previous week as 72 sellers pulled their active listings. Thirty-nine of those sellers did an immediate re-list, most at a lower price. An additional 46 Saskatoon home sellers adjusted their asking price. This week, 12 listings reached the end of their term and expired without a sale.

The average sale price of a Saskatoon home made its third consecutive weekly gain and reached its annual peak for the second time in as many weeks closing at $339,930. Once again, there were some heavy-duty numbers at the top end of the market including two sales that collectively accounted for more than $2 million in volume. The weekly median took another big jump climbing almost 13K to $308,750. The longer-term measures each took an upward bump with the six-week average gaining about four thousand dollars over the week before to finish at $321,319. That represents an annual gain of roughly thirteen thousand dollars. The four-week median climbed three thousand dollars compared to last week to $303,000 for an annual gain of seventeen thousand dollars.

Click the image for a larger version of the graph.

Overbid sales increased to four units with an average overbid of $2,550. An additional three sellers got their full asking price while 55 of 66 Saskatoon sharpened their pencils to make a deal and finished below their asking price by $13,489 on average.

Click the image for a larger version of the chart.

Highlights from the news this week

Home building booms again – Financial Post
Housing starts ease recession concern – Canadian Real Estate Magazine
Wall promises tax credit for first-time home buyers – Star Phoenix
An America asks: Is Canada’s real estate market in a bubble? – Globe and Mail
Canada’s housing ‘like the fountain of youth’ – for now – Financial Post
Canadian real estate investors increase risk appetite – Canadian Real Estate Magazine

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