Saskatoon real estate week in review: February 19-25, 2012

Saskatoon real estate sales softened on a week-over-week basis, slipping lower to 76 unit sales (detached houses and condominiums), down from 90 the previous week. Still, home sales for the period finished well ahead of the same week last year when just 56 properties traded.

New listings of Saskatoon homes also slipped lower for the third consecutive week with local agents producing just 103 new offerings, down from 126 the week before, but nearly matching listings taken over the same week in 2010 when 106 homes were offered for sale on the multiple listing service®.

Click the image for a larger version of the graph.

The total number of homes offered for sale on the Saskatoon MLS® continued to climb, but at a slower pace than we might expect at this time of the year. The week closed with a total of 1019 residential listings, up just seven properties from the close of the previous week. Inventory continued to lose ground on an annual basis closing the week lower than it was at the same time last year by 56 properties. Today, there are 576 single-family homes and 354 condos offered for sale on the multiple listing service®. At the same point in 2011, those two categories were at 597 and 418 respectively.

Click the image for a larger version of the graph.

This past week there were just 22 properties that were cancelled or withdrawn from the MLS®. An additional 14 reached the end of their listing term and expired without a sale. Over the course, of the week, 32 home sellers adjusted the asking price of their home.

This week’s sales include a half dozen units that sold above the $500K mark, including one that came close to a million dollars. There was also a large number in the $400,000-500,000 range. Together, those units pushed the weekly average selling price of a Saskatoon home sharply higher to $354,849. The median sale price of a Saskatoon home also jumped by nearly thirty thousand dollars to $334,500. Of course, both of our longer-term measures moved higher this week as well. The six-week average gained almost three thousand dollars reaching $318,283 for an annual gain of nearly 20K. The four-week median price jumped more than ten thousand dollars to $312,000 and finished the week about 25K ahead of the numbers we had seen during the same week a year ago.

Click the image for a larger version of the graph.

Overbid sales were even with last week at seven. Those sellers pocketed an extra $2,028 on average. Another 12 Saskatoon homes were reported to have sold for the full asking price, while 57 of 76 closed transactions came in below the seller’s asking price by an average of $9,659.

Click the image for a larger version of the chart.

Highlights from the news this past week

Historic Bethany Manor destroyed in Saskatoon – Star Phoenix
Canada housing prices won’t crash: poll – Financial Post
Mortgage fraud on the rise – Financial Post
Senior’s housing gets $1.5 million – Star Phoenix
BoC warns of potential home price correction – Canadian Real Estate Magazine
Canada’s housing bubble: This time is not different – Globe and Mail
Payroll earnings, employment and hours – StatsCanada
Average weekly earnings edge higher – Star Phoenix
Group aims to save landmark – Star Phoenix
After 2012 slowdown, Sask economic growth to surge:report – Star Phoenix
The condo board, the lawsuit and the $40,000 parrot – Globe and Mail

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.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

Local residents aim to save historic Third Avenue United Church

A small group of volunteers have come together to promote alternate uses for the Third Avenue United Church out of concern that the historic building could eventually be sold and destroyed to make way for new development, according to a story in today’s Star Phoenix.

If approved by the church, the non-profit organization will promote the location for community events and concerts. “A building of this size and beauty shouldn’t only be in existence for four hours on a Sunday morning. So that’s really what the (Third Avenue Centre) is here to do, is to facilitate the rest of the week and bring in revenue that the church can’t,” said Mark Turner, a representative of the group.

Over the years, attendance at the 1000 seat church, which is located at the corner of 3rd Avenue and 24th Street in Saskatoon’s Central Business District, has dwindled to about 100 people per week making it difficult to manage expenses.

Read Group Aims to save Landmark.

Learn more about the Central Business District.

Bethany Manor in Saskatoon's City Park demolished to make way for condo development

The site of the 100 year old Bethany Manor has been cleared of the old building and will soon be home to a new City Park condominium project. The home was destroyed last weekend to make way for the new development.

Local developer, Tim Ryan had offered to give the house to anyone who was prepared to move it to another location but the costs of moving the old structure were just too high.

City Park Community Association president, Michael Murphy expressed his disappointment in a story that appeared in the Star Phoenix just prior to the demolition. “An unusual, memorable historic house is about to be demolished to make way for a condo unit. It’s a character house which added some style to City Park. It’s 100 years old, a bit of history. It’s very sad to see it torn down and demolished,” he said.

Others have said that the house was poorly designed and in bad repair. Clearly nobody was up for the challenge of renovating it.

A photo gallery of the demolition can be found here.

Read also: Historic house to be demolished.

Learn more about the City Park area here.

Sense of community and friendly neighbours define College Park East: Resident

Here’s a link to an article that’s part of a series that appears in Bridges in which Charles Hamilton gets a feel for a Saskatoon neighbourhood from a resident of the area. This one is about the College Park East area of Saskatoon.

Long time College Park East resident, Eric Olauson tells Charles, “I love the sense of community here. Everyone seems to take care of their neighbours. You always get a friendly hello. People tend to come together rather than pull apart. We have every demographic in this neighbourhood, we always seem to pull together. We all seem to get behind each other, we support each other. I really wouldn’t live in any other place in the city.”

Read the entire article here.

See our neighbourhood page for College Park East.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate week in review: February 12-18, 2012

Sales of Saskatoon homes bounced back from the first weekly year-over-year decline in 2012 as local real estate agents reported 90 firm house and condo deals to the MLS® this week, up 32 units compared to last week, and ahead of the same week a year ago by 18 homes.

New listings came in lower for the second consecutive week slipping just four units from the previous week to 126 and finishing lower than the same period in 2010 by just a few properties.

Click the image for a larger version of the graph.

A strong sales week prevented the total number of Saskatoon homes offered for sale on the multiple listing service® from gaining any real traction this week. As of this morning, that number sits at 1011, just four units ahead of last week’s close, and 30 units behind levels seen a year ago. Today, we have 574 single-family homes and 351 condominiums that display an active status on the MLS®. Last year at this time, those two categories of housing stood at 567 and 414 respectively.

Click the image for a larger version of the graph.

Over the course of the week, 43 property listings were either cancelled or withdrawn from the system. Another 37 sellers adjusted the asking price on their home. Meanwhile, 19 MLS® listings reached the end of their term and expired without a sale.

An increase in sales in the middle to upper price ranges pushed the average selling price of a Saskatoon higher than the previous week by about thirteen thousand dollars to $306,079. The median sale price for the week pushed up 10K to hit $304,950. The six-week average sale price held pretty steady on a weekly basis and closed the week at $315,510 to claim an annual gain of almost $15,000. The four-week median nudged higher by fifteen hundred dollars over last week to $301,500 and finished $11,600 higher than it did during the same week a year ago.

Click the image for a larger version of the graph.

Overbid activity picked up a bit of steam as seven lucky sellers wrapped up a deal for more money than their asking price. The average overbid came in at $2,915. Another 15 Saskatoon home buyers stepped up and paid the seller’s full asking price to close a deal. Still, 68 of 90 recorded sales came in below the list price by an average of $9,337.

Click the image for a larger version of the chart.

Highlights from the news this past week

Sask. posts record housing starts in January – Star Phoenix
Immigration a growth driver – Star Phoenix
Don’t count on immigrants for future economic growth – Financial Post
Two steady years ahead: CMHC – Globe and Mail
Housing construction on the rise – Star Phoenix
Canadian housing market to remain steady: CMHC
The most overpriced housing markets in the developed world – Business Insider
Canadian home sales soften in 2012: CREA – TeamFisher.com
Canada home sales drop most since 2010 – Financial Post
Housing cools as sellers hang back – Globe and Mail
CMHC predicts steady growth for Saskatchewan – Star Phoenix
Saskatchewan to continue strong economic growth in 2012: BMO
Housing crutch abandoning banks – Financial Post
Housing market poised for sever correction, finance professor says – 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