Saskatoon real estate week in review: April 22-28, 2012

Saskatoon real estate agents reported a total of 91 house and condo sales to the Saskatoon MLS® system this week, down eight from the previous week and just marginally lower than recorded activity for the same week a year ago when 94 homes traded.

On the heels of a very busy week for listings, new MLS® listings slipped lower this week falling 33 units from the previous week to 145 houses and condos, still well above numbers generated over the same period of 2011 when just 118 properties were offered up for sale.

Click the image for a larger version of the graph.

Total active MLS® listings in the residential category continued to advance at a slower rate than we would hope for at this time of the year. By the close of the week, the residential inventory had inched up just twelve units from the previous week to 1120 homes. That’s down 15 percent from the previous year’s numbers, which stood at 1310 at this point in the year. A search of the agent MLS® today shows 662 single-family homes (detached houses) and 381 condominiums that display “active” as their status. Last year at this time, those two Saskatoon housing categories stood at 753 and 489 respectively.

Click the image for a larger version of the graph.

With active inventory down 15 percent and units sales showing a year-to-date increase of 12 percent, Saskatoon housing prices are seeing some upward pressure. There seems to be some general consensus that the nine percent increase we see in average prices is somewhat skewed by a growing number of transactions at the upper end of the market, there’s little doubt that buyers who are purchasing homes priced below $450K are paying more than they might have a few months ago.

The average price of a home sold in Saskatoon last week was $353,256. The median climbed nearly twenty-three thousand dollars to $344,900. Both of our longer-term measures reached new record highs as the six-week average gained five thousand dollars on a weekly basis and reached $342,732. That’s up about thirty-two thousand dollars from the same week last year. The four-week median price saw a weekly gain of just over two thousand dollars and hit $339,900 for a year-over-year gain of thirty-one thousand dollars.

Click the image for a larger version of the graph.

While there are clearly a growing number of situations where multiple offers are being generated on homes, particularly those priced below $400K, buyers are rarely making offers above the asking price. Only four such sales were recorded this week. When it happened, the overbids were fairly strong averaging $8,600. Another 16 lucky sellers managed to close a deal for the full asking price while 71 of this week’s 91 sales required some pencil sharpening on the seller’s part, to the tune of $10,117 on average.

Other notable activity on the Saskatoon multiple listing service® this week included 36 cancelled or withdrawn listings, 11 expired listings and 41 price changes.

Click the image for a larger version of the chart.

Highlights from the news this past week

CMHC set to be under OSFI supervision? – Financial Post
Government fixes mortgage market, but will it work? – Financial Post
Flaherty moves to tighten CMHC oversight – CBC News
CMHC could be pulled out of mortgage insurance business: Flaherty – Financial Post
Home prices move higher in March – Globe and Mail
Canadian home price gains slow – Financial Post
Flaherty on why Ottawa is increasing oversight on CMHC: Video – Globe and Mail
Ottawa trains its sights on hot housing market – Globe and Mail
A housing crisis of global proportions – Globe and Mail
Sask. GDP up 4.8 percent – Star Phoenix
Saskatoon home prices rise – 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.

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

Saskatoon real estate week in review: April 15-21, 2012

For the past nine weeks Saskatoon real estate sales have been up one week and down the next. For the first time since the middle of February we’re seeing two consecutive weeks of sales growth with this week’s house and condo sale numbers at 98 units.  That represents a gain of just seven units compared to the previous week and annual growth of 15 homes when compared to MLS sales for the same week last year.

New listings took a substantial jump as Saskatoon real estate agents brought 178 homes to the market, up by 40 from the previous week and well above what we saw during the same period of 2011 when just 108 houses and condos hit the market.

Click the image for a larger version of the graph.

At the same time, total active MLS listings in the residential category failed to gain any traction moving higher by just one unit compared to the close of last week. They finished the week at 1108, down from 1298 at the end of the same week a year ago. Today, Saskatoon home buyers have a selection of 646 single-family homes and 392 condominiums to choose from. Last year at this time, those numbers sat at 758 and 469 respectively.

Click the image for a larger version of the graph.

The average selling price of a Saskatoon home slipped about six thousand dollars this week but still managed to stand pretty tall at $345,518. One sale at $1.25 million dollars skews that number about 12K higher than it would have been without it. There was more activity in lower end homes as the weekly median sale price slipped more than twenty thousand dollars to $322,000. The six-week average price pushed higher by seventy-five hundred dollars compared to last week and finished at $337,784 up a full thirty-three thousand dollars from the same week a year ago. The four-week median moved sharply higher gaining $17,500 on the week to finish at $337,450 claiming an annual gain of more than twenty-eight thousand dollars.

Click the image for a larger version of the graph.

Once again, just six lucky sellers managed to complete a sale above their asking price and those overbids were fairly conservative, averaging just $1567. Another 16 Saskatoon home sellers found a buyer willing to pay the full asking price while 76 of this week’s 98 sales saw a seller giving up about $11,601 on average to put up a sold sign.

Other notable activity this week included 48 cancelled or withdrawn listings, 30 expired listings and 48 price changes.

Click the image for a larger version of the chart.

Highlights from the news this past week

Canadian real estate market a tale of two cities – Globe and Mail 16
Saskatoon to continue growing on east and west side – NewsTalk 650 16
Mortgage market tiptoes toward subprime – CBC News 16
Saskatoon home sales above national average: CREA – Star Phoenix 16
House prices in Canada declined in March – CBC News 16
Canadian home sales rise 2.5% in March, prices edge lower – Financial Post 16
A reality test for would-be home buyers – Globe and Mail 16
CREA says sales up 8% from 2011 – Star Phoenix 16
Household debt is ‘biggest domestic risk:’ Bank of Canada – Globe and Mail 17
Big debt the downside of loading up on real estate – Financial Post 17
Bank of Canada warns on home equity lines of credit – Globe and Mail 18
Mortgage wars backfire – Financial Post 18
Buy Herself matches self-sufficient women with the perfect home – National Post 18
How much over asking would you bid on a house? – Globe and Mail 19
Most Canadians would balk at a bidding war – Financial Post 19
Finding the right home, with or without Mr. Right – Globe and Mail 19
Are home prices headed for ‘correction’ when rates rise? – Globe and Mail 20
Canada’s big banks flee nonprime market amid signs of downturn – Financial Post 20

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

Forty-seven percent of couples argue about cleaning: Cool house cleaning facts

It’s not everyday that you think about house cleaning. Well, actually, you probably do think about house cleaning most days but I expect that it’s rare that you actually think about house cleaning facts outside of the regular scrubbing, dusting, washing and such. I stumbled across this awesome infographic today that details some interesting facts about house cleaning and I thought I’d share it here.

The infographic was produced by the Golden Shine Cleaning Company in San Diego. While you may never have the opportunity to use their services at home, you may find their website handy, particularly their archive of blog articles where you’ll find all kinds of great house cleaning articles, several on health friendly ways to clean.

Canadian home sales rise while average prices edge lower in March, 2012: CREA

CREA economist Gregory Klump reports on MLS® sales and listings for the Canadian real estate market for March, 2012.

Highlights from CREA’s release

  • Home sales rose 2.5% from February to March.
  • Actual (not seasonally adjusted) activity stood 1.6% above levels in March 2011, the smallest year-over-year increase since last April.
  • The number of newly listed homes eased 0.3% from February to March.
  • While still well balanced, the national housing market tightened due to the rise in activity.
  • The national average home price edged down 0.5% on a year-over-year basis in March.

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