Saskatoon real estate week in review: July 22-28 2012

It felt like summer in Saskatchewan this week. Warm and quiet. Quiet, like almost everyone had gone to the lake kind of quiet. Those around me were reporting fewer consumer calls this week. There seemed to be more time to catch up on projects that had been relegated to that “to-do someday” pile at the right side of the desk. My list got whittled down and that felt good.

The numbers this weekend backed up the feeling. Saskatoon real estate agents reported a total of 81 firm house and condo sales to the local MLS® system this week, a decline of 14 units compared to last week, fewer by 20 when compared against sales for the same week a year ago. This is the lowest number of weekly sales recored since the first week of April.

New listings of Saskatoon homes held steady on a week-over-week basis at 146 to eclipse last year’s additions to the multiple listing service® for the same period by 33.

Click the image for a larger version of the graph.

Having appeared to reach its annual peak six or seven weeks ago, the total inventory of residential listings on the multiple listing service® continued to behave rather strangely for the season and experienced its third consecutive weekly increase climbing 22 units to 1255. That number is still well down from the numbers we saw last year at this time when 1417 Saskatoon residential properties displayed an active status. In fact, the final tally is still lower than it has been for four of the past five years but this year’s trend line does suddenly look more like that of 2008 than any of the preceding years. Today there are 776 single-family dwelling and 409 condominiums appearing as ‘for sale’ on the Saskatoon multiple listing service. Last year at this time, those categories sat at 818 and 508 respectively.

Click the image for a larger version of the graph.

Meanwhile, a bit of the lower end market activity that had been waning over the past couple of weeks came back as the weekly median sale price slipped lower by twelve thousand dollars to $315,000. The average sale price of a Saskatoon home held pretty steady, down by just eight hundred dollars from the previous week to $329,527. Both of the longer term measures remained fairly stable on a weekly basis but showed strong annual gains. The six-week average price slipped just four hundred dollars from last week to $334,840 for an annual bounce of nearly thirty thousand dollars. The four-week median price edged lower over the course of the week by about a thousand dollars. It finished at $317,200 to claim an annual gain of about 17K.

Click the image for a larger version of the graph.

Four lucky Saskatoon home sellers closed a deal for more money that they had hoped for when they set their asking price. On average, they picked up $2,825 more than they listed the home for. Another 13 sold their home for the full asking price. As has been the case throughout the year, the majority of home buyers were able to grind a bit of a deal, at least relative to asking price, as 64 of 81 reported sales showed a price that was lower than the list by an average of $10,897.

In other MLS® activity this week, there were 41 cancelled and withdrawn listings, 6 listings that came to the end of their term and expired without a sale and just 34 sellers who adjusted their asking price.

Click the image for a larger version of the chart.

Highlights from the news this past week

Why have home prices soared? It’s fundamental – Globe and Mail
Canadian housing looks to be in for a soft landing, actually headed for crash: Capital Economics – Financial Post
Housing market at a tipping point: Analyst – Globe and Mail
Sask. GDP to fall then rise in 2013 and ’14 – Star Phoenix
S&P cuts rating on banks over high house prices and consumer debt – 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: July 15-21 2012

Winding down its second full week operating under new mortgage guidelines introduced on July 9, the Saskatoon real estate market saw another steady and solid week of trades. Agents reported 95 firm house and condominium sales to the Saskatoon multiple listing service® this week, up just one from last week’s numbers and ahead of the same week last year by just two sales.

New listings of Saskatoon houses and condominiums fell to their lowest level in four weeks time with just 146 new listings being brought to the market. That represents a decline of 21 homes compared to last week’s listing volume, but it’s sharply higher than it was a year ago when just 106 new listings were added to the Saskatoon MLS® system.

Click the image for a larger version of the graph.

The total inventory of residential listings on the multiple listing service® took an upward turn that is somewhat unusual at this time of year. The database grew in size by 19 properties over the course of the week to reach a total of 1233 homes, down from 1422 at the same time a year ago. Still, today’s totals are at their lowest point for this week in five years. Today, there are 752 single-family homes and 408 condos showing an active status. Last year at this time, those two categories sat at 814 and 512 respectively.

Click the image for a larger version of the graph.

Stronger sales activity at the upper end of the market including three home sales that pushed the $800,000 mark moved the average sale price of a Saskatoon home higher to $330,284. The weekly median went in the same direction gaining a little more than 15K compared to last week as it reached $327,000. The six-week average price inched up a little more than two thousand dollars on a weekly basis finishing at $335,264 to claim an annual gain of just over thirty thousand dollars. The four-week median price saw weekly gains that matched that of the six-week average. It finished the week at $318,250 for a year-over-year gain of just about twenty two thousand dollars.

Click the image for a larger version of the graph.

There were some stories of multiple offers being received on a few properties. For the most part, buyers stayed away from offering more than the seller’s list price. Just one sale closed above that mark. That overbid was $2,600. Another 15 deals closed with a sale price that matched the asking price while 79 of this week’s 95 sales were completed for less than asking price with an average discount of $9,233.

In other MLS® activity this week, there were 28 cancelled and withdrawn listings, 10 listings that came to the end of their term and expired without a sale and 52 sellers who adjusted their asking price.

Click the image for a larger version of the chart.

Highlights from the news this past week

Canadian home sales drop in June in what could be a cooling market – Star Phoenix
Is Canada’s housing market finally starting to cool – Globe and Mail
Will Canada’s housing boom end with a whimper or a bang – Financial Post
Real estate market softens – Star Phoenix
Carney hints at higher rates – CanadianRealEstateMagazine.ca
River Landing project approved – Star Phoenix
Mortgage rule changes will hurt Sask. markets – 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

Canadian real estate sales soften in June, 2012: CREA

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

Highlights from CREA’s release

  • Home sales down 1.3% from May to June.
  • Actual (not seasonally adjusted) activity stood 4.4% below levels in June 2011, marking the first year-over-year decline since April 2011.
  • The number of newly listed homes climbed 1.4% from May to June.
  • Fewer sales and a rise in new listings resulted in a more balanced national housing market.
  • The national average home price slipped 0.8% on a year-over-year basis in June.
  • The Aggregate Composite Benchmark home price was up 5.12% year-over-year in June.

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: July 8-14, 2012

Following a few brisk weeks with house sales reaching above the 100 unit mark the Saskatoon real estate took a bit of a dip falling by eight sales from the previous week to 94 and finishing lower than the same week last year by nine.

New listings of Saskatoon houses and condominiums came on fairly strong at 167, up nine units from last week to finish higher than the same week a year ago by nearly 60 homes. Many of those “new listings” were actually relists that were disguised as new listings with “days on the market” reset to zero.

Click the image for a larger version of the graph.

In spite of the large gap between sales and new listings the total active inventory of Saskatoon MLS listings stayed fairly stable growing by just ten homes to 1214, down nearly 200 homes from levels seen a year ago. Today, there are 746 single-family homes and 397 condominiums showing an active status on the Saskatoon multiple listing service. At this time last year there were 801 single-family homes and 518 condos available to home buyers.

Click the image for a larger version of the graph.

The average sale price of a Saskatoon home slipped lower for the third consecutive week and settled at $327,142 while the weekly median price pretty much held its ground slipping just $500 from last week to $311,500. In longer-term measures, this week’s sales see the six-week average price also holding firm on a weekly basis at $332,952 for a year-over-year gain of about $23K. The four-week median price grew by four thousand dollars on last week’s close to finish this week at $316,000 for annual growth of $17,000.

Click the image for a larger version of the graph.

Overbidding made a bit of a comeback compared to the previous week when they were nearly non-existent. This week, six buyers paid the seller more than their asking price but the average overbid was pretty low at just $62 (take the family for lunch). Another nine sellers found a buyer willing to step up and pay the full asking price while 79 of this week’s 94 sales were completed at a price that was below the seller’s number.

In other MLS activity this week, there were 56 cancelled and withdrawn listings, 16 listings that expired without a sale and 47 sellers who adjusted their asking price.

Click the image for a larger version of the chart.

Highlights from the news this past week

River Landing reaches for sky – Star Phoenix
Housing bubbles: Messy and unpredictable – Globe and Mail
Housing starts rise in June – Globe and Mail
Dodging housing bubble could cost Canadian economy its dominance – Financial Post
Saskatoon housing prices on the rise – Star Phoenix
Five reasons why falling house prices are not so bad – Globe and Mail
Canada’s housing market at a tipping point: Royal LePage – Financial Post
Bubble vs. Rubble: Rosenberg weighs in – Wall Street Journal
New house prices rise 0.3% in May – Globe and Mail
Credit unions escape new mortgage rules – 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.

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

Home buyer beware: Your private home viewing may not be so private

It’s only been a few years since I first saw a serious home surveillance system installed in a Saskatoon home I’d been hired to market and sell. It was an impressive and sophisticated system that enabled the home owner to look in and listen to what was happening in their home while they were away. They used it regularly to monitor the home.  I later learned that they used it to look in on buyers who were viewing the home.

At the time, systems like this were rare because they did cost a lot of money. The value of this particular system was in the tens of thousands of dollars.

Just a few years later, surveillance systems are a dime a dozen. In fact, a $5.00 iPhone app can monitor up to a dozen audio and video feeds using simple equipment like webcams. Small cameras and microphones can easily and inexpensively be used to monitor activity in the home.

The same equipment can be used to look and listen in on your “private home viewing.”

When viewing homes as a prospective buyer it’s best to behave as if you’re being watched. Avoid judgmental comments about the home owner’s lack of taste. Try not to get too excited. Put on your poker face. Save your negotiating strategy discussions for the car ride home.  Behave as you would if the home owner were right there with you. They just might be.

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