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

On the heels of one the quietest sales week since early April home sales bounced back as Saskatoon real estate agents reported a total of 94 single-family homes and condominiums firmly sold to the multiple listing service® this week. That number trumps the previous week’s sales by 20 units and is up over the same week last year by three.

At the same time, new Saskatoon real estate listings retreated and fell to just 106 homes, down from 144 the week before to close higher on a year-over-year basis. The same period of time during the previous year saw 92 new listings added to the MLS® system.

Click the image for a larger version of the graph.

The total number of active MLS® listings in the residential category dipped lower and edged closer to the 1200 mark than it has been for seven weeks. A search of the multiple listing service® this morning shows 1212 Saskatoon real estate listings, 26 fewer than were available at the same time last week. Total MLS® inventory is down roughly ten percent from the same point in 2011 when 1350 Saskatoon homes were available to Saskatoon home buyers. Today’s inventory consists of 747 single-family homes and 400 condos. A year ago, those categories were showing 806 and 470 respectively.

Click the image for a larger version of the graph.

The median price of a Saskatoon home inched slightly lower this week, slipping nearly two thousand dollars to $320,732. The average selling price remained high, and in fact, grew by more than seven thousand dollars to $349,960 thanks in part to a half dozen sales above the $600,000 mark, including one that approached the one-million dollar mark and another that exceeded it. For those of you keeping score, that brings the total number of Saskatoon homes that have sold for more than one-million dollars to nine this year, with four full months remaining in the year. The previous annual record was six such homes. In spite of lofty prices for the week both of our longer term measures managed to slip marginally lower on a weekly basis. The six-week average price dropped just a few hundred dollars to $337,664 and maintained annual growth of roughly 27K. The four-week median price of a Saskatoon home slid about $650 from last week to close at $325,450 and claimed a year-over-year increase of nearly $29,000.

Click the image for a larger version of the graph.

Home sales exceeding the listed price remained low at just two. Those lucky sellers saw an additional $11,325 added to their bottom line. Meanwhile, 72 Saskatoon home sellers took a seat at the negotiating table and agreed to an average discount of $11,974 to close up a deal. Another 20 sellers accepted a full price offer.

Other notable MLS® activity this week includes 34 cancelled and withdrawn listings,  17 expired listings and 38 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Home ownership in Canada reaching new heights – Financial Post
Cottage market heats up amid low interest rates – Globe and Mail
To avoid home buyers’ regret, do your homework – Globe and Mail
15 tactics to win a real estate bidding war – Financial Post
Reality TV Realtors on a roll – Star Phoenix
Housing downturn won’t be as deep as some fear – Globe and Mail
Demographics to take edge off of housing downturn: CIBC – Financial Post
Report: Canadian Housing: Demographically Dangerous? – CIBC

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: August 12-18, 2012

This week, the Saskatoon residential real estate market experienced its quietest week since early spring as the number of houses and condos reported sold to the MLS® by local agents slipped to just 74. That’s down seven homes from the previous week but behind sales recorded during the same week last year by 23 properties. While year-over-year gains were quite typical throughout the second quarter, and most of the third, the last six weeks have seen sales fall below last year’s strong levels three times. Looking at MLS® sales totals for those six weeks we see an overall decline of four percent compared to total Saskatoon home sales (houses and condos) during the same period last year.

After dropping sharply last week, new listings spiked higher to 144 homes for a weekly gain of 42 and a year-over-year increase of 43 properties.  By contrast to sales, new listings added to the multiple listing service® have increased over the previous year in 12 of the past 13 weeks.

Click the image for a larger version of the graph.

Still, the total number of active residential listings on the Saskatoon multiple listing service® grew by just 11 properties this week to settle at 1238 by today. That’s down from 1368 at the same point in 2011. Active residential listing have remained quite stable, fluctuating between 1200 and 1250 for about 15 weeks now. Looking at more specific housing categories, we have 406 condominiums available today on the MLS®, down from 475 at the same time last year. There are 767 single-family homes showing an active status on the system today compared to 810 at this point during 2011.

Click the image for a larger version of the graph.

The average price of a Saskatoon home sold this past week managed to slip about seven thousand dollars to $342,237 in spite of the fact that a single house sale at more than $1.3 million skewed the numbers higher. The weekly median also slid lower dropping eighty-five hundred dollars from last week to $321,500. The six-week average sale price followed and shed seven thousand dollars from last week to settle at $337,945 for a year-over-year increase exceeding thirty thousand dollars. Meanwhile, the four-week median price fell lower by just one thousand dollars on a weekly basis to $326,000 for an annual increase of 26K.

Click the image for a larger version of the graph.

Overbid sales were a near non-factor with just three buyers offering to pay more than the seller’s list price by an average of $2,067. Another nine offered all that the seller was asking while 62 of 74 completed sales fell short of the listed price by an average of $10,318.

Other notable MLS® activity this week includes 48 cancelled and withdrawn listings,  just seven expired listings and 42 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

CMHC forecasts slowdown in housing market – Globe and Mail
Housing market crash not in the cards for Canada: CMHC – Financial Post
Drop in listings points to calmer Canadian housing market – Globe and Mail
Canadian home prices falling steadily – Financial Post
How to avoid home buyer’s regret – Financial Post
Home sales steady, but prices down – Canadian Press in Star Phoenix
When renting is an appetizing option – Globe and Mail
Home ownership in Canada reaching new heights – 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

Canadian home sales hold steady in July: CREA

According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity remained stable from June to July 2012. Prices are off their recent peaks in Greater Vancouver and Greater Toronto, but remain above year-ago levels in most markets.

Highlights:

•       Home sales activity little changed (-0.01%) from June to July.
•       Actual (not seasonally adjusted) sales up 3.3% over levels in July 2011.
•       The number of newly listed homes fell 3.3% from June to July.
•       Stable sales combined with fewer new listings firmed the national housing market, keeping it in balanced market territory.
•       The national average home price declined 2.0% on a year-over-year basis in July.
•       The Composite Aggregate Benchmark home price was up 4.5% in July, its smallest gain in over a year.

Sales over MLS® Systems of Canadian real estate Boards and Associations held steady in July 2012 from the previous month, edging back by less than one-tenth of a percentage point.

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: August 5-11, 2012

The Saskatoon real estate market continued at a steady pace this week with agents reporting a total of 81 houses and condos firmly sold, down seven from the previous week, and up just one when compared against sales recorded during the same week last year.

New listings finally showed some signs of slowing. Just 102 Saskatoon houses and condos were added to the multiple listing service® over the course of the week. That’s the lowest number for any week since January when it dipped below that level three times. This week’s new listings totals are down 41 from last week and come in at six fewer than were listed during the same period of 2011.

Click the image for a larger version of the graph.

Total active MLS listings slipped lower again but not by much. By week’s end there was a grand total of 1227 residential listings showing a “for sale” status on the Saskatoon MLS® system, a dip of just seven from last week, but well down from the 1410 properties that were available for sale on the same day last year. Today’s buyers have 758 single-family homes and 403 condominiums to choose from. Those two Saskatoon housing categories compare at 820 and 518 respectively when measured against available inventory a year ago.

Click the image for a larger version of the graph.

Slightly more activity at the lower end of the real estate market brought the weekly median price down by about eight thousand dollars to $330,000 while one sale at nearly $1.4 million dollars kept the average sale price of a Saskatoon home higher than usual at almost $350K. The six-week average price held pretty firm slipping just nine hundred dollars from last week to $344,087 to claim a massive annual gain of almost forty thousand dollars. The four-week median price edged up about forty-five hundred dollars from last week to reach $327,000 while it took an annual bounce of more than 25K.

Click the image for a larger version of the graph.

Overbid sales once again reached their low point for the year with just two aggressive buyers bidding more than the asking price. Those two sales both came in $1100 above the seller’s asking price. Meanwhile, another seven buyers stepped up and gave the seller all that they were asking while 72 of this week’s 81 sales closed with a negotiation that averaged the buyers a discount of $9,907.

Other notable MLS® activity this week includes 30 cancelled and withdrawn listings,  just nine expired listings and 39 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Saskatoon house listings down slightly – Star Phoenix
Canadian home prices to fall 10% over next few years: Scotiabank – Financial Post
Canadian house prices to slip and then stagnate for years – Globe and Mail
Canada’s hot housing markets shows more signs of slowing – 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

The approximate truth about Saskatoon’s luxury homes market

The Saskatoon real estate market saw another home sell above the $1-million mark this week. It’s kind of a big deal because it doesn’t happen very often though it’s certainly becoming more common. This particular sale brings the total number of Saskatoon homes that have sold this year, above the $1-million mark, to seven. That’s pretty impressive. In fact, it’s a new record number for this city. There hasn’t been another year during which seven Saskatoon homes have sold for more than $1-million and we’re not quite two-thirds of the way through the year.

It got me thinking about Saskatoon home price trends in recent years. Each year, at some point, a real estate agent or some other industry insider mentions to the media that sales of homes priced above $500,000 have skyrocketed. I’ve been one to point that out from time to time. On the surface, the trend does appear to be quite significant. Even as early a 2010 home sales priced at or above $500,000 had a total share of the market of just 4.8 percent. This year, it’s up to 8.1 percent, year-to-date. Wow!

So, I got to asking myself some questions on the topic. How much of that change can be accounted for by simple appreciation in the market? Are people actually buying more house or are they simply paying more for houses? I created a chart that contains info on three sets of Saskatoon housing data over the better part of the last five years. Here it is.

Click for a larger version of the chart.

The blue line represents the growing share of Saskatoon home sales, priced at or above the $500,000 mark. Ba-zing!

The red line represents the rather stable share of sales of homes that are 2,000 square feet or more in size and perhaps provides the most objective benchmark of change. It’s actually at its lowest point in five years at only 4.3 percent of the market, but it fluctuates between that and its high point of 4.7 percent. Meh!

Finally, data in the green line recognizes and accounts for increases to the price of a Saskatoon home over the past few years. A $500,000 home in 2012 is not the same home as it was in 2008. In fact, using the compounding effect of the increase in the median sale price of a Saskatoon home between 2008 and now, 2008’s half million dollar home may now cost as much as $590,000. Using that number, we see a pretty sharp decline in the share of the market that this particular home is claiming. Yikes!

In reality, higher-end homes haven’t appreciated completely in step with the market, so the true picture of the Saskatoon luxury homes market is likely better than the green line suggests. If the appreciation in this range is two-thirds of that seen in lower priced homes it would put the green line at 4.7 percent in 2012, about where it was in 2008. Yawn!

Not that much has changed in Saskatoon’s luxury housing market other than the price of those homes.

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