Homes get more affordable nationally and in Saskatoon over Q3, 2012: RBC

Percentage of household income required to finance a home in Saskatoon

Following close on the heels of two quarters in which housing affordability eroded for Canadians, modest decreases to house prices and gains to household incomes saw that trend reverse itself nationally in the third quarter of 2012, according to a quarterly housing affordability study released by RBC Economics this week.

The trend was prevalent across most of Canada and Saskatchewan was no exception. According to RBC, “significant deteriorations” to Saskatchewan housing affordability in the second quarter were “largely reversed” in the third quarter. “The measures stood just above their long term averages for all housing categories, thereby indicating little in the way of undue affordability induced strain on the market,” the RBC report said.

In Saskatoon, home buyers saw improved conditions across all housing types in the third quarter as the percentage of household income required to finance a home fell marginally. RBC characterizes our current housing market as “balanced.”

Read the full report 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: November 18-24, 2012

Saskatoon real estate sales fell further this week taking their fifth consecutive weekly slide to reach their lowest point since January of this year. Local REALTORS® reported just 50 house and condo sales to the multiple listing service® for a weekly decline of 13 units and a drop of 20 when compared against sales recorded during the same period last year. New listings edged higher as 91 houses and condominiums were added to the  Saskatoon MLS® inventory, up 11 from the previous week and ahead of last year’s number by 20 homes.

Click the image for a larger version of the graph.

A fairly high number of cancelled listings kept the inventory of Saskatoon MLS® listings from reversing its six week trend of moving lower. The declines were kept to a loss of just four units from the totals. At the close of the week there were 1062 active MLS® listings in the residential category. That’s roughly 60 fewer units than could be found on the system a year ago. At this time there are 625 single-family homes and 337 condominiums for sale in Saskatoon. Last year at this time, single-family homes stood at 668 and condo inventory was at 383.

Click the image for a larger version of the graph.

A near absence of luxury home sales brought the median sale price for a Saskatoon home lower this week by about eighty-five hundred dollars to just $314,000. The average sale price of a home fell further dropping more than 40K from the previous week to just $319,354. The six-week average sale price slipped about fifteen hundred dollars from last week to close the week at $336,065 for an annual gain of about eleven thousand dollars. The four-week median actually finished ahead of last week by two thousand dollars. It closed the week at $324,500 up nineteen thousand dollars from the same week a year ago.

Click the image for a larger version of the graph.

Overbid sales fell to just one home. The seller netted an additional $1,100 on top of their asking price. Another ten buyers paid full price to close a deal on the home that they wanted. Meanwhile, 39 buyers ground their seller for a bit of a deal and picked up a discount averaging $9,265.

Other notable MLS® activity this week included 43 cancelled and withdrawn listings, 20 expired listings and 20 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Mortgage crackdown threatens economy – CBC News 19
What happens when the buyer backs out of a home sale – CTV News 20
Canadian homes are getting more affordable – Financial Post 22

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: November 11-17, 2012

Saskatoon real estate sales continued to trend lower as is typical at this time of year. Home sales slowed to see just 63 houses and condos trade through the Saskatoon multiple listing service®, down six from the previous week to handily beat sales for the same period a year ago by 13.  New listings followed along and slipped to their lowest point for any week this year as just 80 propertied were added to the MLS® system. That number is lower than last week by 19 but ahead of the same week last year when just 73 homes were brought to the market.

Click the image for a larger version of the graph.

At the same time, the  inventory of Saskatoon MLS® listings in the residential category continued to lighten modestly as it fell just nine units compared to its close one week ago and reached 1066, its lowest level since April. That number is down about nine percent from where it sat at this point in 2011 when 1149 properties displayed an active status on the Saskatoon multiple listing service®. Today there are 634 single-family home listings and 343 condominiums available to home buyers. Those two categories of residential real estate stood at 686 and 397 respectively, exactly one year ago.

Click the image for a larger version of the graph.

Encouraged by some big sales at the upper end of the market, the average sale price of a Saskatoon home took a big jump this week and reached $360,436. The median price moved in the same direction but strong activity (unit sale numbers) at the entry to mid-level of the market kept it from catapulting like the average. It crept up just four thousand dollars to $322,500. Meanwhile, the six-week average selling price of a Saskatoon home saw its first downturn in a few weeks as it slipped by nearly three thousand dollars to $337,574 to finish about twelve thousand dollars higher than it did at the close of the same week last year. The four-week median price edged up about twenty-five hundred dollars from a week ago to finish this week at $322,500. At the same point in 2011 the four-week median was at $300K even. That’s the largest year-over-year gain we’ve seen in several weeks now.

Click the image for a larger version of the graph.

Overbid sales remained steady with the previous week at just two, but the average overbid slipped lower to just $100. Another ten home buyers stepped up with an offer of full list price while 51 of this week’s 63 deals closed below the asking price by an average of $10,560.

Other notable MLS® activity this week included 30 cancelled and withdrawn listings, 10 expired listings and 31 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Remax predicts modest increase for house prices in 2013 – Star Phoenix
Canada’s home sales cool: How bad is your market? – Financial Post
Home sales slow but market expected to remain stable – Globe and Mail
Housing market remains stable in Saskatoon – Star Phoenix
Home sales dip slightly in October – 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

Canadian resale housing activity stable in October: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of October, 2012 today. According the CREA, “Sales activity improved in about half of all local markets as compared to September, including Greater Vancouver and Greater Toronto. However, in keeping with the national trend, transactions there remain well below levels posted in the first half of the year.”

Highlights of CREA’s report    

  • Home sales little changed (-0.1%) from September to October.
  • Actual (not seasonally adjusted) activity down 0.8% from October 2011.
  • Number of newly listed homes down 3.8% from September to October.
  • Market remains firmly in balanced territory.
  • National average home price unchanged (+0.02%) on a year-over-year basis.
  • MLS® HPI up 3.6% in October – smallest gain since May 2011.

Read the entire report on Canadian MLS sales for October, 2012.

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: November 4-10, 2012

Have you seen the movie Groundhog Day? Well, this was groundhog week for the Saskatoon real estate market which performed at about the same level as the previous week for new listings and home sales. Local agents reported 69 house and condo sales to the Saskatoon multiple listing service® to match last week’s production. Those numbers did outperform the those reported during the same week a year ago when just 55 buyers and sellers firmed up a deal on a Saskatoon home. New listings came in at 99 for the week, up one from the previous week but ahead of the same period last year when just 83 properties came on the market.

Click the image for a larger version of the graph.

The  inventory of Saskatoon MLS® listings in the residential category continued to trail lower for the fourth consecutive week. It fell by 17 units compared to the close of the previous week and reached 1075, lower than it was at this time a year ago by about 100 homes. Today’s inventory shows 642 single-family dwellings (houses) and just 346 condos, down from 701 and 402 a year ago.

Click the image for a larger version of the graph.

Fewer high end home sales saw the median sale price of a Saskatoon home fall more than $20K this week to $322,300. The average sale price slid nearly twice as much closing the week at $325,282. Meanwhile, the six-week average sale price managed a bit of an increase as it climbed nearly four thousand dollars compared to the previous week to reach $340,326. That number is just shy of being ten thousand dollars up on the same week last year. At the same time, the four-week median price fell by just more than three thousand dollars over the course of the week. It finished at $319,500 for a year-over-year increase similar to that of the six-week average price.

Click the image for a larger version of the graph.

Overbid sales fell lower again as just two Saskatoon home sellers managed a bidding war to jack up the final price of their sale. Those deals averaged a bonus of $5,700 for the seller. Another nine sellers found a buyer willing to pay their full asking price while 58 of this week’s 69 sales required some give and take with the buyer netting an average discount of $9,755.

Other notable MLS® activity this week included 46 cancelled and withdrawn listings, 14 expired listings and 35 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Canada braces as housing slowdown takes hold – Financial Post
Will inflation keep boosting house prices? Don’t bet on it – Globe and Mail
Canada housing starts to moderate, resales stable: CMHC – Reuters Canada
Canada’s home prices seen falling but no U.S. style collapse – Globe and Mail
Canada’s home prices seen falling, not crashing – Financial Post
Household debt growth at ten year low: Are we getting the message? – 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