Saskatoon real estate week in review: December 23-29, 2012

As was the case in most years past, the Saskatoon real estate market wound down to reach its lowest point of the year for weekly sales volume. Local agents reported just 31 firm sales to the multiple listing service®, down 21 sales from the previous week, and behind numbers recorded during the same week of last year by five.

The number of new MLS® listings added to the system followed along registering just 26 and seeing the same drop as sales, 21 on a weekly basis and five annually.

Click the image for a larger version of the graph.

The total inventory of Saskatoon MLS® listings in the residential category continued to trend lower dropping by 16 units from last week to close at 935, up 23 units from levels seen one year ago. This morning’s MLS® search shows a total of 567 single-family homes displaying an active status. That number is up roughly ten percent from a year ago when 510 houses were for sale within the city limits. In the condominium category, buyers can find just 274 condos to choose from, which is lower than last year’s numbers by about 20 percent.

Click the image for a larger version of the graph.

With just one home sale that exceeded $500K, the average sale price of a Saskatoon home tumbled about $55,000 compared to last week to finish at $308,721. That measure has only managed to find itself below $310K a couple of times since last spring. The median sale price fell even more dropping sixty-one thousand dollars from the previous week to $290,000. The six-week average slipped lower by about six thousand dollars on a weekly basis to settle at $345,343. That’s nearly $30K higher than it was at the close of the same week last year. The four-week median price edged lower on a weekly basis by almost four thousand dollars to $336,500. That measure finishes higher than it was a year ago by thirty-five thousand dollars.

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Overbids failed to appear on any of this weeks sales, as they have for the past few weeks. To the best of my recollection, that may represent the longest run of no overbids in the past several years. Ten of this week’s successful sellers did manage to find a full price offer. The other 21 sellers accepted an offer that was below their asking price with an average discount of $8,866.

Other notable MLS® activity this week included just 5 cancelled and withdrawn listings, 18 expired listings and 14 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Dear first-time homebuyer: Ottawa wants you to tread carefully – Financial Post
Why Canada’s housing market faces an identity crisis – Globe and Mail
Canadians carry record debt levels – Star Phoenix
Five mortgage market predictions for 2013 – 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

Saskatoon real estate week in review: December 16-22, 2012

Saskatoon real estate sales took a bit of an upward turn on a weekly basis as local agents reported 54 firm house and condominium sales to the city’s MLS® system. That tally is up 11 property sales from the previous week but falls below the number counted during the same week last year by nine.

The number of new MLS® listings added to the system plummeted as it always does this week. Those numbers slipped lower than last week by 25 and settled at just 47 homes to see an annual gain of six listings when compared against the same period in 2011.

Click the image for a larger version of the graph.

The inventory of Saskatoon MLS® listings saw its largest weekly decline since the last week of October and slipped below the 1,000 property mark for the first time since early March. As of this morning there are 951 property listings showing an active status on the Saskatoon multiple listing service®, down 56 homes from last week’s close but pretty much on par with the number of properties available in Saskatoon on the same date last year, 953. Taking a closer look at categories of housing we find 579 single-family homes, an increase of nearly 40 properties compared to levels seen a year ago. Condos, on the other hand are showing a rather steep decline on an annual basis falling from 354 listings last year to just 275 today.

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Strong activity at the upper end of the market pushed the median price of a Saskatoon home higher this week by more than twenty-six thousand dollars to $351,300. The average sale price, encouraged by a handful of sales above the 600K mark followed along and gained about as much as the median to reach $364,134. The six-week average price grew by more than seven thousand dollars over the week to hit $351,497 and took the largest annual gain we’ve seen this year, just over thirty-seven thousand dollars.  That closing number is within $130 of the previous high six-week average price for the year. The four-week median sale price of a Saskatoon home took a weekly jump of more than eight thousand dollars to reach its peak point for 2012 at $340,325 for an annual gain similar to that of the six-week average price.

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Overbid sales were non-existent for the second week in a row. Ten lucky Saskatoon home sellers did close a deal at the full asking price placed on their MLS® listings. Meanwhile, 44 of this week’s 54 firm home sales closed at a price which was less than the seller was asking by an average of $13,467.

Other notable MLS® activity this week included 20 cancelled and withdrawn listings, 29 expired listings and 15 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Rental demand to remain high in Saskatoon – Star Phoenix
Canada’s housing market forecast cut after mortgage rules bite – Financial Post
Struggling real estate market can have huge impact – Globe and Mail
Is Saskatchewan the country’s next ‘it’ province? – Star Phoenix
Home sales forecast cut for 2012, 2013 – Star Phoenix
Sask. population hits all time high – Star Phoenix
National home prices cool in November – Globe and Mail
Shaky foundations: How Ottawa’s computers get home prices wrong – Globe and Mail
Top 2012 housing stories,from crash warning to rent vs. buy – 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 still on the soft side in November, 2012: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of November, 2012 today. According the CREA, “The number of home sales processed through the MLS® Systems of real estate Boards and Associations in Canada edged down 1.7 per cent on a month-over-month basis in November 2012. The decline returned activity to where it stood in August following the most recent tightening of mortgage regulations.”

Highlights of CREA’s report    

  • Home sales down 1.7% from October to November.
  • Actual (not seasonally adjusted) activity down 11.9% from November 2011.
  • Number of newly listed homes down 0.9% from October to November.
  • Housing market remains firmly in balanced territory.
  • National average price for home sales down 0.8% on a year-over-year basis in November.
  • MLS® HPI up 3.5% in November, marking its smallest gain since May 2011.

Read the entire report on Canadian MLS sales for November, 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: December 9-15, 2012

Saskatoon home sales continued on their seasonal decline to reach their lowest point since the opening week of 2012 when just 39 homes traded. Local real estate agents reported 43 firm house and condo sales to the Saskatoon multiple listing service® this week, down five from the previous week and falling short of sales produced during the same week a year ago by twenty homes. This was the fourth consecutive week in which sales came in below levels seen last year.

New listings followed a similar pattern falling lower by 12 units compared to the previous week. Saskatoon real estate agents listed 72 houses and condominiums for a year-over-year increase of nine.

Click the image for a larger version of the graph.

In spite of the large gap between listings and sales, the inventory of Saskatoon MLS® listings still managed to slip lower as it dropped by 16 units from the previous week to reach 1007, about where it was at the same time last year. Today there are 608 single-family homes and 301 condominiums showing an active status on the Saskatoon MLS® system. At the close of the same week last year, Saskatoon home buyers could find 571 houses and 373 condos bearing a for sale sign.

Click the image for a larger version of the graph.

For the first time in months, prices remained stable on a week-over-week basis with little movement on any of the measures we track. The average price of a Saskatoon home was $337,456 while the median price was $315,000. The six-week average price slipped a bit more than four thousand dollars from the week before to settle at $344,127 which is anything but stable when measured against last year’s numbers when the six-week average was nearly ten percent lower at $315,874. The four-week median also inched lower on a weekly basis slipping a bit more than one thousand dollars to $332,500 to claim an annual gain that exceeded ten percent. At the close of the same week last year, the four-week median was just $301,888.

Click the image for a larger version of the graph.

Overbid sales were non-existent in this week’s mix but eight lucky sellers did make off with a full price offer. Another 35 closed a deal at a price which was less then they were asking. The average discount on those firm sales was $8,277.

Other notable MLS® activity this week included 19 cancelled and withdrawn listings, 12 expired listings and 17 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Home construction cools below forecasts in November – Globe and Mail
Canada’s housing market: A victim of demographics – Globe and Mail
Canada’s housing market set for soft landing: Scotiabank – Financial Post
Canadians flocking to fixed rate mortgage, Mark Carney says – Globe and Mail
Online tools aim to help new home buyers – Star Phoenix
Saskatchewan housing starts remain strong – Star Phoenix
Are Canadians mistaking home equity for wealth? – 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

Saskatoon real estate week in review: December 2-8, 2012

Saskatoon real estate sales hit their lowest point since the first week of 2012 this week as just 48 single-family homes and condominiums were reported as being firmly sold to the multiple listing service®. This week’s sales fell by 15 compared to the previous week to finish down by six when compared against the totals recorded during the same week last year. New listings also slipped lower at a slightly slower pace. Saskatoon real estate agents added just 84 homes to the MLS® this week for a weekly decline of six. That number is sharply higher than the 59 listings added over the same period last year.

Click the image for a larger version of the graph.

The inventory of Saskatoon MLS® listings continued a very slow slide and reached 1010 by today, its lowest level since March. That number is down just 13 units from the close of the previous week and pretty much on par with levels seen at the same time last year when total residential listings had fallen to 1008. Today, there are 602 active single-family homes listings and 313 condos for sale in Saskatoon. At the same point a year ago, single-family homes listings sat at precisely the same number, 602. Condo inventory was considerably higher at 396.

Click the image for a larger version of the graph.

With far fewer luxury homes contributing to the mix this week, the average sale price and the median sale price of a Saskatoon home both fell rather sharply. Those measures both slipped by at least $50,000 to close at $333,280 and $313,146 respectively. Meanwhile, the six-week median price managed to edge higher gaining twenty-five hundred dollars from last week to close at $348,584 to claim an annual gain of more than thirty thousand dollars. The four-week median slipped lower by about a thousand dollars on a week-over-week basis and finished the week at $333,875 for a thirty-six thousand dollar annual gain.

Click the image for a larger version of the graph.

Overbid sales re-emerged from the dust as two buyers offered their prospective seller more than the asking price to close the sale. Those two deals averaged a $2,708 overbid. Another seven buyers closed a purchase with a full price offer. An additional 38 buyers insisted on a discount and wrapped up their purchase with a five figure discount averaging $10,391.

Other notable MLS® activity this week included 33 cancelled and withdrawn listings, 22 expired listings and 15 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Million dollar home sales double in Saskatoon – NewsTalk 650
City breaks $1-billion in building permits – Star Phoenix
Cooling housing market shows stricter mortgage rules are working: Flaherty – Financial Post
U.S. home prices record biggest jump in six years in October – Globe and Mail
House sales up seven percent year-to-date in Saskatoon – Star Phoenix
Consumers getting message on debt but will it last – Globe and Mail
Central bank warns ongoing low-interest policies a global risk – 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