Saskatoon real estate week in review: January 20-26, 2013

Home sales surged forward to reach their highest weekly volume for the new year, making big gains on last week while continuing to fall short of last year’s numbers for the tenth consecutive week. Saskatoon real estate agents reported a total of 54 firm sales of single-family homes and condominiums to our MLS®, up 18 units from the previous week but down ten from the same week last year.

New listings continued to find their way to the market at a pace that matched last week. In total, 129 new listings of houses and condominiums were added to the multiple listing service® database, 42 more than we saw during the same period of time in 2012.

Click the image for a larger version of the graph.

The total number of active MLS® listings in the residential category moved higher again as it will most weeks as we make our way towards spring. Today’s totals amount to 996 properties, 19 more than the closing number last week and ahead of levels seen at this time last year by 72, or roughly eight percent. As of this morning, Saskatoon real estate buyers can find 590 single-family homes and 316 condominiums showing an active status on the MLS system. On a year-over-year basis, the single-family inventory is up by 63 homes, or roughly 11 percent, while the condo inventory has declined by 73 units, more than 22 percent.

Click the image for a larger version of the graph.

The mix of sales in various price ranges remained fairly stable when compared against the previous week’s sales bringing little change to our price measures. The average sale price for the week barely moved and closed the week at $328,701 while the median inched up just a bit to $321,000. The six-week average price slipped lower by $1400 from last week to $334,539 to pick up an annual gain of roughly sixteen thousand dollars. The four-week median saw slightly more movement as it grew by $3700 from last week’s close to $317,950 and finished up over the same week last year by $14,500.

Click the image for a larger version of the graph.

Once again, this week’s sales saw just one MLS® listing selling above the seller’s asking price. That lucky seller saw a completed deal for $2,100 more than they had initially asked. Another seven sellers firmed up a sale at their full asking price while 46 of this week’s 54 sales concluded at the negotiation table with the buyer netting an average discount of $7,869.

Other notable MLS® activity this week included 20 cancelled and withdrawn listings, 31 expired listings and 30 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Sask. economy softening but still strong – Leader Post
First time home buyers take back seat for next two years: Remax – Financial Post
Incomes lag behind Saskatoon housing cost – Star Phoenix
Canadian house price growth slows to three-year low – Financial Post
Home prices slip again, first four month slide since recession – Globe and Mail
Home prices climbing – Global News Saskatoon
Delinquent loans fall record low amid signs Canadians kicking debt habit – Financial Post
Canada’s inflation remains at 3-year low, easing pressure for rate hike – 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

Saskatoon housing affordability sees first signs of erosion in three years: Demographia

You probably don’t need an international study to confirm that housing is expensive in most major metropolitan areas of Canada. Saskatoon is no exception.

“Affordability” is a slightly more complicated beast. There are a number of ways that one can examine affordability. One of those methods compares the median* income for an area against the median home price. Demographia, an organization that tracks changes to affordability uses what they call “median multiples.” The median multiple is derived by dividing the median income into the median price. As seen on the following chart, Canadians can expect to pay roughly 3.6 times the median income for a home priced at the median. So, even if prices are rising affordability can improve if incomes are rising at a faster pace.

Clear enough? Good!

After three successive years of slightly improved affordability, Saskatoon slipped back into the ranks of what Demographia considers “seriously unaffordable” as the median multiple for the area increased from 4 to 4.3, its highest point since 2008 when it had reached 4.6.

Regina showed the largest erosion moving from 3.3 to 3.8 but still managed to maintain a “moderately unaffordable” rating from Demographia.

The picture improved somewhat in Vancouver, which holds the distinction of being the second most unaffordable market in the world, as the median multiple falls from 10.6 to 9.5 over the course of the year.

See the entire Demographia survey for 2013 and past reports for 2012, 2011, 2010, 2009,2008, 2007, and 2006.

*The median defines the centre point where half of all values are above and half are below that point. For instance, if the median income for an area were $50,000 then half off all income earners would earn more than that and half would earn less. In the case of home values, it’s the point at which half of all sales occur above the number, and half occur below.

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

 

Canadian home sales show little change in December, 2012: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of December, 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 0.5 per cent on a month-over-month basis in December 2012. While sales activity was little changed nationally, it picked up in just over half of all local markets in December.”

Highlights of CREA’s report    

  • National home sales edged 0.5% lower from November to December.
  • Actual (not seasonally adjusted) activity down 17.4% from December 2011.
  • Number of newly listed homes dropped 1.3% from November to December.
  • Canadian housing market remains firmly in balanced territory.
  • National average sale price up 1.6% year-over-year in December.
  • MLS® HPI up 3.3% in December, the smallest gain since April 2011.

Read the entire report on Canadian MLS sales for December, 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: January 13-19, 2013

Saskatoon real estate sales continued to move at a sluggish pace this week with just 36 houses and condos being reported as firmly sold to the Saskatoon MLS® system, the lowest number for this particular week in the past five years. For those keeping track, this is actually the ninth consecutive week that sales fell short of the same week from the previous year. This week’s sales were behind last week’s by six units and down from the same week a year ago by 16.

New listings moved in the opposite direction as many Saskatoon home sellers moved to get a jump on the competitive spring market. Local REALTORS® brought 128 new house and condo listings to the multiple listing service®, 32 more than were listed last week, also up on the same period of 2012 by 32 homes.

Click the image for a larger version of the graph.

Residential inventory levels took a solid jump higher growing by almost 70 units over the course of the week to close at 977 properties, up nearly 60 listings from the same date last year, and also at its highest point for the week since 2009. This week’s surge brings the largest year-over-year gain that we’ve seen in the inventory, which has been arguably low, since the fall of 2010. Pretty much all of the growth to the MLS® listing inventory is in the single-family home category which has risen to 591 properties from 535 on year ago. Condo numbers are actually down slightly having slipped to 299 listings compared to 305 last year.

Coming off of our strongest sales year since the “boom” of 2007, a handful of slow weeks hardly tells a story but nine weeks of declining sales and seven weeks of increased listing activity can quickly produce a bit more leverage for buyers as motivated Saskatoon home sellers see their opportunities to consider offers dwindle. With two-thirds of January behind us already we’re 30 percent off of last year’s numbers in the key single-family and condominium categories.

Click the image for a larger version of the graph.

Driven down by fewer sales above the $500K mark, the average sale price of a Saskatoon home took a strong dip this week falling more than ten thousand dollars to $327,126. There were just two sales above a half-million dollars this week compared to five over the previous seven day period. The weekly median price held pretty firm at $315,075. Meanwhile, the longer term measures both took a pretty good beating. The six-week average selling price of a Saskatoon home was $335,972 at week’s end, almost $30,000 lower than it was at the close of the previous week and still nearly eighteen thousand dollars higher than it was at the close of the same week last year. The four-week median plunged a little more than forty-four thousand dollars from last week to finish at $314,250 for an annual gain of less than five thousand dollars, one of the smallest year-over-year increases we’ve seen in months.

Click the image for a larger version of the graph.

This week’s sales saw just one MLS® listing selling above the seller’s asking price. That home’s buyer topped up their offer with a $100 bonus. Another three sellers managed to convince a buyer to pay their full asking price. Meanwhile, 32 buyers insisted on a negotiation that averaged them a discount of $8,318 on the home they purchased.

Other notable MLS® activity this week included 16 cancelled and withdrawn listings, 14 expired listings and 22 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this past week

Cooling in housing market seen as ‘healthy’ – Globe and Mail
Are stubborn sellers killing the real estate crash? – Financial Post
“I don’t mind prices coming down a bit, too”: Flaherty – Globe and Mail
Canadian home sales slump in year-over-year sales – Financial Post
Home sales plunge, market ‘clearly in correction mode’ – Globe and Mail
For clues to Canada’s housing future, look to Australia – Globe and Mail
Are we about to see a coast to coast real estate correction? – Globe and Mail
Who’s losing the housing slump? Real estate agents – Financial Post
How single women are shaping the new housing market – Globe and Mail
Banks see more evidence of slowing mortgage growth – Financial Post
Is the slump in home sales nearing bottom? – 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

Average Saskatoon house and condo prices by neighbourhood for 2012

Here’s a detailed overview of average house and condo prices for each Saskatoon neighbourhood based on 2012 MLS® activity. The list is organized with the lowest priced neighbourhood (using the “All Residential” category) at the top of the page and progressing to the highest priced area at the bottom. You can view a full profile of each neighbourhood by clicking the neighbourhood name.

Visit TeamFisher’s Saskatoon Neighbourhood Profiles.

Area Name All Residential Condominium Single-Family
Riversdale $172,912 No Sales $172,912
Pleasant Hill $177,487 $242,192 $174,859
King George $193,640 No Sales $193,640
Holiday Park $201,353 $163,667 $208,419
Westmount $203,025 No Sales $203,025
Meadowgreen $204,092 $105,644 $235,242
Mayfair $206,767 No Sales $206,767
Caswell Hill $225,438 $145,400 $235,098
Exhibition $229,571 $179,332 $247,365
Kelsey/Woodlawn $233,646 No Sales $233,646
Fairhaven $239,455 $168,813 $287,602
Massey Place $244,434 $171,450 $256,946
Lakewood S.C. $246,216 $246,216 No Sales
Mount Royal $248,452 No Sales $248,452
Confederation Park $255,127 $135,667 $259,606
Pacific Heights $261,487 No Sales $261,487
Blairemore $261,667 $203,025 No Sales
Hudson Bay Park $267,508 No Sales $267,508
Wildwood $268,719 $250,211 $358,841
City Park $270,336 $210,637 $335,859
Sutherland $275,211 $191,808 $306,190
Buena Vista $282,473 No Sales $282,473
Forest Grove $283,066 $182,364 $337,796
North Park $283,992 $152,500 $289,252
Lawson Heights $289,139 $240,959 $368,981
Westview Heights $293,723 No Sales $293,723
Nutana S.C. $296,848 $296,848 No Sales
University Heights $302,101 $302,101 No Sales
Dundonald $302,672 $151,500 $323,889
Haultain $313,146 $162,433 $333,241
Parkridge $313,274 $237,000 $315,335
East College Park $314,081 $174,083 $343,554
West College Park $314,170 $178,574 $363,715
Brevoort Park $329,017 $177,000 $355,620
Lakeview $330,737 $184,058 $406,058
Greystone Heights $336,940 $321,904 $358,241
Avalon $337,838 $458,250 $328,919
Queen Elizabeth $338,281 No Sales $338,281
Eastview $338,356 $202,500 $355,338
Richmond Heights $341,238 No Sales $341,238
River Heights $342,388 $208,712 $423,003
Adelaide/Churchill $344,553 $345,767 $343,946
Nutana Park $344,618 No Sales $343,689
Holliston $344,745 No Sales $344,745
Central Business District $347,055 $347,055 No Sales
Hampton Village $347,438 $284,010 $335,434
Silverwood Heights $362,085 $214,063 $373,362
Stonebridge $362,129 $290,995 $421,639
Varsity View $374,156 $334,252 $395,818
Montgomery Place $379,772 No Sales $379,772
Erindale $385,593 $286,013 $420,330
Silverspring $393,560 $284,649 $433,898
Arbor Creek $406,113 $296,490 $443,545
Nutana $415,174 $338,221 $533,352
Lakeridge $417,000 No Sales $417,000
Willowgrove $442,870 $328,115 $528,011
Rosewood $458,853 $270,211 $492,712
Grosvenor Park $461,448 $255,071 $551,738
Evergreen $479,659 $228,222 $482,783
Briarwood $484,154 $297,237 $561,797
The Willows $772,929 $772,929 No Sales

Norm Fisher

Royal LePage Saskatoon Real Estate