Saskatoon real estate week in review: March 24-30, 2013

Saskatoon home sales slipped lower again for the second week in row. Local real estate agents reported a total of 71 house and condominium sales to the Saskatoon multiple listing service® this week, down eight units from the previous week to fall well short of numbers recorded during the same period last year when 113 Saskatoon homes traded hands.

New listings also cooled considerably as numbers fell to their lowest point in six weeks to fall short of 100. This week saw 98 new listings of houses and condos added top the MLS®, down 25 properties from last week and below the number of new listings introduced over the same week last year by 17.

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Saskatoon homes sold and listed MLS from March 24-30, 2013

MLS® inventory in the residential category made small gains growing by just 14 units compared to the close of the previous week to reach 1057 for a year-over-year increase of 26 properties. Today’s totals show 655 single family homes and 319 condominiums with an active status on the multiple listing service. At this same point in 2012 those two categories of Saskatoon housing stood at 609 and 336, respectively.

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Active residential Saskatoon real estate listings on MLS at March 30, 2013

The average sale price of a Saskatoon home inched up to $331,943 this week while the median price paid came off of last week’s upward surge and fell to $317,500. The longer term measures showed little change and struggled to maintain year-over-gains which have been largely commonplace for what seems like forever. The six-week average price dropped four hundred dollars from the previous week to settle at $331,442 which is up on the close of the same week last year by just $235. The four-week median slipped five hundred dollars compared to last week to reach $318,500 and maintain an annual gain of just $6,500.

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Average and median prices paid for Saskatoon homes sold March 24-30, 2013 through MLS

Overbid Saskatoon real estate sales came in at just five. Those buyers paid, on average, an additional $4,680 to secure the home they wanted. Another eight buyers offered the full asking price to close their deal. The remaining 58 closed transactions were reported to have sold below the seller’s asking price by an average of $8,850.

Other notable MLS® activity this week included 29 cancelled and withdrawn listings, four expired listings and 19 price adjustments.

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Saskatoon real estate statistics for homes sold MLS March 24-30, 2013

Highlights from the news this past week

Where do mortgage rates go from here? – Financial Post
Fewer Canadians plan to buy as housing markets cool – Financial Post
What’s next for Canada’s housing market? – Star Phoenix
Canadians opt for locked in mortgages to secure rates – 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: March 17-23, 2013

Saskatoon real estate sales continued to show year-over-year increases for the third consecutive week as local agents reported a total of 79 single-family home and condo sales to the multiple listing service®, down seven from the previous week but ahead of the same week last year by 14.

New listings continued to come on to the market at a pace which is fairly typical for this time of year. Saskatoon real estate agents added 123 homes to the MLS® system this week, down just four from last week. That’s seven fewer than were listed over the same period of time last year.

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Saskatoon homes sold & listed MLS® from March 17-23, 2013

The total inventory of Saskatoon homes for sale grew on a weekly basis, albeit slightly to close the week down on a year-over-year basis. Today’s totals show 1043 active MLS® listings in the residential category, up just six from last week and down by 26 on an annual basis. A closer look at the two major housing types within the residential category shows condo inventory slipping from 349 at this time last year to just 302 today, a fairly substantial decline. At the same time, the supply of available single-family homes has increased marginally to 658 from 636 a year ago.

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Active residential listings on the Saskatoon MLS® system at March 23, 2013

This week’s sales saw the average price paid for a Saskatoon home slip lower to $328,628 even as the weekly median surged ahead by twenty-one thousand dollars to reach $329,000. Meanwhile, the six-week average price inched lower on a weekly basis losing a little less than a thousand dollars to finish at $331,846 to claim an annual gain of nearly fourteen thousand dollars, one of the smallest year-over-year increases we’ve seen in awhile. The four-week median price moved in the opposite direction to finish the week at $319,000 for a weekly increase of twelve thousand dollars and an annual gain of nineteen thousand dollars, for the largest year-over-year increase in six weeks.

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Average & median prices for Saskatoon homes sold MLS® from March 17-23, 2013

Overbid Saskatoon real estate sales had their strongest showing this year as eight lucky sellers managed to close a sale above their full asking price by an average of $4,650. Another nine couldn’t complain about the full price offer that they received and accepted. The other 62 sellers who managed to place a sold sign on their MLS® listed home had to take a seat at the negotiating table and give up an average of $7,511 to close the deal.

Other notable MLS® activity this week included 26 cancelled and withdrawn listings, seven expired listings and 34 price adjustments.

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Saskatoon real estate statistics for MLS® sales from March 17-23, 2013

Highlights from the news this past week

There’s not going to be a housing crash – Moneysense
House prices to remain tepid – Globe and Mail
No crash in store for Canadian housing market: Scotiabank – Financial Post
Flaherty blasted for pressuring Manulife to pull low-rate mortgage – Financial Post
Ottawa to limit taxpayers exposure to mortgage market – Globe and Mail
Younger Canadians pessimistic about ability to own a home, poll shows – Financial Post
Chinese buyers enticed by Saskatoon real estate market – 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

Ice dams: What causes them, why they're a problem and what you should do about them

Ice damming is pretty common in areas that get lots of snow and very cold temperatures like Saskatchewan. We seem to be coming across quite a few this year. The image below from the University of Minnesota gives a quick overview of how they happen.

This article from the same source goes into more detail and includes some suggestions on how to fix it if you’re experiencing damming on the roof of your home.

Saskatoon real estate week in review: March 10-16, 2013

Saskatoon home sales continued to inch higher this week reaching their largest number for the year so far as local real estate agents reported 86 firm house and condominium sales to the local MLS®. That total brings a gain of 15 sales on a weekly basis and puts us ahead of the same week last year by four. That’s the second consecutive week in which sales outpaced the previous year, a somewhat hopeful sign for sellers and real estate agents who have been faced with declining sales in 16 of the previous 17 weeks.

Following an exceptionally strong week for new listings , additions to the Saskatoon multiple listing service® slowed some dropping more than 50 units from the previous week to 127, about even with the number of house and condo listings that entered the system during the same week last year.

Click the image for a larger version of the graph.

Saskatoon real estate sales & listings on MLS for March 10-16, 2013

Strong sales activity and a typical number of cancelled and expired listings kept the inventory of MLS® listings from gaining any ground this week. In fact, it slipped by ten from the close of the previous week to 1037, and finished lower on a year-over-year basis by just 15 properties. The trend line for MLS® inventory in 2013 seems to be hugging the 2012 line pretty tightly even as sales over the first quarter appear to be poised to fall short of reaching last year’s numbers. Today’s totals show 656 active single-family home listings and 297 condominiums. A year ago, those two important housing categories stood at 613 and 342 respectively.

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Active Saskatoon real estate listings on MLS at March 16, 2013

The average price of a Saskatoon home sold last week was up just a few hundred dollars from the previous week to $339,327 while slightly more activity at entry levels put the median sale price lower by a little more than six thousand dollars to $308,000. The six-week average price declined by a bit more than two thousand dollars to finish the week at $332,441 for an annual gain of about fourteen thousand dollars. Meanwhile, the four-week median price dropped by a little more than seven thousand dollars to close at $307,000 losing about nine thousand dollars compared to the same week last year. This is the third consecutive week that the four-week median price has shown a year-over-year decline.

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Average & median prices for Saskatoon homes sold MLS, Mar 10-16, 2013

Overbid sales matched last week’s numbers at five while the average overbid paid made some upward strides hitting $7,740. Another 18 sellers managed to close a deal at their full asking price. The remaining 64 Saskatoon real estate sales closed below the asking price netting buyers an average discount of $10,121.

Other notable MLS® activity this week included 40 cancelled and withdrawn listings, seven expired listings and 32 price adjustments.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for MLS sales from March 10-16, 2013

Highlights from the news this past week

Saskatoon real estate market booms for luxury homes – Star Phoenix
What first time buyers really need: Affordable housing prices – Globe and Mail
Moody’s analysis contemplates 44% drop in Canadian house prices – Financial Post
Don’t expect a large return from your house over the next ten years – Globe and Mail
Real estate market outlook cools as home sales plunge – Globe and Mail
CIBC, National Bank and TD all susceptible to slowing housing market – Financial Post
New house prices rise in January – Globe and Mail
Home sales plunge 16% in a year as price gains slow – 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

As sales and listings both edge lower Canadian real estate market balanced: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of February, 2013 today. According the CREA, “National home sales activity edged back down on a month-over-month basis in February 2013 following an increase in January.”

Highlights of CREA’s report    

  • National home sales declined 2.1% from January to February.
  • The number of newly listed homes fell 1.2% from January to February.
  • The Canadian housing market remains firmly in balanced territory.
  • The national average sale price was down 1% on a year-over-year basis in February.
  • The MLS® HPI rose 2.7% in February, the smallest gain since March 2011.

Read the entire report on Canadian MLS sales for February, 2013.

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