Where did home buyers first learn of the home they actually bought last year?

The National Association of REALTORS® (NAR) undertakes a massive study each year soliciting feedback from people who have recently purchased a home. One of the more interesting bits of information that comes NAR’s 2012 Profile of Home Buyers and Sellers is generated by the question, “Where did you find the home that you purchased?”

Here’s how that looks.

This is the kind of information that we find invaluable in helping us craft an effective marketing plan for those who hire us to sell their home.

The data raises what I think is an interesting question. Why would any agent spend any amount of time or money advertising a listing in the newspaper, or in a homes magazine? In my opinion, they do it out of ignorance or as a smoke and mirrors effort to convince a seller that something is being done to market the listing. In fact, every dollar spent in a newspaper will go further and produce better results online. The agent just needs to know how and where to invest those dollars.

Many things about this business have changed over the past ten years, but one thing remains constant. It’s still about marketing and exposing homes to the largest number of potential prospects. Knowing where those prospects are looking and developing a marketing plan that reaches them in those places is the best way to find success for home sellers who want to sell their homes faster, and for more money.

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: May 19-25, 2013

Saskatoon real estate sales softened this week on both a weekly and an annual basis. Local agents reported a total of 85 single-family home and condominium sales to the Saskatoon multiple listing service®, 10 fewer sales compared to the previous week, and down an equal amount when compared against sales for the same week a year ago. After a pretty strong roll in April, May has delivered four consecutive weeks in which sales have softened from the previous year. May of 2012 was an exceptional month with a total of 459 residential real estate sales. This year, we’re sitting at 333 with just one week remaining so it seems certain that we’ll come up a bit short for the month.

New listing activity also softened, just slightly, as Saskatoon real estate agents added 158 properties to the MLS®, a drop of just seven compared to last week but up from the same period a year ago by eight homes.

Click the image for a larger version of the graph.

Saskatoon homes sold & listed MLS from May 19-25, 2013

On the heels of a week that saw a bit of a dip, the total inventory of residential MLS® listings gained some ground as it grew by 38 from last week’s totals to reach 1219, its highest point for the calendar year to finish ahead of levels recorded at this time last year when it stood at 1215. On a year-over-year basis we see single-family homes selection improving marginally from 733 last year to 752 today while condos record a very slight decline slipping from 399 a year ago to 392 today. Active Saskatoon MLS® listings have traced last year’s numbers pretty closely through the first five months of this year.

Click the image for a larger version of the graph.

Active Saskatoon real estate listings on the MLS at May 25, 2013

Far more activity at the lower end of Saskatoon’s real estate market, including nine sales below the $200,000 mark, assisted in ushering both the average and median sale price of a Saskatoon home lower. The average slipped 17K from last week to $347,530 while the median fell an additional thousand to finish the week at $329,500. The six-week median also softened as it slid close to four thousand dollars lower than the previous week to $347,530 to finish ahead of where it was the same week last year by just a thousand dollars. The four-week median price managed to gain nearly four thousand dollars on the week to settle at $343,950 and claimed an annual gain of nearly thirty thousand dollars.

Click the image for a larger version of the graph.

Average & median prices paid for Saskatoon homes through MLS from May 19-25, 2013

After a bit of a cooling period last week, the number of sales that reported a price above the seller’s asking price tripled to nine while the average overbid increased sevenfold to $8,800. This number was skewed by a couple of properties that fetched more than $20K higher than list price. On the other side of listing price, 63 buyers managed to grind themselves a bit of a deal talking their seller lower by an average of $9,271. Another 15 homes traded at the asking price this week.

Other MLS® activity this week included 45 cancelled and withdrawn listings, 8 expired listings and 50 price adjustments.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for homes sold MLS from May 19-25, 2013

Highlights from the news this past week

Mortgage rules help fuel rent hikes – Canadian Mortgage Trends
Canada’s housing slump only beginning: Capital Economics – Financial Post
Transition to higher rates could be very painful – Globe and Mail
Home ownership: What drives our passion to own a home? – Financial Post
Rental housing shortage now a national disaster – Globe and Mail
Canadian home building to plunge 30% by 2015 – Financial Post
Low interest rates can raise risks for lenders – Star Phoenix
Canadians are paying off mortgages quickly – Financial Post
Slowdown? Nearly half of Canadian homeowners eager to buy property – Globe and Mail
Low rates help keep affordability stable: report – Globe and Mail
Flaherty: No housing bubble but still concerned about CMHC – 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: May 12-18, 2013

Saskatoon homes continued to trade at a steady pace compared to recent weeks as local agents reported 95 firm deals of houses and condominiums to the multiple listing service®, up just two from the previous week, and ten fewer sales than were recorded during the same period last year.

On the heels of the year’s two strongest weeks for new listings, activity cooled some as Saskatoon real estate agents added 165 properties (houses and condos) to the MLS® system. That number is down 20 homes from the previous week but up by 11 from the same week a year ago.

Click the image for a larger version of the graph.

Saskatoon homes sold and listed MLS from May 12-18, 2013

The total inventory of residential MLS® listings took its second spring dip, somewhat unusual for this time of year, slipping just one unit from the previous week to finish at 1183 homes and falling below levels recorded at this time in 2012 by 20 properties. Today’s inventory numbers show 729 single family homes and 377 condominiums with an active status. Single-family home inventory nearly matches last year’s numbers when buyers could find 726 homes to choose from. Condo numbers are down a bit from the previous year when just over 400 units were available on the Saskatoon multiple listing service®.

Click the image for a larger version of the graph.

Inventory of active residential MLS listings in Saskatoon at May 18, 2013

Another residential sale above the million dollar mark pushed the average sale price of a Saskatoon home higher again this week. It moved up nearly 15K from the previous week to reach $364,578. Fewer low end sales helped the median price increase as well. It grew by about ten thousand dollars from last week to $347,500. The six-week average price failed to take any significant gains inching up just a few hundred dollars from last week to $353,656 to claim an annual gain of more than eleven thousand dollars. The four-week median price went up five thousand dollars from the previous week and reached $340,000, it’s highest point since early January. That number is about twenty-two thousand dollars higher than it was at the same time last year.

Click the image for a larger version of the graph.

Average and median prices of Saskatoon homes sold MLS May 12-18, 2013

The number of Saskatoon home sales that were reported to have sold above the seller’s asking price plummeted, falling from nine last week to just three this week. Those sales produced an average overbid of just $1400. Another 14 transactions closed at full list price while 78 of the week’s 95 sales had the seller sharpening their pencil for a below list sale with an average discount of $9,335.

Other MLS® activity this week included 50 cancelled and withdrawn listings, 5 expired listings and 45 price adjustments.

Click the image for a larger version of the chart.

Saskatoon real estate stats for MLS sales from May 12-18, 2013

Highlights from the news this past week

Thousands of immigrants flock to Saskatoon – Star Phoenix
Canada’s banks could be on the hook to bail out CMHC if disaster strikes – Financial Post
Canadian housing market not that bad for banks – Financial Post
House price gains expected to dip to lowest since 2009 – Globe and Mail
Flaherty says Canada real estate income trust wave no concern – Financial Post
Would shorter amortizations make the housing market safer? – Globe and Mail
Canada’s housing meltdown? Must’ve missed that – Financial Post
Signs of spring – and a soft landing – in Canadian real estate – Globe and Mail
Canadian home sales edge up in April, price gains least in two years – Financial Post
Are all of our eggs in the housing basket – Financial Post
Children and condos can go together with careful planning – 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

Canadian housing markets firmly in balanced territory: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of April, 2013 today. According the CREA, “National sales activity is stable and the market remains balanced.”

Highlights of CREA’s report    

  • National home sales rose 0.6% from March to April.
  • Actual (not seasonally adjusted) activity came in 3.1% below levels in April 2012.
  • The number of newly listed homes fell 0.9% from March to April.
  • The Canadian housing market remains firmly in balanced territory.
  • The national average sale price rose 1.3% on a year-over-year basis in April.
  • The MLS® HPI rose 2.2% in April, its smallest gain in more than two years.

Read the entire report on Canadian MLS sales for April, 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

Saskatoon becomes seventh region to join the Canada’s MLS® Home Price Index

Saskatoon will join Vancouver, Calgary, Montreal, Ottawa, the Fraser Valley and Regina in contributing data to Canada’s MLS House Price Index (MLS® HPI) making its first contribution on May 15.

The index was created to provide more accurate and in-depth analysis of real estate prices and trends than average prices, which are more typically reported. Taking more of an “apples to apples” approach, the MLS® HPI will more closely examine price changes to the same quality of home in the same neighbourhood, over time.

Similar to the Consumer Price Index, the baseline price will be represented as 100 going back to January, 2005. So a housing type having a MLS® HPI value of 150 has risen in value by 50 percent since January, 2005.

The index will also examine price changes by property type so you can expect to see more reliable data on:

  • Single family homes
  • One storey single family homes
  • Two storey single family homes
  • Townhouse and row units
  • Apartment style condos
  • A composite of all types weighted by sales

You can count on us to report on future MLS® HPI. Of course, we’ll continue to provide our regular weekly and monthly updates that use more traditional measures. I’m certainly interested to see how they compare of the long run.

Interesting in the value of your Saskatoon home? Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here now, or call me at 306-241-6676 for a complimentary evaluation of your home.

Norm Fisher
Royal LePage Saskatoon Real Estate