Saskatoon real estate week in review: July 21-27, 2013

As this fourth week of July wraps up the Saskatoon real estate market continues to move homes at an impressive pace with local agents reporting 98 house and condo sales to the multiple listing service® of the Saskatoon Region Association of REALTORS® for the week. That’s two fewer homes than were sold over the previous week and an annual gain of 17 units. At this point it’s looking fairly certain that July’s sales will exceed those recorded during the same month last year, perhaps leaving us just slightly behind when comparing year-to-date sales for 2013 to the same portion of 2012. The difference will be slight, either way, if there is a change.

New listing activity looks like it should at this time of year. Saskatoon real estate agents brought 144 houses and condos to the MLS® market this week, down about a dozen from last week, two fewer than were listed during the same week a year ago.

Click the image for a larger version of the graph.

Saskatoon homes sold and listed MLS for July 21-27, 2013

Inventory continued to sit at slightly elevated levels with 1309 active listings in the residential category of the Saskatoon multiple listing service® for a weekly decline of eight homes and a year-over-year increase of 60 properties. Looking back a bit further, the five year average for total MLS® inventory available during this particular week is 1310. All is pretty much normal there. A closer look at listings by housing type shows 765 single-family homes and 455 condominiums available to Saskatoon home buyers today. Last year at this time, those two categories sat at 779 and 409, respectively. Just as we’ve been seeing each week for several months, single-family homes (houses) inventory is pretty darned stable while choices available in condominiums has grown for buyers over the past year.

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Active Saskatoon MLS listings (residential) at July 27, 2013

This week saw a couple of residential sales that came close to hitting the million dollar mark with an average sale price of $941,250 between them. After that, there was a pretty short list of real high end property sales on the books. As you might expect, the average sale price recorded on this week’s sales fell lower by nearly twenty thousand dollars to $346,290 while the median sale price edged lower much more modestly slipping 3K to $330,000. Meanwhile, the six-week average sale price of a Saskatoon home managed to inch higher gaining a little more than two thousand dollars on the week to claim an annual increase of nearly twenty thousand dollars. The four-week median slid lower dropping about four thousand dollars from the previous week to finish at $325,950 to close the week ahead of the same week last year by $8,250.

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Average & median prices of Saskatoon homes sold MLS from July 21-27, 2013

Overbid sales increased from two last week to four this week. Those buyers offered up an average of $1600 more than the seller’s asking price to claim the home as theirs. Another 11 buyers offered to pay full price to close their deal. That leaves us 83 buyers who drove a harder bargain and closed their purchase netting themselves an average discount of $8,349.

Other MLS® activity this week included 45 cancelled and withdrawn listings, 11 expired listing and 51 price adjustments.

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Saskatoon real estate statistics for MLS sales from July 21-27, 2013

Highlights from the news this week

Housing math fails to add up – Star Phoenix
U.S. home sale drop in June while prices surge – Financial Post
Sask. household net worth fastest growing in Canada – Star Phoenix
Mayor concerned about mega project delays – Star Phoenix
We really are richer than we think – 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.

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

Saskatoon real estate week in review: July 14-20, 2013

Local home sales pushed higher for the second consecutive week as Saskatoon real estate agents reported 100 house and condo deals to the multiple listing service®. That number represents an increase of eight sales compared to the previous week and a year-over-year gain of five, for the first annual sales increase in three weeks time.

On the heels of a couple of weeks that saw new listings grow at a time when they’re typically decreasing the story changed and they began falling lower again. This week, local REALTORS brought 156 listings to the Saskatoon MLS®, down nine homes compared to the previous week but ten more than were listed during the same period of time last year.

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Active listings in the residential category of the Saskatoon multiple listing service® grew again climbing 12 units over the course of the week to 1317, well ahead of levels recorded a year ago when Saskatoon home buyers had 1233 homes to choose from. A closer look at the major housing categories shows 776 single-family homes and 454 condominiums displaying an active status. At the same time last year, those key categories sat at 752 and 408 respectively.

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Once again, high end sales skewed the average sale price of a Saskatoon home higher to $365,592. Like last week, two sales contributed more than two million dollars in sales volume to the totals. Another six residential sales with prices greater than 600K just increased that even more. This higher number of upper end sales also pushed the median price for the week higher to $333,000. Meanwhile, the six-week average sale price of a Saskatoon home edged higher by six thousand dollars to reach $352,151 for an annual increase of roughly seventeen thousand dollars. The four-week median price remained stable on a weekly basis at about $330,000 to claim an annual increase of about twelve thousand dollars.

Click the image for a larger version of the graph.

Overbid sales continued to trail lower with just two sales being reported as having sold above the seller’s asking price, one by $12,000 and the other by just $100. Another 16 sales were completed at full asking price. The remaining 82 sales closed at a price that was less than the seller had asked by an average discount of $10,984 for the first five figure average in several weeks.

Other MLS® activity this week included 60 cancelled and withdrawn listings, just 1 expired listing and 53 price adjustments.

Click the image for a larger version of the chart.

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.

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 improve for fourth consecutive month in June, 2013: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of June, 2013 recently. According the CREA, “National home sales rose in June, building on gains recorded over the previous three months.”

Highlights of CREA’s report    

  • National home sales rose 3.3% from May to June.
  • Actual (not seasonally adjusted) activity came in 0.6% below levels in June 2012.
  • The number of newly listed homes edged down 0.5% from May to June.
  • The Canadian housing market has tightened but remains in balanced territory.
  • The national average sale price rose 4.8% on a year-over-year basis in June.
  • The MLS® HPI rose 2.3% year-over-year in June.

Read the entire report on Canadian MLS sales for June, 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 real estate week in review: July 7-13, 2013

Saskatoon real estate sales continued at a pace that matched a typical week in April or May. This week, local agents reported 92 firm house and condominium sales to the multiple listing service®, an increase of nine compared to the previous week, and pretty much on par with the same week last year when 94 homes traded.

New listings picked up just a bit with 165 properties hitting the MLS® system, up six from last week, and again, very similar to last year’s number of 167.

Click the image for a larger version of the graph.

After three consecutive weeks of declines active Saskatoon real estate listings in the residential category of the MLS® system shot higher again and grew by 36 units over the week to reach 1305, roughly 90 units ahead of totals seen a year ago. Today’s active listing searches on the multiple listing service® yield 763 single-family homes and 456 condominiums showing a for sale status. Last year at this time, those two categories of Saskatoon homes sat at 746 and 397 respectively.

Click the image for a larger version of the graph.

Some huge residential sales including two homes that together contributed $2 million dollars to the weekly volume drove the average sale price of a Saskatoon home higher to $352,865. At the same time, the weekly median moved in the other direction because of a pretty good handful of entry level sales, and fell close to $6,000. The six-week average price slipped lower by roughly four thousand dollars to end the week at $346,105 for an annual increase of about 12K. The four-week median price edged higher by two thousand for the week to close $330,000 for a year-over-year increase of fourteen thousand dollars.

Click the image for a larger version of the graph.

Overbid sales slipped big falling from seven last week to just three this week. Those buyers gave up a good chunk of change offering to pay an average of $13,400 above list to buy the house they identified as their future home. Another 18 buyers made a full price offer. The remaining 71 closed deals reported a price that was below the seller’s asking price by an average of $9,990.

Other MLS® activity this week included 53 cancelled and withdrawn listings, 14 expired listings and 58 price adjustments.

Click the image for a larger version of the chart.

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.

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

Saskatoon detached home prices rise, while condo prices level off: Royal LePage

The Royal LePage House Price Survey and Market Survey Forecast released today showed year-over-year price increases in detached bungalows and standard two-storey homes in Saskatoon, while standard condominium prices remained flat.

Prices for detached bungalows saw a healthy increase of 5.2 per cent to $369,250, while prices for standard two-storey homes increased by 3.9 per cent to $394,250.  Condominium prices, in contrast, dropped by 0.3 per cent to $255,000.

“Our strong local economy and low unemployment rate are driving population growth, which is in turn leading to decreased housing availability,” said Norm Fisher, broker of Royal LePage Saskatoon. “The decreased number of available properties has spurred a number of multiple-offer scenarios, with as much as 30 per cent of listed properties selling at or above asking price.”

Royal LePage is forecasting moderate price increases for the remainder of the year.  “The buoyant job market in Saskatoon will keep prices and unit sales strong for the balance of 2013,” said Fisher.  “Expectations of interest rate increases may also contribute to higher activity, as buyers try to get into the market in advance of rate hikes.”

Nationally, in the second quarter, standard two-storey homes and detached bungalows both showed a year-over-year average price increase of 2.7 per cent to $419,614 and $386,547, respectively. Average prices for standard condominiums showed a more modest increase during the same period, rising 1.2 per cent to $248,750. Royal LePage forecasts that house prices will see modest gains throughout the remainder of 2013, projecting a 3.0 per cent increase for the full year when compared to 2012.

Dialogue concerning the direction of Canada’s housing market has remained front and centre in recent months. Changes to Canada’s mortgage lending rules in mid-2012 coupled with concerns about consumer debt levels, housing affordability in cities like Toronto and Vancouver and continued international economic uncertainty have prompted a number of analysts to forecast large downward price adjustments.

“As we have stated consistently since the current market downturn began late in the second quarter of 2012, this is a normal cyclical correction which brings fewer home sales and softer prices. Those hoping their predictions of a bursting bubble and cataclysmic drops in home values will come true are out of luck again,” said Phil Soper, president and chief executive of Royal LePage. “Price appreciation in most markets across the country has been well below the long-term average for Canada and will remain so through to the end of the year. We expect to see the number of homes trading hands to begin to rise slightly on a year-over-year basis in the second half of 2013, with price softness continuing until mid-2014, at which point we’ll see an emergence from the current cycle.”