Saskatoon real estate week in review: August 25-31, 2013

Saskatoon homes continued to trade at a reasonable pace this week. Local real estate agents reported 89 house and condominium sales to the Saskatoon multiple listing service®, up three from last week and ahead of sales recorded during the same week last year by 21 homes.

The number of new MLS® listings added to the system declined by ten units compared to the previous week for a total of 154 properties, still well above seasonal norms. During the same period of time in 2012, 117 properties were added to the MLS® system.

Click the image for a larger version of the graph.

Saskatoon homes sold and listed MLS from August 25-31, 2013

In spite of the sales to listing ratio, the number of active residential listings on the Saskatoon multiple listing service® managed to fall. The last couple of days of any month generally see a higher than normal number of listings come to the end of their term. The dozen or so that expired last night at midnight helped bring the numbers lower to settle at 1356. That final total is 24 fewer than we had at the close of the previous week but 156 more than were available at the close of the same week last year. It’s also worth mentioning that it’s the highest level of inventory for this particular week since 2008 when the total number of Saskatoon real estate listings in the residential category sat at 1676. Today’s totals include 835 single-family homes and 415 condominiums. Going back to the final week of August last year, those two categories stood at 737 and 392 respectively. That’s a 14 percent increase in available houses and a more modest seven percent growth in condo numbers.

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Five year history of active MLS listings in Saskatoon to August 31, 2013

A strong week for entry level sales, not to mention a fairly soft performance for homes priced above $500K, prompted both the median sale price and the average sale price lower. The median edged down nearly fourteen thousand dollars from last week while the average shed a little less than ten thousand to finish the week at $335,610. Meanwhile, the six-week average selling price of a Saskatoon home fell $5,432 from last week to $339,377 and reached it’s lowest point since late March to make a rare appearance below last year’s number for this particular week, $345,708. The four-week median price managed a gain of a bit more than four thousand dollars to close the week at $339,150 and claim a year-over-year increase of $12,650.

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Average & median prices for Saskatoon homes sold August 24-31, 2103

The number of homes that traded above the seller’s asking price slipped to just two, but large overbids were the order of the day in this category netting the seller an average bonus of $11,350. Another 14 deals closed at the full asking price while 73 of this week’s committed buyers ground themselves a bit of a deal netting an average discount of $9,192 through their negotiation.

Other MLS® activity this week included 76 cancelled and withdrawn listings, 22 expired listing and 65 price adjustments.

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Saskatoon real estate statistics for MLS sales from August 24-31, 2013

Highlights from the news this week

Urban renewal – Passion or profit? – Financial Post
Canadian savings rate rising but record debt with remain a long time: TD – Financial Post
Housing affordability erodes in Q2 – Star Phoenix
Canadian home ownership inches further out of reach – Globe and Mail
Canadian homes are getting less affordable but we keep buying – Financial Post
Housing market not the most affordable – Star Phoenix
Housing affordability deteriorates nationally and at home: RBC – TeamFisher.com
The changing faces of Caswell Hill – Star Phoenix
Rising mortgages: The phantom menace of Canadian consumer debt – Globe and Mail
Canada’s economy shrinks in June, second quarter growth slows – 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.

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

Housing affordability sees modest deterioration in Q2, 2013 nationally and at home: RBC

A recently released “Housing Trends and Affordability” study conducted by RBC Economics says, the “recent upswing in the Canadian housing market brought with it some mild erosion in housing affordability in the second quarter of 2013.” According to the report, tightening supply and demand conditions led to a modest increase in prices over the quarter, nationally.

Closer to home, RBC had this to say about housing affordability in Saskatchewan.

Housing affordability in Saskatchewan in the second quarter of 2013 continued to display the seesaw pattern that has been characteristic of that market in recent years. RBC’s measures for single-family homes rose modestly in the latest period (by 0.9 percentage points for bungalows and 0.5 percentage points for two-storey homes), largely offsetting declines in the first quarter, while the measure for condominium apartments inched lower (by 0.3 percentage points) and further reversed increases that occurred in late 2012. Alternating increases and declines from quarter to quarter generated a fairly flat trend in affordability since 2009, thereby maintaining affordability levels close to historical averages in the province. With little affordability pressure restraining them, Saskatchewan homebuyers sprung into action in the second quarter, boosting home resales by nearly 14% relative to the first quarter. Notable gains were registered in both Saskatoon and Regina. The province’s strong labour market and population growth should continue to support housing demand in the short term.

Download and read the entire RBC Housing Trends and Affordability report.

Read also: Housing market not the most affordable – Star Phoenix

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate week in review: August 18-24, 2013

The Saskatoon real estate market saw a week of sales that was fairly typically for the season. Local agents reported a total of 86 firm house and condominium sales to the Saskatoon multiple listing service®, 12 fewer sales than were recorded the previous week, and down eight units compared against the same week a year ago.

If you only had the new listings data to look at you might think it was spring as Saskatoon real estate agents brought 164 houses and condos to the MLS® market, down just five from last week’s heavy load and way above the 106 Saskatoon homes that were placed on the market over the same period of time in 2012.

Click the image for a larger version of the graph.

Saskatoon homes sold and listed MLS from August 18-24, 2013

MLS® inventory continued to climb this week as the total number of active listings in the residential category reached 1,380 for a weekly gain of 18 homes and a year-over-year increase of 158 listings. For those of you interesting in percentages, that’s a 14 percent increase on last year’s numbers. It’s just seven units short of a five-year record level of inventory for this time of year. In 2010, total residential listings reached 1387 this particular week, so we’ve been here before. Today’s numbers, by category of housing show 848 single-family homes and 422 condominiums available to Saskatoon home buyers. At this time last year, active listings for those two housing types stood at 747 and 400, respectively.

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Active Saskatoon real estate MLS listings at August 24, 2013

Just slightly more activity at the upper end of the Saskatoon real estate market brought the median sale price of a local home higher by about thirty-five hundred dollars to $333,450. In spite of one residential sale that topped the million dollar mark, the average sale price of a Saskatoon home slid lower by almost seven thousand dollars to $345,141. Meanwhile, the six-week average price fell almost two thousand dollars from last week to $344,809 and finished up on the same week last year by just seven thousand dollars. The four-week median price inched higher picking up two thousand dollars over the course of the week to reach $335,000 and claim a year-over-year increase of close to 10K.

Click the image for a larger version of the graph.

Average & median prices for Saskatoon homes sold MLS from August 18-24, 2013

Overbid sales slipped to just three this week. Those sellers made off with an extra $10,067 on average. At the same time, 73 of this week’s 86 sales reported a sale price that was lower than the asking price by an average of $9,895. The other ten reported deals closed at the seller’s asking price.

Other MLS® activity this week included 60 cancelled and withdrawn listings, 10 expired listing and 55 price adjustments.

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Saskatoon real estate statistics for MLS sales, August 18-24, 2013

Highlights from the news this week

Developer lauds plans for River Landing project – Star Phoenix
No more tightening needed after measures averted housing bubble: Flaherty – Financial Post
Prime retail space scarce in Saskatoon – 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

Saskatchewan leads provinces for real estate sales gains in July, 2013: CREA

I mentioned in an earlier post that Saskatoon had its strongest July ever for the number of residential real estate sales recorded through the multiple listing service. It seems that this may have been the case across the province as Saskatchewan led the provinces for real estate sales gains.

This chart, featured in the Canadian Real Estate Association’s overview of national real estate activity for July, 2013 shows the percentage at which each Canadian province either exceeded or fell below the ten-year average number of sales for the province. In July, Saskatchewan recorded home sales 31.6 percent higher than the ten-year average.

Click the image for a larger version of the chart.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate week in review: August 11-17, 2013

The Saskatoon real estate market may have seemed a little short of breath last week but it bounced back to life in a big way this week falling just shy of hitting triple digit sales numbers. Local agents reported 98 firm house and condo sales to the Saskatoon multiple listing service® this week, beating last week’s numbers by almost 30 units to finish ahead of the same week last year by 24 property sales.

New listings also increased sharply as a total of 169 houses and condos were added to the MLS® system over the course of the week, up 38 units from the previous week and closing well up on the same week a year ago by twenty-five homes.

Click the image for a larger version of the graph.

Saskatoon homes sold & listed through the MLS from August 11-17,2013

Total active residential listings on the Saskatoon multiple listing service® took a big leap higher this past week, a pretty unusual happening at this time of the year. The database of active listings grew by 51 homes over the past seven days to 1365 and finished up on levels recorded a year ago by 124 properties. We currently have a higher number of MLS® listings than we’ve seen at any point in the past two years. A search of today’s active listings delivers 830 single-family homes for buyers to choose from, up from 767 one year ago. Meanwhile, condo listings have increased 30 units from a year ago to 436.

Click the image for a larger version of the graph.

5-year history of active MLS listings in Saskatoon to August 17, 2013

The average sale price of a Saskatoon home edged higher again this week and reached $352,082 while the median price (the point at which half of all sales were above and hald were below) edged lower to $340,000. The six-week average price edge higher for the first time in three weeks gaining about thirty-seven hundred dollars over last week to hit $346,212 for a year-over-year increase of roughly eight thousand dollars. The four-week median price finished five thousand dollars higher than it was last week at $333,000 to see an annual increase of just seven thousand dollars.

Click the image for a larger version of the graph.

Average & median sale prices for Saskatoon homes sold MLS from August 11-17, 2013

The number of overbid sales doubled compared to last week, which sounds impressive until you realize that the total number was just four. Those buyers placed offers that exceeded the seller’s asking price by an average of $6,800. The number of seller’s who found a buyer willing to pay their full asking price was pretty high at 27. The remaining 67 deals that closed this past week concluded at the negotiating table with the buyer netting an average discount of $8,786.

Other MLS® activity this week included 54 cancelled and withdrawn listings, 19 expired listing and 62 price adjustments.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for MLS sales August 11-17, 2103

Highlights from the news this week

Canada’s housing market still running hot – Globe and Mail
Is Canada’s housing market starting to overheat again? – Globe and Mail
Canadian banks could weather a housing crash – Financial Post
Interest rates spike to two-year high – Globe and Mail
Canada’s housing market: The one that no one can predict – Financial Post
Canada’s Goldilocks housing market: ‘Balanced and well-behaved’ – Globe and Mail
Strong home sales in Vancouver and Toronto suggest market is stabilizing– Financial Post
Flaherty cooled the housing market without dousing it – Globe and Mail
Canadian home sales gaining momentum – Globe and Mail
Saskatoon house sales rebound in July – 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