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

On the heels of a week that saw Saskatoon real estate sales tumble to their lowest point since late February the local market rebounded and added an impressive 34 units to last week’s numbers. Local agents reported a total of 88 houses and condos having firmly sold to the Saskatoon multiple listing service® for an annual gain of 11 properties.

After showing some very strong weekly gains for almost three months straight new residential listings remained at sharply lower levels for the second consecutive week. Saskatoon real estate agents added just 110 houses and condominiums to the MLS® system, two fewer than the previous week, but 11 more than were added during the same period of time last year.

Click the image for a larger version of the graph.

Saskatoon real estate sales and listings (MLS) for October 20-26, 2013

The inventory of active MLS® listings in the residential category fell lower by nearly 30 homes when compared against the close of the previous week. As of this morning, there are 1376 residential listings, up about 18 percent from where they sat at this time last year when buyers had just 1168 homes to choose from. Today’s active listing searches show a total of 859 single-family homes (houses) and 415 condominiums. Last year at this time, those same searches produced just 702 houses and 377 condos.

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Active residential MLS listings in Saskatoon at October 26, 2013

Fewer trades at the upper end of the Saskatoon real estate market saw both the average price and the median price of a local home slip lower to $345,014 and $349,450 respectively. The six-week average priced trailed lower for the second week in a row losing nearly two thousand dollars to hit $351,922 producing an annual increase greater than twenty-five thousand dollars. The four week median price moved the other way and made some weekly gains, increasing by almost 5K to reach $349,900.  That’s a year-over-year increase of twenty-nine thousand dollars, the greatest annual increase since late May®.

Click the image for a larger version of the graph.

Average and median sale prices for Saskatoon homes sale from October 20-26, 2013

Even as units sales increased sharply over the previous week, overbid sales fell lower to just two. Those buyers offered an average bonus of $3,550 above the seller’s asking price to close up their deal. Meanwhile, another seven agreed to pay the seller’s full asking price to get their dream home off of the market. The other 79 firm deals were concluded at the negotiation table with the buyer grinding out an average discount of $12,102.

Other notable MLS® activity this week included 52 cancelled and withdrawn listings, 10 expired listings and 53 price adjustments.

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Saskatoon real estate statistics for MLS sales from October 20-26, 2013

Highlights from the news this past week

There’s no shame in renting rather than owning – Globe and Mail
Why no rate hike means variable mortgages are safe again – Financial Post
Falling rates, BofC stand puts housing spotlight on Flaherty – 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

Construction to begin soon on four new Saskatoon schools

With scroll enrolment numbers ballooning across Saskatchewan, the provincial government recently announced its intention to build nine new elementary schools each of which would bring a public and a separate elementary school together under one roof, sharing some parts of the facility. Four of those buildings will be constructed here in Saskatoon. Areas that will see new schools include Evergreen, Hampton Village, Rosewood and Stonebridge.

The schools will be constructed using a “public-private partnership model” (P3) where a private company, or companies, own the real estate and lease it to the respective school boards.

Today on our Facebook page, we asked the question, “Do you have any thoughts or concerns regarding the P3 model, or do you think it’s fine provided we end up with quality building that serve our students well at a fair cost?”

What do you think? Feel free to comment here or on the Facebook post embedded below.

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 one of Canada's top two entrepreneurial cities: Financial Post

Today on our Facebook page, we discuss a new “Communities in Boom” report, commissioned by the Financial Post, which names Saskatoon as one of Canada’s top two entrepreneurial cities.

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 for October 13-19, 2013

Saskatoon real estate sales saw their first real significant drop in months this week as the total number of homes (single-family dwellings and condominiums) reported sold to the local MLS® fell to 54 from 82 last week. That’s the lowest number of units traded during any week since early February, but not totally out of sync with what we might expect at this time of year. In fact, it’s one ahead of the number of Saskatoon homes sold during the same week last year.

New residential listings that were added to the Saskatoon multiple listing service® database also fell sharply lower, dropping to just 112 properties from 185 the week before to record their slowest week since the last week of March. During the same week of 2012 local real estate agents brought 116 home listings to the system.

Once again, the week closes with the total number of residential listings offered for sale on the Saskatoon MLS® increasing, albeit ever so slightly. Active listings increased by one from last week to 1402. As you’ll know if you’ve been reading for the past few weeks, that’s the highest number of active listings for this particular week in over five years, and a significant diversion from normal inventory patterns at this time of year when declines are typically well underway. Last year at this time, buyers could find only 1192 residential listings on the MLS®. Today’s totals include 884 single-family homes, way up from 725 a year ago, and 422 condominiums, just a handful more than we had at this time last year when the category sat at 411. The balance of the inventory falls into other categories like semi-detached, duplexes, lots, trailers, etc.

Both the median and the average sale price of a Saskatoon home took large gains this week rising to $369,450 and $374,320 respectively. The long term measures we track both spiked higher. The six-week median price jumped sixty-five hundred dollars to $353,548 for an annual increase of more than twenty-seven thousand dollars. Meanwhile, the four-week median price moved higher by 15K to reach $345,000 and claim a year-over-year increase of twenty-five thousand dollars.

Overbid sales nearly fell off the map as just one Saskatoon home seller found a buyer willing to pay more than their list price. That buyer made a pretty strong overbid of five thousand dollars to sew up the home of their dreams. On the other hand, 47 buyers met a seller willing to negotiate and they bagged a discount averaging $10,213. Another six homes traded at the seller’s asking price.

Other notable MLS® activity this week included 41 cancelled and withdrawn listings,  17 expired listings and 50 price adjustments.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for MLS sales the week of October 13, 2013

Highlights from the news this week.

Housing market pushes ahead but is a retreat lurking? – Globe and Mail
Canada’s housing market begins to apply the brakes – Financial Post
Canadian housing market expected to stay on a hot streak – Globe and Mail
Existing home sales surge 18 percent from a year ago: CREA – Financial Post
September home sales soar – Globe and Mail
In a hot housing market should you keep renting or buy? – Globe and Mail
Carrick on money: Are homes an investment? No way! – Globe and Mail
Banks agree: Market will slow in 2014 – CanadianRealEstateMagazine.com

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

The good, the bad and the ugly of the Barry Hotel – A brief history of the hotel

Today on our Facebook page we discuss a Star Phoenix story about the Barry Hotel and the Riversdale area of Saskatoon.

Learn more about the Riversdale area of Saskatoon.