Saskatoon real estate week in review: November 17-23, 2013

On the heels of a couple of seasonally soft weeks for Saskatoon real estate sales the tide turned as unit sales surged higher. Local real estate agents reported 82 house and condominium sales to the Saskatoon multiple listing service® this week for a weekly gain of 27 sales and a year-over-year increase of 32 properties.

New residential listings also showed increased activity moving higher than last week’s total by six to finish to week at 100 homes, even. That number is also up on an annual basis. During the sale week last year Saskatoon real estate agents processed just 94 new home listings on the Saskatoon MLS®.

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Saskatoon MLS sales and listings for November 17-23, 2013

Active Saskatoon real estate listings stayed fairly stable slipping just 16 units from the close of the previous week to settle at 1281, about 220 more homes than were available at this time last year. By week’s end buyers could find 786 single-family homes and 381 condos showing an active status on the Saskatoon MLS® system. Last year at this time, those two categories of homes sat at 625 and 337 respectively.

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Active Saskatoon real estate listings on MLS at November 23, 2013

You may recall that last week a handful of high end property sales pushed the average sale price of a Saskatoon home to its highest weekly number for the year. Absent that skewing factor the average corrected itself and fell sharply lower to $330,216 this week to reach its lowest point since September. Far more activity at the lower end of the pricing spectrum saw the median sale price of a local home drop nearly $30,000 to close the week at $310,220. The six-week average dropped about thirty-seven hundred dollars from last week to finish at $353,130 which was enough to bring a year-over-year increase of seventeen thousand dollars. Meanwhile, the four-week median price of a Saskatoon home slid for the third consecutive week reaching $327,500 for an annual increase of just three thousand dollars.

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Average and median prices for Saskatoon homes sold MLS November 17-23, 2013

This week’s sales included two that sold above the seller’s asking price. Those deals netted the seller an average overbid of $7,650. Another 14 buyers paid full asking price to lock up a contract while 66 of this week’s 82 closed transactions went below list price by an average of $15,553. This discount was skewed significantly by a dozen or so area 4 condo sales that all went to one buyer who was able to negotiate discounts as high as 75K on a few of those units.

Other notable MLS® activity this week included 40 cancelled and withdrawn listings, 3 expired listings and 32 price adjustments.

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

Highlights from the news this past week

Urban dream looks promising – Star Phoenix
October home sales up from a year ago, but down from September: CREA – MacLean’s
House sales slow after buyer’s rush in to lock up rates – Globe and Mail
Canadian home prices in for a soft land, rating agency predictsTheRecord.com
Economy at risk as demand cools for new homes – Globe and Mail
Rates to stay low: Mortgage brokers – Winnipeg Free Press
Bank of Canada chief says Canadian housing is not in a bubble – 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

Saskatoon service group proposes new snow park at Diefenbaker Park

Today on our Facebook page, we discuss the Optimist Club’s proposal to create a snow park including a snowboarding and snow-tubing facility in Diefenbaker Park, in the Exhibition area of Saskatoon. The club is looking for a 99-year lease for the venture.

Learn more about the Exhibition area of Saskatoon.

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: November 10-16, 2013

It was another soft week for Saskatoon real estate sales, as is to be expected at this time of the year. Sales typically cool with the weather and the closer we get to the holiday season, the tougher it gets for a seller to get a buyer through their home. This week, local agents reported just 55 house and condo sales to the Saskatoon multiple listing service®, eleven fewer than the previous week’s totals to finish below sales for the same week last year by eight. Following a pretty good run that had production matching or beating the previous years sales, enough so to bring us about even year-to-date (a slow start to 2013 has had the Saskatoon real estate market lagging behind the previous year’s sales right up until the end of October which brought us about even), this was the second consecutive week in which sales failed to rise to last year’s levels.

New residential listings for the past week also fell lower when compared against the previous week. A total of 94 single-family homes and condominiums were offered up for sale on the MLS® for a weekly decline of 27 homes. Even at this sharply lower weekly number, the number of new listings that hit the market this week was up when compared to the total entered for the same period last year by 14. This has been the case during 15 of the past 16 weeks.

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Saskatoon homes sold and listed MLS® from November 9-16, 2013

To be clear, the Saskatoon’s residential real estate market has shown great strength throughout this year. We can’t lose site of the fact that 2012 was the second strongest real estate sales year this city has even seen and there’s every reason to believe that 2013 will come very close to matching it, perhaps even closing the year with a small increase in home sales. That said, the steady increases to listings entering the market in recent months starts to add up bringing an interesting to twist to the MLS® inventory chart that you see below. At a time of year when you can pretty much bet on inventory declines, the total number of homes offered for sale on Saskatoon’s multiple listing service® actually grew by 15 homes compared against the close of the previous week to finish higher than it was at the same time last year 231 homes. Pretty strong gains can be seen in both of the major housing categories as the number of single-family homes offered for sale climbs to 792 from 632 a year ago and condo listings climb to 408, up from 343 at this time last year.

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A five-year history of active residential MLS® listings in Saskatoon to November 16, 2013

Now, prices are a whole other story. In fact, as sales decline all of the numbers in these weekly reports must be taken with a grain of salt, at least on a week to week basis. When you have just 55 sales in the mix, as we do this week, a small handful on executive home sales can skew averages greatly and that’s certainly the case this week as the average sale price of a Saskatoon home bolts through the roof to reach its highest level for the whole year at $389,794. The median sale price (the point at which half of all sales occurred above and half below) of a local home this week is far more stable gaining just fifty-four hundred dollars from last week to close at $337,900. The outliers are in the top half of the sales and include four homes, the total sales prices of which exceed three million dollars to skew the average way up as seen on the price chart. The longer term numbers are much more realistic. The six-week average price of a Saskatoon home was $356,874 this week, up just three thousand dollars from the previous week’s close and higher than it was at the close of the same week last year by 19K. The four-week median actually slipped lower dropping more than ten thousand dollars from last week to finish at $336,950 for an annual increase of roughly fifteen thousand dollars.

Click the image for a larger version of the graph.

Average and median prices for Saskatoon homes sold MLS® from November 9-16, 2013

Overbid sales were pretty much a non-factor this week as only one seller found a buyer willing to pay more than asking price. That buyer offered up just $100 more than the seller was looking for to close the deal. Another 12 sellers managed to complete a contract at their full asking price. Meanwhile, 42 of the week’s 55 sales came to a close at the negotiating table where the buyer was able to grind their seller for a discount averaging $13,033. While this is one of the largest below list averages we’ve been seeing, similar principles are at play as seen in pricing with some upward skewing coming from the really big sales which averaged a discount of $50,000. When those four deals are removed from the mix, the average discount on the remaining sales actually comes in at one of its lower points in recent memory, around six thousand dollars.

Other notable MLS® activity this week included 25 cancelled and withdrawn listings, 15 expired listings and 38 price adjustments.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for residential MLS® sales from November 9-16, 2013

Highlights from the news this past week

Canadian home prices inch higher but tepid gain signals cooling market – Financial Post
Canada’s housing market ‘teeters precariously’ – Globe and Mail
How to predict the end of Canada’s housing boomGlobeAdvisor.com
Urban dream looks promising – Star Phoenix
Canadian home sales drop most in a year as chances of rate hikes fade – Financial Post
Tips for making your relocation easier and less stressful – 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 home sales slip lower in October, 2013: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of October, 2013 recently. According to the CREA, “The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations and other co-operative listing systems fell 3.2 per cent on a month-over-month basis in October 2013. The decline returned activity back to near where it stood last June and July.”

Highlights of CREA’s report    

  • National home sales declined by 3.2% from September to October.
  • Actual (not seasonally adjusted) activity came in 8.3% above levels in October 2012.
  • The number of newly listed homes declined by 0.8% from September to October.
  • The Canadian housing market remains in balanced territory.
  • The national average sale price rose 8.5% on a year-over-year basis in October.
  • The MLS® Home Price Index (HPI) rose 3.5% year-over-year in October.

Read the entire report on Canadian MLS® sales for October, 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

The true cost of homelessness in Saskatoon may shock you

Today on our Facebook page, we discuss the United Way’s request that the City of Saskatoon kick in $125,000 to assist them in executing their “Plan to End Homelessness” in Saskatoon.

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