Saskatoon real estate week in review: February 16-22, 2014

Firm sales of Saskatoon homes continued to track last year’s numbers fairly closely this week as agents reported 67 deals to the local MLS® system, a drop of 11 from the previous week to finish ahead of the same week last year by two sales.

New listings also slipped lower as Saskatoon real estate agents added just 111 houses and condos to the multiple listing service® database to bring us the slowest week for new listings since the first week in January.  This week’s listing numbers are down by 18 homes on a weekly basis and lower than they were for the same period in 2013 by just one property.

Click the image for a larger version of the graph.

A reasonably strong sales week combined with a drop in new listings brought the total inventory of Saskatoon homes for sale on the multiple listing service® lower. By the close of the week the total number of residential listings sat at 1203, down just nine from last week and still well ahead of levels recorded at the same time list year when home buyers had 1027 properties to choose from. This coming week may bring a bit more relief to inventory numbers. At present, 66 properties are set to expire from the system over the next week. Today, buyers can find 697 single-family homes for sale, up from 609 a year ago. Condominium numbers sit at 391 up from 326 last year.

Click the image for a larger version of the graph.

Click the image for a larger version of the graph.

Sales at the upper end of the Saskatoon real estate market performed strongly again. The median sale price of a home grew by more than twenty thousand dollars to $360,000 while the average jumped a more modest eleven thousand dollars to $369,209. The average price of a Saskatoon home over the last six weeks continued on an upward trend. That number has increased for six of seven weeks this year pushing to $354,319 for a weekly increase of about thirty-five hundred dollars and an annual bump of nearly 24K. Meanwhile, the four-week average price, after sitting rather flat for the first two months of the year, moved higher. It gained almost thirteen thousand dollars over last week to finish up from levels recorded at this time last year by about sixteen thousand dollars.

Two lucky sellers completed a deal with a buyer willing to pay more than list but both overbids were modest at just $100 each. Fifty of the Saskatoon real estate sales recorded this week were completed below the list price to net the buyer an average discount of $8,436. The remaining 15 sales were reported to have sold at the full listed price.

Other notable MLS® activity this week included 33 cancelled and withdrawn listings, 9 expired listings and 38 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.

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: February 9-15, 2014

The Saskatoon real estate market saw increased sales this week as local REALTORS® reported 78 houses and condos sold to the multiple listing service®, up 14 from the previous week to finish ahead of volume recorded during the same week last year when 69 homes traded hands. This is the third consecutive week that sales have finished higher on a year-over-year basis.

Meanwhile, the number of new listings fell lower this week. Saskatoon real estate agents added 129 properties to the MLS® system this week, three dozen fewer than we saw just last week, but well up from the same week a year ago when just 91 properties were added. As with sales, new listings are up annually for the third week in a row.

Click the image for a larger version of the graph.

Saskatoon homes sold and listed MLS® from February 9-15, 2014

Inventory continued to push higher this week breaking the 1200 mark for the first time this year. At the close of business, 1218 active MLS® listings could be found in the residential category, an increase of 25 from the previous week’s close, up more than 200 units (20 percent) from levels recorded at this time last year. Today, buyer’s will find 710 single-family homes showing an active status, up from 590 a year ago. Additionally, there are 381 condominiums for sale on the MLS® system, up from 322 last year, also an increase of close to 20 percent.

Click the image for a larger version of the graph.

Active Saskatoon MLS® listings at February 16, 2014

Higher end home sellers saw some decent action this week with the four highest priced residential sales generating about $3.5 million dollars in volume. The median sale price of a Saskatoon home jumped more than ten percent from last week reaching $337,450 while the average priced spiked higher to $357,850. The six-week average price bounced out of the loss it saw last week coming back up to $350,820 for an annual increase of roughly thirteen thousand dollars. Meanwhile, the four-week median held firm with very little change on the week. It finished the at $324,625 for a year-over-year loss of close to three thousand dollars.

Click the image for a larger version of the graph.

Average & median prices for Saskatoon homes sold MLS® from February 9-15, 2014

While 13 Saskatoon home sellers managed to find a buyer willing to pay their full asking price buyers were reluctant to overbid this week. Just one seller closed a deal above their asking price with a $1,600 overbid. The remaining 64 house and condo sales concluded with a contract to sell below the asking price by $14,453 on average. This number is 40-50 percent higher than it has been most weeks thanks to an area two luxury listing that sold $175,000 below asking price.

Other notable MLS® activity this week included 44 cancelled and withdrawn listings, 11 expired listings and 32 price adjustments.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for MLS® sales from February 9-15, 2014

Highlights from the news this week

How Canada’s new immigration rules could slow high-end real estate sales – Financial Post
Is the real estate market cooling down? First wait for the heat – GlobeAdvisor
Consumer debt hits record but Canadians getting better at paying it back – 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

Canadian home sales moderate further in January, 2014: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of January, 2014 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 3.3 per cent on a month-over-month basis in January 2014. This marks the fifth straight monthly decline, and leaves activity 9.1 per cent below the peak reached in August 2013.”

Highlights of CREA’s report    

  • National home sales fell 3.3% from December to January.
  • Actual (not seasonally adjusted) activity stood 0.4% above January 2013 levels.
  • The number of newly listed homes edged up 0.2% from December to January.
  • The Canadian housing market remains in balanced territory.
  • The national average sale price rose 9.5% on a year-over-year basis in January.
  • The MLS® Home Price Index (HPI) rose 4.8% year-over-year in January.

Read the entire report on Canadian MLS® sales for January, 2014.

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

If you purchased a home in 2013 you may qualify for a $5,000 income tax credit

If you purchased a home in 2013 you may qualify to claim a $5,000 tax credit if you and the home you bought “qualify.” Check this short video or read on below it to find out if you and the home qualify.

Do you qualify?

You or your spouse or your common-law partner must have purchased a qualifying home in 2013.

You must not have lived in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

Does the home qualify?

The home must be located in Canada and it must be registered to you, your spouse or your common-law partner. You or a disabled relative must move into the home within one year of purchase. The home can be new or used. Types of homes that qualify include:

  • Single-family houses
  • Semi-detached houses
  • Townhouses
  • Mobile homes
  • Condominium units
  • Apartments in duplexes, triplexes, fourplexes, or apartment buildings

I qualify! How do I make the claim?

Enter $5,000 on line 369 of Schedule 1 of your federal income tax return.

More on the tax credit from the Government of Canada.

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: February 2-8, 2014

Saskatoon real estate sales continued to track last year’s numbers quite closely through the second week of February. Local REALTORS® reported 64 firm deals of houses and condominiums this week, down six from the previous week to finish ahead of the same period last year by 15 home sales.

New listings, on the other hand, took off like a raging bull with 165 houses and condos being added to the Saskatoon multiple listing service® database over the course of the week, up 32 from last week to finish well up on new listings for the same week last year when just 118 properties were added to the system.

Click the image for a larger version of the graph.

As usual, a good number of the “new listings” recorded on the MLS® system were actually doing the old cancel/re-list trick. There were also more than two dozen listings that came to the end of their term without a sale. Some of those were certainly re-listed. Those two factors kept the total number of active listings on the Saskatoon MLS® lower than you might have exacted they’d be with that kind of a sales to listings disparity. Still, after a short pause last week, active listings (all residential types) surged higher to reach 1187 for a weekly increase of 46 and a year-over-year gain of 178, leaving us with more inventory than we’ve seen before mid-March over the past five years. Today, single-family home options sit at 701, up from 590 at this time last year. Condo inventory is currently at 369, up from 329 a year ago.

Click the image for a larger version of the graph.

The median sale price (the price point at which half of all sales are above and half are below) of a Saskatoon home slipped lower this week to $300,000. With sales above $500,000 accounting for just a small handful of the units sold this week, the average sale price of a local home took a solid plunge slipping to $326,996. On the heels of four consecutive weeks of gains to the six-week average sale price, we finally saw its first decline this year as it slipped to $336,835 for a weekly decline of a bit more than five grand and an annual drop of eighty-five hundred dollars. The four-week median price slipped four thousand from last week to reach $324,450 and finished the week roughly where it was a year ago.

Click the image for a larger version of the graph.

Sellers hoping to land an above list price offer were largely disappointed as just one buyer showed any willingness to overbid. That deal netted the seller an additional $5100. Another seven buyers said yes to a full price offer. Meanwhile, 56 of this week’s 64 firm deals closed lower than the seller’s asking price with an average discount of $8,761 being reported.

Other notable MLS® activity this week included 42 cancelled and withdrawn listings, 28 expired listings and 24 price adjustments.

Click the image for a larger version of the chart.

Highlights from the news this week

Saskatoon’s east-west gap closing – Star Phoenix
CMHC sees home prices rising this year – Globe and Mail
Why Canadians don’t see low inflation in their bills – Globe and Mail
Sub 3% mortgages are in sight again – Financial Post
Home prices 10% overvalued: TD – Canadian Press via 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