Saskatoon real estate week in review: June 22-28, 2014

The number of homes that traded hands through the local MLS® system reached a new high for the year as Saskatoon real estate agents reported 125 firm deals on houses and condominiums this week. That number represents an increase of five from a busy last week and is up just two from sales closed during the same week last year. Interestingly, this was the week that sales reached their peak for 2013. I would say that there’s a good chance that will be the case again this year. Typically once we move out of June we have passed the peak weeks and can expect to see sales decline slowly but surely until they hit the skids in December.

The number of new Saskatoon real estate listings also continued to moderate recording their smallest number for any week since early March. Local agents brought 154 house and condo listings to the multiple listing service®, 18 fewer than the previous week and falling short of numbers generated over the same period last year by two, a rare occurrence this year.

Click the image for a larger version of the graph.

A week of strong sales and fewer new listings brought the total number of residential properties listed for sale on the Saskatoon MLS® system lower for the second consecutive week, somethings that’s occurred just once before this year. Today, there are 1554 homes available to Saskatoon home buyers, down just nine properties from a week ago, but still well ahead of the 1289 homes that were available at this time last year. At present we have 945 single-family homes available, up from 770 a year ago. Condo inventory sits at 484, up from 429 at the close of June last year.

Click the image for a larger version of the graph.

A good mix of sales in all price categories removed the skewing that pushed the average sale price of a home to a new annual high last week. This week, that number came in thirty five thousand dollars lower at $352,050. The weekly median price slid lower by about twenty thousand. Meanwhile, the six-week average price of a Saskatoon home also slipped off of its annual high dropping a little less than a thousand dollars from last week to $363,254 to finish about 11K ahead of where it was a year ago. The four-week median price managed to gain seventeen hundred dollars from last week to hit its annual high of $351,600 and take a year-over-year increase of more than thirty one thousand dollars.

Click the image for a larger version of the graph.

The number of homes that sold at a price greater than the asking price tumbled to just three. Those deals netted the seller an average bonus of $933. Another 11 sales closed at full price. Finally, negotiations on 111 of this week’s 125 closed transactions saw the buyer earn an average discount of $9,321.

Other notable activity through the Saskatoon multiple listing service® included 51 cancelled and withdrawn listings, 7 expired listings and 59 price changes.

Click the image for a larger version of the chart.

Highlights from the news this week

Don’t get complacent about risks of a housing downturn:OSFI – 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 real estate week in review: June 15-21, 2014

It was another very solid week for Saskatoon real estate sales with agents reporting 120 firm house and condominium transactions to the local MLS®. That represents an increase of eight sales compared against the previous week. Following eight consecutive weeks of annual sales volume increases, this weeks sales fell short of numbers recorded for the same week last year by one.

On the heels of a week that saw the largest number of new MLS® listings in five years, far fewer homes were brought to the market. In fact, new listings fell to their lowest level in eight weeks as Saskatoon real estate agents brought just 172 properties to the multiple listing service®, 83 fewer than were listed last week. That was enough though to trump new listings for the same week last year by nine properties. New listings have shown annual increases during 20 of the 25 weeks of 2014.

Click the image for a larger version of the graph.

The number of active residential listings on the Saskatoon multiple listing service® decreased this past week falling by a dozen homes to settle at 1561, up from just 1305 at this time last year. The number of single-family homes that are available on the MLS® is 943 up from 774 a year ago. Condo inventory is currently at 495 up from 443 a year ago.

Click the image for a larger version of the graph.

It was a good week for high end home sellers. Increased upper end activity saw the median sale price of a Saskatoon home spike higher to $373,500 while the average sale price reached a new annual high of nearly $390,000. Meanwhile, the six-week average price grew by almost 5K compared to last week as it reached $364,027 for an annual change of about thirteen thousand dollars. The four-week median price climbed even more growing by about ten thousand dollars over last week. It’s currently showing annual gains pushing thirty thousand dollars.

Click the image for a larger version of the graph.

A decent handful of sellers had some good luck at the negotiating table this past week too. Nine of them managed to close a deal above their asking price as they pocketed an average overbid of $3,267 while another nine got all they were asking. Meanwhile, 102 Saskatoon home buyers managed to grind a bit of a deal netting themselves an average discount of $9,440.

Other notable activity through the Saskatoon multiple listing service® included 70 cancelled and withdrawn listings, 10 expired listings and 91 price changes.

Click the image for a larger version of the chart.

Highlights from the news this week

How rising home prices are breeding a new form of inequality – Globe and Mail
Average house price in Canada rose 7.1% to $416,484 in May – CBC News
Canadian home sales spring to life in May surging 4.8 percent – Globe and Mail
Monster May for housing sales doesn’t mean market won’t slow – Financial Post
We’re richer than ever and scaling back on mortgage debt – Globe and Mail
Private lenders step in to fill void left by banks – The Star

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 see their biggest monthly increase in four years: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of May, 2014 today. According to the CREA, “Sales rose in four out of every five local housing markets in May, including almost all large urban markets. The largest gains driving the national increase were posted in Calgary, Greater Toronto and Montreal. The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 5.9 per cent from April to May 2014. This marks the largest month-over-month increase in nearly four years.”

Highlights of CREA’s report    

  • National home sales rose 5.9% from April to May.
  • Actual (not seasonally adjusted) activity stood 4.8% above May 2013 levels.
  • The number of newly listed homes climbed 3.8% from April to May.
  • The Canadian housing market remains in balanced territory.
  • The national average sale price rose 7.1% on a year-over-year basis in May.
  • The MLS® Home Price Index (HPI) rose 5.0% year-over-year in May.

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

Saskatoon real estate week in review: June 8-14, 2014

Saskatoon real estate sales slipped lower this week falling by nine units compared to the previous week as 112 firm house and condos traded hands through the Saskatoon multiple listing service®. Total sales were up 11 when compared against the same week last year marking the eighth consecutive week in which annual unit sale gains were recorded.

The number of new MLS® listings added to the multiple listing service® reached a new five year high as Saskatoon real estate agents brought 253 house and condominium listings to the market this week. You’ll note later in this post that the number of cancelations is unusually high leading me to believe that many of these “new listings” are, in fact, price reductions disguised as new listings (cancel and re-list at a new price). Still, this week’s listing volume was up over last week by 27 properties and ahead of new listings for the same week in 2013 by 74 homes.

Click the image for a larger version of the graph.

After a brief and small retreat, the total inventory of residential listings on the Saskatoon multiple listing service® changed course and climbed higher to reach its highest point since November 2008. By the close of the week, 1573 active listings could be found on the Saskatoon MLS®, up 44 from last week’s close and ahead of levels recorded at the same time a year ago by 223.

Click the image for a larger version of the graph.

In spite of high inventory levels prices continued to demonstrate remarkable resiliency. The average sale price of a Saskatoon home came in at $362,331 and the median price was $350,000.  The six-week average price inched lower on the week dropping about twelve hundred dollars to $359,396 far a year-over-year increase of around nine thousand dollars. The four-week median moved in the other direction growing by five thousand dollars over last week to $339,950 to record annual growth of close to 16K.

Click the image for a larger version of the graph.

The majority of sales recorded this week were processed at a price below the seller’s asking price. A total of 87 units showed a discount averaging $4,909. Another 11 Saskatoon homes closed at a price that was greater than the listing price by an average of $8,961. The remaining 14 deals were reported to have sold for the full price.

Other notable activity through the Saskatoon multiple listing service® included 98 cancelled and withdrawn listings, 14 expired listings and 53 price changes.

Click the image for a larger version of the chart.

Highlights from the news this week

Canadian home prices hit record in May – Globe and Mail
Economy improving but housing still a key risk – Vancouver Sun
Here comes the echo boomer to save the housing market – Star Phoenix
Loonie to lift Canada’s economy, housing to hinder – Globe and Mail
Rents in Estevan top those in Vancouver – 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

Saskatoon real estate week in review: June 1 – June 7, 2014

I’m away on a bit of a break this weekend so we’re giving you the shortened, commentary free version of this week’s Saskatoon real estate activity. Thanks very much for reading.


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