Saskatoon real estate week in review: July 20-26, 2014

Saskatoon real estate sales continued to post numbers that fell below last year’s for the third consecutive week. Local agents reported a total of 83 house and condo sales, down seven from the previous week to fall short of sales generated during the same week a year ago by 15.

New listings, on the other hand, came in well above last week at 209 houses and condominiums to top last year’s numbers by 64 and reach what could be a record number for this particular week. Click the image for a larger version of the graph.

The inventory of residential listings posted for sale on the Saskatoon multiple listing service® pushed higher for the third week in a row reaching 1573 listings, the precise number that it peaked at the week of June 14. That marks a gain of 31 listings compared to the close of the previous week to leave us up on inventory recorded last year at this time by 264 homes. Most of those gains can be counted in the single-family homes category which has grown from 765 listings last year to 984 homes today. Condos are also up from where they sat a year ago but only marginally, from 455 to 473.

Click the image for a larger version of the graph.

Market activity trended away from the entry level just a bit and the median sale price of a Saskatoon home edged higher to come in roughly 20K higher than it did last week at $355,000. The average price, buoyed by 11 sales exceeding $500,000 and one at close to 900, moved up handily to $364,640. Meanwhile, the longer term measures held pretty steady as the six-week average inched up just nine hundred dollars to $363,710 for an annual increase of less than ten thousand dollars. The four-week median price of a Saskatoon home stayed flat on a weekly basis at $350,000 even to finish ahead by 24K on an annual basis.

Click the image for a larger version of the graph.

The number of homes that sold for more than list price fell by fifty percent to just three, but those sellers made off with a healthy bonus averaging $13,400. Another 13 buyers made a full price offer while 67 made off with a discount averaging $9,073.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 81 cancelled and withdrawn listings, 6 expired listings and 54 price changes.

Highlights from the news this week

Is momentum shifting in Saskatoon’s real estate market? – Global News
Three reasons you should have sympathy for Canada’s housing doomsters – 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: July 13-19, 2014

Following two consecutive weeks of sharp declines home sales rebounded but remained below levels seen last year for a second week. Saskatoon real estate agents reported a total of 90 houses and condominiums as firmly sold to the MLS®, up 20 from volume recorded the previous week to finish ten shy of the level reached during the same week a year ago.

New listings slipped lower this week as agents added 177 house and condo listings to the Saskatoon multiple listing service®, a drop of 21 compared to last week but enough to keep them at elevated levels for the season as they have been for most weeks this year. Over the same period of time last year just 156 new listings were added to the inventory.

Click the image for a larger version of the graph.

Saskatoon real estate sales and listings for the week June 12-19, 2014

It’s not entirely unheard-of to see inventory levels move higher after they’ve reached their annual peak. This week it did just that, as it did last week. By the close of business Friday the total number of properties listed for sale in the residential category of the Saskatoon MLS® system reached 1542 for a weekly gain of 16 homes, leaving it higher than it was at this point last year by 225 properties. It seems unlikely that we’ll see that trend continue, but stranger things have happened, and they’ve happened fairly recently, in fact. Just last year, inventory levels appeared to peak around mid-June. After falling for a few weeks, total active listings began to trend higher and reached their highest point in October setting the stage for a fairly stable pricing market through the first half of this year. It will be interesting to see how that unfolds in the weeks ahead.

Click the image for a larger version of the graph.

Inventory levels of Saskatoon homes for sale at July 19, 2014

I noted in last week’s report that fewer entry level buyers had shown up to buy. We saw the exact opposite this week as a strong handful of sales below the $200K mark were reported and sellers with homes prices above $650,000 were completely shut out. Consequently, both the median price and the average price of the Saskatoon homes traded this week fell lower to $307,000 and $335,043 respectively. The longer term price measures did not escape without a bit of a trim either. This week, the six-week average price a home fell nearly four thousand dollars to $362,875 to hold onto an annual gain of about ten thousand dollars. The four week median tumbled further losing fourteen thousand on the week as it came in at $350,000 and held onto to year-over-year increases of roughly $20K.

Click the image for a larger version of the graph.

Average and median prices paid for Saskatoon homes sold July 12-19, 2014

Overbid sales activity made a bit of a comeback as six buyers paid more than asking price handing their respective seller a bonus that averaged $6,553. On the flip side, 76 sellers found themselves at the table with a buyer who would not close without a discount that averaged $9,690. The remaining eight Saskatoon real estate sales closed at the full asking price.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for MLS sales from June 12-19, 2014

Other notable real estate activity this past week included 89 cancelled and withdrawn listings, 17 expired listings and 58 price changes.

Highlights from the news this week

Bank of Canada signals low rates for longer – CREA News
Sask house prices in stable territory – Star Phoenix
Housing market skewed by handful of hot cities: Canada Guaranty CEO – Financial Post
Canadian home sales beat expectations – Globe and Mail
Fitch calls on government for action on overvalued market – Financial Post
As prices rise, Fitch warns Canada may have to act again – Globe and Mail
Saskatchewan’s newest city: Warman is growing and open for business – Star Phoenix
Why most Canadians should be begging for a real estate correction – Financial Post
Why Fitch is sticking to its 20% Canadian real estate overvaluation – 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

Canadian home sales up again in June/14 but momentum likely to slow: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of June, 2014 recently. According to the CREA, “At least some of the recent burst in new supply reflects the slow start to the year, when a harsh winter caused many sellers to delay listing their home in many parts of the country,” said Gregory Klump, CREA’s Chief Economist. “In markets with tight supply and strong demand, the strength of sales in recent months reflects how many properties were snapped up once they finally hit the market. Because the impact of deferred listings and sales has likely run its course, activity over the second half of the year may not be able to maintain the kind of pace we’ve seen over the past couple of months.”

Highlights of CREA’s report    

  • National home sales rose 0.8% from May to June.
  • Actual (not seasonally adjusted) activity stood 11.2% above June 2013 levels.
  • The number of newly listed homes was little changed from May to June.
  • The Canadian housing market remains in balanced territory.
  • The national average sale price rose 6.9% on a year-over-year basis in June.
  • The MLS® Home Price Index (HPI) rose 5.4% year-over-year in June.

Read the entire report on Canadian MLS® sales for June, 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: July 6-12, 2014

In the blink of an eye, the spring Saskatoon real estate market is behind us. Home sales fell further this past week and reached their lowest point since mid-March. Local agents reported just 70 firm house and condominium sales to the local multiple listing service®, down nearly 30 from last week and short of sales recorded for the same week last year by 22.

The number of new listings added to the MLS® moved in the opposite direction as nearly 200 house and condo listings were added to the system, up 31 from the previous week for a year-over year increase of about the same number.

Click the image for a larger version of the graph.

Following three consecutive weeks of declines, the total inventory of residential properties listed for sale on the Saskatoon multiple listing service® inched higher to close the week at 1526. That’s 11 homes more than were available at the close of the previous week and about 220 more than buyers could find a year ago. Today’s inventory shows a selection of 932 houses, up from 763 at this time last year, and 472 condos up from 456 a year ago.

Click the image for a larger version of the graph.

A quick look at the weekly housing stats makes it obvious who didn’t show up to buy last week. Fewer entry level sales and steady activity at the upper end of the Saskatoon real estate market pushed the median sale price of a local home sharply higher to $386,450. The weekly average price continued it’s roller coaster ride, this week hitting a new peak that required an axis adjustment on my chart as it soared to $392,361.  The six-week average price moved higher by about two thousand dollars over the week to finish ahead of where it was a year ago by about 20K at $366,723. The four-week median price followed the other price measures higher to grow by nine thousand dollars in a week to claim an annual gain of $34,000 when it reached $364,000.

Click the image for a larger version of the graph.

There were still a few buyers who showed up willing to make an offer that exceeded the seller’s asking price. Four such transactions were reported this week with an average overbid of $1,350. The majority of this week’s closed deals came in below list price as 60 buyers netted a discount averaging $12,071 for our first occurrence above 10K in several weeks. The other six sales closed with the buyer agreeing to pay the seller’s full asking price.

Other notable real estate activity this week included 73 cancelled and withdrawn listings (a contributing factor to the week’s high new listing numbers as many of these did an about face and immediately re-listed), 28 homes that expired from the MLS® without a sale and 61 price reductions by motivated sellers hoping to entice a buyer their way.

Click the image for a larger version of the chart.

Highlights from the news this week

Is there a “boom” in the $1 million plus real estate market in Saskatoon? – GlobalNews
Saskatoon home prices edge up: Royal LePage – Star Phoenix
Royal LePage expects house prices to rise through 2014 – Canadian Business
Big city housing continues to boom as small centres are left behind – Financial Post
Local real estate boards give hints of surging markets – Globe and Mail
Regina house prices to rise 2.1% in 2014: Royal LePage – Leader Post
Housing market defies forecasts – GlobeAdvisor
Canadian housing starts rise unexpectedly in June – Financial Post
Canada’s housing markets see widening affordability gap – Huff Post Business

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

Norm's recap of Q2-2014 Saskatoon real estate activity with Global News

I had the opportunity to sit down with Kevin Stanfield from Global News on Friday to discuss findings of the Royal LePage House Price Survey for the second quarter of 2014. While I have done several television interviews in the past, this experience was my first live appearance which required a 6:30 am visit to the studio. It was fun.

Anyway, this four minute clip provides a bit of an overview on market sales and listing activity through Q2, as well as my prediction on what you might expect for the balance of 2014. We also discuss the “$1-million plus” real estate market 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