Saskatoon real estate week in review: September 21-27, 2014

The Saskatoon real estate market continued to see stable and impressive sales numbers for a third consecutive week during a time of year when we normally expect to see declines. Local agents reported 103 firm sales of single-family homes and condos, the highest number for any week since early August for an increase of one when compared against last week, to finish with 27 more sales than we saw during the same week last year.

On the heels of a couple of unusually strong weeks for listing activity, at least for the fall season, the number of new MLS® listings added to the multiple listing service® fell lower to 172, down 43 from the previous week but still finishing higher that last year’s number when just 162 properties entered the system.

Click the image for a larger version of the graph.

After pushing higher for two consecutive weeks the number of active MLS® listings on the Saskatoon multiple listing service® took a small drop falling from its new annual high of 1613 to finish the week at 1597, up about 200 homes when compared against levels recorded at the close of the same week last year.

I think it was back in mid-June when I said I thought we had probably reached our peak in inventory numbers for the year. As it turned out, we saw listings numbers stubbornly rise to new highs on three separate weeks since then. As we approach the close of September, I think it’s likely safe to say that the listing party is nearly over. Over the next few days 82 active MLS® listings are set to expire from the system. Some will renew or extend but I expect a good chunk of those sellers will assume that opportunity has passed them by for this year, even though sales numbers are amazingly strong. Clearly, a new strategy is likely key to finding success late this year but if it were me, I’d hang in while others leave the market. I think we likely have six weeks of strong sales ahead of us. If you’ve reached the end of your listing contract frustrated, call me, please. I’ll show you what needs to be done to finish the job this year.

For the record, the total number of available single-family homes sits at 1017, sharply higher than the 874 available at the same time last year. Condo inventory is showing 460 listings, up from 409 a year ago.

Click the image for a larger version of the graph.

A little more activity in the entry level market (14 sales under 200K) helped bring the median price of a Saskatoon home lower this week to $339,000 while a handful of high priced sales  (three above $700K) brought the weekly average higher to $365,280. The six-week average price of a local home grew just a bit to $354,401and finished the week about thirteen thousand dollars higher than it was a year ago. Meanwhile, the four-week median price inched lower to close down two thousand dollars in a week. At $345,000 the four-week median claims an annual increase of eighteen thousand dollars.

Click the image for a larger version of the graph.

Overbid sales remained stable at just three. Those lucky sellers picked up all they were asking, plus an average bonus of $1,100. On the flip side, 977 buyers ground out a deal that resulted in a discount averaging $11,575 leaving eight others that traded at the asking price.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 82 cancelled and withdrawn listings (74 and 8 respectively), 19 expired listings and 69 price changes.

Highlights from the news this week

No fear of housing bubble: CMHC – Globe and Mail
CMHC chief says housing agency considering passing mortgage risk to banks – National Post
Hilliard MacBeth sounds the housing crash warning – 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

Saskatoon real estate week in review: September 14-20, 2014

Saskatoon home sales reached their highest point since early August as local real estate agents reported 102 house and condo sales to the multiple listing service® for a weekly increase of four, topping numbers for the same period last year by 18.

New listings were fairly stable on a weekly basis with 215 being added to the system, down just three from last week and up a whopping 54 homes compared against last year’s numbers.

Click the image for a larger version of the graph.

The total inventory of active listings on the Saskatoon MLS® made sizeable gains for the second week in a row to crack the 1600 mark and reach a new high for 2014. Today’s searches show 1614 Saskatoon homes being available to buyers, 20 ahead of last week’s close and up on levels recorded on the same date last year by 235 homes. The number of single-family homes found on the MLS® system has increased from 850 to 1002 from a year ago. Condo inventory has grown from 418 to 474 over the same period.

Click the image for a larger version of the graph.

Upper end activity ramped up a bit and pushed the weekly median price of a Saskatoon home higher to $348,700. With a single sale approaching $1.3 million in the mix the average price took a similar bump and closed the week at $355,633. The longer term price measures both moved higher this week. The four-week median took the larger gain of almost 10K for the week to reach $347,000 and claim a twenty thousand dollar year-over-year increase. Meanwhile, the six-week average price of a Saskatoon home inched ahead to $352,859 for annual growth of ten thousand dollars.

Click the image for a larger version of the graph.

Overbid sales fell flat to just one deal. That one went over the seller’s listed price by $2,100. Another seven homes sold at full price while the remaining 94 went for less than the asking price by an average of $10,062.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 88 cancelled and withdrawn listings (84 and 4 respectively), 21 expired listings and 74 price changes.

Highlights from the news this week

RMs cashing in on land rush – Star Phoenix
Regina real estate market bucks national trend – Leader Post
Summer’s end cools of housing market – Globe and Mail
Canadians’ household debt burden edges higher in second quarter – Globe and Mail
Data shows home price will continue to rise – Globe and Mail
CREA boosts annual forecast as August sales surge – BNN

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: September 7-13, 2014

Saskatoon real estate agents had a busy week with a seasonally appropriate number of sales and an insanely brisk flow of new listings being added to the MLS® system. A total of 98 house and condo sales were processed over the course of the week, up 30 from last week and ahead of the same period last year by eight sales.

New MLS® listings numbers spiked higher than the previous week by 52 homes as local agents brought a total of 218 house and condo listings to the system for an increase of 40 when compared against the same week last year.

Click the image for a larger version of the graph.

Given the disparity between the number of sales and new listings that came onto the system it should come as no surprise that the inventory of MLS® listings available to Saskatoon home buyers spiked again and reached 1593 to come very close to hitting a new peak for 2014. Currently, there are 994 single-family homes for sale in Saskatoon, up from 815 a year ago. Condo inventory sits at 472, ahead of where it was at this time last year when it sat at 415 units.

Click the image for a larger version of the graph.

With 13 sales below 200K in the mix both the average price and the median price of a Saskatoon home both slipped lower to $346,354 and $340,950 respectively. The six-week average price followed in the same direction as it shed a little more than five thousand dollars when compared against last week to finish at $352,078. That amounts to a year-over-year increase of nearly nine thousand dollars. The four-week median price remained steady on a weekly basis at $337,500 to finish the week just marginally higher than it did a year ago when it was $333,000. Note that both the six-week average and the four-week median are back to about where they were in the middle of May before the typical spring run up began.

Click the image for a larger version of the graph.

Overbid activity grew to three homes with an average bonus of $3,434 being paid to the seller. Another 12 deals closed at the full asking price while 83 buyers made off with a discount averaging $8,077.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 77 cancelled and withdrawn listings (73 and 4 respectively), 22 expired listings and 65 price changes.

Highlights from the news this week

BMO offers 2.99 percent mortgage rate, again – Star Phoenix
Fewer Saskatoon businesses expect to hire in Q4/2014 – Star Phoenix
Thinking about a move up buy? New study says you can’t afford it – Financial Post
Housing starts data underscores east/west wealth divide – BNN
CMHC could force banks to pay mortgage insurance deductibles – Financial Post
Move up market takes a hit as prices swell – 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

Saskatoon real estate week in review: August 31 – September 6, 2014

Following three consecutive weeks of sales increases the Saskatoon residential real estate market took a slide as the number of houses and condominiums changing hands hit their lowest levels since mid-March of this year. Local agents reported a total of 68 firm deals to the Saskatoon multiple listing service®, down 32 from the previous week, and just one more than had been reported during the same week of last year.

The number of new MLS® listings added this week grew by 13 when compared against the previous week. Saskatoon real estate agents processed listings on 166 houses and condos, about a dozen more than we saw come on over the same period a year ago. As is typical most months, the final week usually sees a fairly high number of listings expire as they come to the end of their term without a sale. A pretty good handful of those get re-listed and push the new listing numbers higher.

Click the image for a larger version of the graph.

There were enough listings that expired and didn’t come back on the market, at least not yet, to bring the total number of residential properties available for sale lower this week. Inventory fell by 30 homes from last week’s close to settle at 1553 to finish higher than it was at this time last year by 211 homes. Single-family inventory slipped back below the 1000 mark after reaching new annual highs over the past couple of weeks. Today, there are 984 houses showing an active status within the city of Saskatoon, up from 840 a year ago. Condo selection sits at 442 for an annual increase of 30 homes.

Click the image for a larger version of the graph.

Strong activity at the upper end of the Saskatoon real estate market kept the week’s price measures high. The average price, supported by a good handful of sales above $500K and one deal that wrapped up at close to a million dollars, came in about where it was last week at $360,226. Meanwhile, the median price paid for a Saskatoon home rose about fourteen thousand dollars to $356,450. Looking to the longer term measures, we see the six-week average price of a Saskatoon home edging lower, down just a few hundred from last week to $357,612 for an annual gain of about 22K. The four-week median price increased by fifty-five hundred over last week and closed at $337,500 to claim a slight increase (two thousand dollars) over where it sat a year ago.

Click the image for a larger version of the graph.

Overbid activity continued to cool but those that were into it came on strong. Just two sales closed higher than the seller’s asking price, one of those at $26,000 above, to produce an average overbid of $15,550. On the flip side, 61 buyers managed to grind out a deal that provided a discount averaging $10,485. Another five buyers offered to pay full price.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 67 cancelled and withdrawn listings (62 and 5 respectively), 73 expired listings and 62 price changes.

Highlights from the news this week

High number of homes for sale in Saskatoon – Star Phoenix
Why the Bank of Canada will keep rates low – Canadian Real Estate Association
Why real estate gains in Canada aren’t as healthy as they seem – Financial Post
House prices in Canada’s major cities setting hot pace, but for how long? – 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

Brisk Saskatoon real estate market remains balanced through August, 2014: SRAR

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for August of 2014 recently accompanied by the following release.

Please note that many of the association’s comments touch on “year-to-date” numbers, and some may be based on all sales within the association’s full trading area. The charts which you see, as always, reflect activity within the city of Saskatoon on a month-to-month basis over the past several years.

At the end of August there were 1,595 properties available in the Saskatoon real estate market. This represents an increase of 16 percent year-over-year in inventory levels and is nearly 11 percent higher than the five year average. The number of homes that have been listed for sale in the Saskatoon area in 2014 reached 9,734 for a 13 percent increase over 2013.

Click the images for a larger version of the chart.

Strong sales, which were up eight percent for the same period, helped keep the sales-to-listing ratio at just over 50 percent to produce a balanced market. “Depending on what price range a property is in the sales to listing ratio will vary. Currently the west side of Saskatoon enjoys a slightly stronger seller’s market than the east side and north end,” comments Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®. The months of inventory, which reflects the time needed to liquidate the current inventory of listed homes, is up slightly to just over 4 months as the increase in properties for sale continues to outpace the increase in sales across Saskatoon.

Click the images for a larger version of the chart.

The activity in homes priced between $500,000 and $750,000 continues to do well with 332 unit sales, an increase of 35 percent over last year.  Not surprisingly, the price range with the most unit sales year-to-date is between $350,000 and 400,000 with 551 units sold, a 16 percent increase from 2013. Saskatoon’s transaction volume for 2014 sits at just under $1.5 billion, an increase of 11 percent over last year and is on track to reach $2 billion by year’s end. “It is encouraging to see strong activity across the board in the Saskatoon market, especially over the summer months when real estate activity typically slows,” comments Yochim.  “In spite of our strong market we continue see a modest three percent increase in the average sale price.”  The average price of a home in Saskatoon currently sits at $353,000.

Click the images for a larger version of the chart.

Currently there are just over 330 newly constructed homes available on the Multiple Listing Service® in Saskatoon. According to reporting by Canada Mortgage and Housing Corporation, single-family detached housing starts are on pace with last year while multi-family unit starts are almost double those of 2013 halfway through the year. Competitive pricing and continued low interest rates are resulting in more absorption in the new home market.

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate