Saskatoon real estate week in review: October 19-25, 2014

Saskatoon real estate market saw sales remain flat on a weekly basis, while they slipped lower compared against last year’s numbers. Local agents reported just 81 firm house and condo sales to the Saskatoon multiple listing service® this week for a gain of just one on last week’s totals to finish seven units lower than the numbers recorded for the same week a year ago.

Meanwhile, the number of new listings added to the MLS® system grew, on a weekly an annual basis. REALTORS® added 153 houses and condos to the system this week, up 16 homes from the previous week and way ahead of the same week a year ago when only 110 properties hit the market.

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The total inventory of active residential listings saw gains for the second week in a row at a time of year when they can almost always be counted on to fall. The number of homes displaying an active status on the MLS® system grew by 18 over the course of the week to reach 1561 for annual growth of 188 Saskatoon homes. Today’s totals show 1107 single-family homes and 454 condos being offered for sale, up on an annual basis from 859 and 415, respectively.

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The average price paid for a Saskatoon home this week slid lower to $338,833. At the same time, the longer term measures both made gains led by the six-week average price which grew by nearly five thousand dollars this week to reach $358,211 for a year-over-year increase of roughly six thousand dollars. The four-week median price inched higher increasing by twenty-five hundred dollars compared to last week’s close leaving it down on an annual basis by just a bit more than 10K.

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Two buyers offered to pay their seller a bonus above the asking price that averaged $18,601. That number was skewed higher by one particularly generous overbid that topped $30,000. Another 65 buyers made off with a discount averaging $11,596. Another 14 deals closed at the full asking price.

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Other notable real estate activity this past week included 60 cancelled and withdrawn listings (53 and seven respectively), 20 expired listings and 63 price changes.

Highlights from the news this week

Real risk to housing markets is ‘constrained liquidity’ – The Toronto Star
Interest rates to remain low and hold longer – CREA News
Moody’s warns on housing market – GlobeAdvisor

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: October 12-18, 2014

It was another reasonably strong week for Saskatoon real estate sales as buyers took advantage of the beautiful fall weather and kept a brisk pace shopping for a new home. Local REALTORS® reported a total of 80 house and condo sales to the Saskatoon multiple listing service® over the past week, up just three from the previous week, and well ahead of the 54 Saskatoon homes that traded during the same period last year.

Interesting, at least to me, is the fact that by the close of this week 3,840 residential sales had been reported for the year. That’s nearly 300 more Saskatoon homes than had been sold by this time last year, and 28 more sales than had occurred by this date, in what turned out to be the strongest year ever for the number of Saskatoon homes that traded hands, 2007. It’s looking like 2014 is likely to be the new record holder for the largest number of residential trades. Don’t be fooled into believing that the market is weak. If you’re trying to sell now, and failing, you are actually letting a pretty good time pass you by.

New listings activity reached its lowest point since the first week of March with just 137 new listings of single-family homes and condominiums being added to the MLS®. That’s 38 fewer homes than were listed the previous week but still well up on last year’s numbers by 25 homes.

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Following three consecutive weeks of declines, the inventory of residential properties displaying an active status on the Saskatoon multiple listing service® took a very small step in the opposite direction growing by two to reach 1543 for an annual increase of 141 properties. Single-family homes make up the lion’s share of the inventory with 1096 homes for sale, up from 884 a year ago. Condo inventory sits at 426, about even with the number of condominiums that were actively for sale at this time last year. Those with some sharp math skills might be asking, “how can single-family home inventory be up 212 units from last year, but all active listings have increased just 141?” It would seem that the difference is in the categories of revenue type properties like duplexes, semi-detached homes, and so on which are nearly non-existent this fall.

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A little more activity towards the upper end of the Saskatoon real estate market saw the weekly median price of a home grow to $345,000 this week. The average price went the same way increasing to $352,707. The six-week average price held stable on a weekly basis at $353,592 for a year-over-year gain that wouldn’t by a family of four dinner at Mickey Dee’s, or about forty bucks. The four-week median grew nine thousand dollars compared to last week and finished the the period at $337,000 to find itself down on an annual basis by eight thousand dollars.

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Three lucky sellers found some love with a buyer willing to pay them more than they were asking. Those overbids were pretty generous too, averaging $4,300. Buyers who were insistent on grinding a bit of a deal fared pretty well with 63 trades closing below asking price for an average discount of $10,971. Another 14 sales hit the books having been reported sold for the full list price.

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Other notable real estate activity this past week included 81 cancelled and withdrawn listings (52 and 29 respectively), just three expired listings and 54 price changes.

Highlights from the news this week

Royal LePage CEO predicts slower growth in house prices – Globe and Mail
Home prices slide 7-8 percent in Regina – Leader Post
Even Canadian real estate companies see house price growth slowing – Globe and Mail
Canadian homeowners paying down mortgages faster than thought – The Star
Canadian home sales climb 10.6 percent and outpace expectations – BNN
Canadian home prices up, but moderating – CTV News
A cooling market but one with legs – 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 slip lower in September, 2014: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of September, 2014 recently. According to the CREA, “The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations fell by 1.4 per cent on a month-over-month basis in September 2014, marking the first monthly decline since January of this year…Actual (not seasonally adjusted) activity in September stood 10.6 per cent above levels reported in the same month last year. September sales were up from year-ago levels in about 80 per cent of all local markets.”

Highlights of CREA’s report    

  • National home sales fell 1.4% from August to September.
  • Actual (not seasonally adjusted) activity stood 10.6% above September 2013 levels.
  • The number of newly listed homes declined by 1.6% from August to September.
  • The Canadian housing market remains balanced.
  • The MLS® Home Price Index (HPI) rose 5.3% year-over-year in September.
  • The national average sale price rose 5.9% on a year-over-year basis in September.

Read the entire report on Canadian MLS® sales for September, 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: October 5-11, 2014

Saskatoon real estate sales numbers headed lower for the second week in a row. Local agents reported 77 firm house and condominium transactions to the Saskatoon multiple listing service®, down 12 from the previous week to fall short of numbers recorded during the same week the previous year for the first time in seven weeks.

The number of new listings added to the MLS® headed lower as well dropping from 222 last week to just 175 this week. Through most of this year, new listings have increased when compared against activity recorded for the same period last year. This was one of the rare weeks that didn’t happen as new listings fell by ten units on a year-over-year basis.

Click the image for a larger version of the graph.

The total number of active residential listings available on the MLS® system continued to taper off as those numbers slipped by ten over the course of the week to 1541 leaving us up by about 140 homes when compared against levels recorded at this time last year. Year-over-year increases are starting to get smaller because inventory had already crept to some lofty heights by the end of Q3 last year. Recent changes to the search functionality of our MLS® system are creating a challenge in putting forward specific numbers of active listings by category. While my search of total residential listings yields a total number of 1541 (a number that makes a fair bit of sense just based on weekly activity), the combined total of single-family homes and condos exceeds that number. We’ll have to give the association a few weeks to sort out some bugs, I’m afraid.

Click the image for a larger version of the graph.

The mix of real estate activity in various price ranges saw the weekly median price of a Saskatoon home grow to $328,000 this week, up from $315,000 a week ago but the average sale price stayed pretty stable at $348,369. Meanwhile, the six-week average price slipped lower losing about seven thousand dollars on the week to settle at $352,888 for an annual increase of just six thousand dollars. The four-week median fell more dropping eleven thousand dollars in a week to $328,000 to finish two thousand dollars lower than it did during the same week last year.

Click the image for a larger version of the graph.

Overbid sales stuck at the three unit mark with an average bonus of $1,895 being paid to those sellers. Another seven sellers saw a full price offer on their home. The remaining 67 sellers had to give a bit to close a sale. The buyers in those transactions saw an average discount of  $10,023.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 73 cancelled and withdrawn listings (64 and 9 respectively), 70 expired listings and 81 price changes.

Highlights from the news this week

Spending on home renos outpaces new construction – Globe and Mail
Millennials lured by lengthy stretch of low rates spur Canada’s condo boom – Financial Post
In today’s hot housing market first timers can’t afford to get in – Globe and Mail
How a housing market decline could put retirement savings at risk – 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 market continues to lead province through September, 2014: SRAR

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for September 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.

The Saskatoon real estate market continues to lead the province with impressive numbers. September was a record setting month with 901 new listings, 30 percent higher than the five year average and a 22 percent increase over last September. Unit sales of 427 represent a 20 percent increase over last September, 23 percent higher than the five year average.

Surprisingly, the price range with the greatest increase in units sold was between $550,000-$750,000 with 450 sales year-to-date, a 35 percent increase. By the end of the third quarter the $300,000-$350,000 price range had the most transactions at 798 units, on par with 2013. According to the MLS® stats from the SRAR, Saskatoon has had 3,621 unit sales and 7,313 listing this year for a sales-to-listing ratio of 50 percent putting it in balanced territory. The average days to sell a home in Saskatoon is 40. This number can vary considerably depending on price range and inventory levels in a similar price range.

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In spite of this robust activity, inventory levels continue to increase with 1,612 units available at month end. “This is a level of inventory that we have not experienced since 2008,” said Jason Yochim, CEO with the Saskatoon Region Association of REALTORS® (SRAR). “Prices increased at an exponential rate in 2007 leading to a slight correction in 2008.” When asked if we are going to see a similar correction in 2015, Yochim’s response is “not likely.” Immigration and employment numbers are strong as well as economic growth. “Our provincial population has grown by nearly 20,000 in the past year and these people need somewhere to live and raise a family,” he adds. “Inventory levels are increasing mostly because new listings are increasing at a faster percentage than sales.”

Click the image for a larger version of the chart.

The MLS® Home Price Index is the most accurate determinate of where the market is trending. According to the index the composite single family residential price of $328,000 is virtually unchanged in 2014. This further reinforces the stability of the real estate market in Saskatoon.

Click the image for a larger version of the chart.

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