Saskatoon real estate week in review: November 23-29, 2014

Homes sales took a step up this week as Saskatoon real estate agents reported 83 houses and condos as having firmly sold, up from 72 last week, to finish ahead of the same week last year when just 64 deals were completed.

The number of new listings added to the MLS® system headed in the opposite direction and slipped lower by 43 units on a weekly basis to just 104, the smallest number of new listings for any week since February, but still well ahead of the same week a year ago when just 83 Saskatoon homes were offered for sale.

Click the image for a larger version of the graph.

The total number of residential listings showing an active status on the Saskatoon multiple listing service® finally took a dive as it slid lower by 45 properties compared to the close of the previous week, to fall below 1500 for the first time since early May. Today, we have a total of 1497 residential properties for sale, up from 1246 a year ago. Among those listings are 871 single-family homes, up from 768 a year ago, and 475 condominiums, up from 370 at this time last year.

Click the image for a larger version of the graph.

A strong week of sales that were closer to the entry level of the Saskatoon real estate market brought the weekly median price lower by almost 20K to $335,000 and the average sale price of a Saskatoon home followed as it slipped to $347,080. Still, the longer term measures made some gains as the six-week average price edged up nearly four thousand dollars to hit a new high of $370,778 for annual growth of about 23K. The four-week median price held steady at $350,000 for the second week in a row to claim an annual increase of roughly thirty thousand dollars.

Click the image for a larger version of the graph.

Overbid sales continued to be a near non-factor as just two sellers found a buyer willing to pay more than list. Those deals closed with an average bonus of $11,150 largely driven by one twenty-two thousand dollar overbid. Another eight sales closed at the full asking price while 73 of this week’s 82 sales closed below the seller’s asking price by an average of $9,573.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 54 cancelled and withdrawn listings (48 and six respectively), 19 expired listings and 33 price changes.

Highlights from the news this week

Pay off your mortgage or invest? What’s best for you? – Financial Post
Modest amount of overvaluation in housing markets – CTV News
IMF can’t stop worrying about Canada’s so-called housing bubble – Financial Post
Home ownership slightly more affordable: RBC – CBC News

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 Vidorra

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

Saskatoon real estate sales trailed lower this week as local agents reported a total of 72 house and condominium sales, down from 81 the previous week, to finish behind the same week last year by ten sales. If there’s any significance to this week’s numbers, it that those 72 sales, combined with all other residential sales to have occurred this year, were enough to push us ahead of the residential sales numbers for all of 2013. At the close of last year, Saskatoon REALTORS® had completed 4215 Saskatoon home sales. As this week wraps up, we are sitting at 4,229 for 2014.

New MLS® listings grew higher again on an annual and a weekly basis. This past week, 147 listings were added to the Saskatoon multiple listing service®, up 27 from last week to make gains of 47 when compared against the same week a year ago.

Click the image for a larger version of the graph.

It’s not all peaches and cream.

The number of active Saskatoon real estate listings in the residential category of the Saskatoon MLS® remained stubbornly high at 1,542. That’s 26 homes more than were available last week, and 263 more than could be found on the system a year ago. Interestingly, it’s the only time inventory has made gains during this particular week since I started “the week in review” in late 2006. It’s just not something that we are used to seeing at this time of year, period.

It’s somewhat concerning because the current trend over the past few months, observable on the black active inventory line, leads me to believe that we could easily finish December somewhere above 1,400 active listings. We’ve certainly been there before, but not this late in the year. The problem, of course, is that inventory will start its upward cycle almost immediately come January. Where will it end up next year? I think it’s anybody’s guess, but a new peak seems inevitable.

As concerning as this is, one only needs to go back a few years to our last inventory peak to be reminded that conditions can change rapidly. In 2008, the number of homes for sale on the Saskatoon multiple listing service® bolted higher from a low of 400 at the start of the year to peak at nearly 1,800 homes. In January of 2009, we started the year with annual inventory gains of 800 listings (a 200 percent increase), but the spring listing period was weak, the inventory peak for the year was reached in May, and inventory rapidly declined through the balance of the year. House prices did soften some. The average sale price of a Saskatoon home finishing 2009 two percentage points lower than it had the previous year. There were larger corrections in some housing types, but overall, the market rode through that storm quite steadily even though the preceding period was one during which market activity and price gains were extraordinary.

Taking a closer look by housing category, we currently have 907 single-family homes offered for sale on the MLS® system, up from 786 a year ago. Today, there are 495 condo owners looking for a buyer, up from 381 at this time last year.

Click the image for a larger version of the graph.

The median price of a Saskatoon home lost some of the big gains it had recently produced and dropped about 10K to $353,500 this week. The average price moved in the same direction but saw declines of twice what we see in the median, still closing near $365,000. The four-week median softened slightly losing two thousand dollars compared to the previous week to finish this period at $350,000 even, up more than $23,000 compared against the same week last year. On the other hand, the six-week average price grew by two thousand dollars to reach $366,938 and finished ahead of the same week last year by fourteen thousand dollars to claim a new weekly record.

Click the image for a larger version of the graph.

Overbid sales were soft at just two with an average bonus paid to the seller of $10,050 which was largely driven by a 20K overbid on a small area 4 bungalow priced at $175,000. Another 13 lucky sellers completed a full price deal, while 57 of this week’s 72 completed transactions wrapped up with a price that was below the seller’s asking price by an average of $11,577.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 46 cancelled and withdrawn listings (42 and four respectively), 23 expired listings and 41 price changes.

Highlights from the news this week

Housing bubble begone – Turns out we may need all these homes – Financial Post
Canada’s housing market a three city show – Globe and Mail
Canadian home sales edge higher in October – Canadian Real Estate Association
Canada’s average house price rises seven percent to $419,617 – CBC
Don’t fret over housing – There’s no significant overbuild – Globe and Mail
Real estate investing coming of age – Financial Post
Klump says housing bubble is bunk – 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 Vidorra

Canadian home sales inch higher in October, 2014: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of October, 2014 recently. According to the CREA, “The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations edged up 0.7 per cent in October 2014 compared to September. This marks the sixth consecutive month of stronger resale housing activity compared to a quiet start to the year, and the strongest activity for the month of October since 2009.”

Highlights of CREA’s report    

  • National home sales rose 0.7% from September to October.
  • Actual (not seasonally adjusted) activity stood 7% above October 2013 levels.
  • The number of newly listed homes rose 0.8% from September to October.
  • The Canadian housing market remains balanced.
  • The MLS® Home Price Index (HPI) rose 5.5% year-over-year in October.
  • The national average sale price rose 7.1% on a year-over-year basis in October.

Read the entire report on Canadian MLS® sales for October, 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: November 9-15, 2014

 

On the heels of a week that felt more like January than November, Saskatoon real estate sales recovered and returned to levels more typical of the season. Local agents reported a total of 81 firm sales in the combined single-family homes and condominium categories to record weekly gains of nearly 30 home sales, enough to finish ahead of the same week last year by 26.

The number of new MLS® listings to enter the system plummeted and slipped to just 120, down a whopping 75 units from last week. In spite of the lighter flow, new listings still made big year-over-year gains. Looking back to the same period last year we see just 94 properties being added to the inventory.

Click the image for a larger version of the graph.

Fewer listings and a stronger sales week saw the total number of active listings on the multiple listing service® fall, wiping out most of last week’s gains. We closed the week with 1,516 residential properties showing an active status. That’s down from 1573 at last week’s close and well up from the 1297 Saskatoon homes available at this time last year. We currently show 897 houses and 489 condos in the inventory. Compare that to 792 and 408 respectively when looking back to the numbers of available listings on the same day last year.

Click the image for a larger version of the graph.

The median price of a Saskatoon home took a large jump to $361,250 as more upper end buyers engaged the market. The weekly average followed suit, encouraged upwards by one sale at close to a million dollars and a couple closing in on 800K. This week it reached one of its highest points for the year at $379,676. Both of our longer term measures made gains this week as the six-week average price paid for a Saskatoon home reached $364,913. That amounts to a weekly gain of about five thousand dollars and an annual increase of about nine thousand. The four-week median price edged up $352,000 for a weekly increase of four thousand and an annual drop of five thousand.

Click the image for a larger version of the graph.

Once again, the market proved to have lost some heat with the changing weather. Just one seller found a buyer willing to pay more than list, and that offer closed with just a $100 bonus to the seller. Another eight deals closed at the seller’s asking price. On the other hand, 72 of this week’s 81 deals required a discount to close. Those discounts averaged $12,224.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 51 cancelled and withdrawn listings (42 and nine respectively), 22 expired listings and 54 price changes.

Highlights from the news this week

Housing starts cool in October – Globe and Mail
Why we shouldn’t fear a crash in Canada’s three hottest markets – Globe and Mail
Protect your condo investment – 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 Vidorra

Saskatoon real estate week in review: November 2-8, 2014

You may recall that last week registered as one of the strongest weeks that a very active Saskatoon real estate market had seen since spring. This week, we paid the price for last week’s strong showing as the number of houses and condos that traded hands on the multiple listing service® fell to its lowest point since January of this year. Saskatoon real estate agents reported just 52 firm sales to the MLS® system, down to less than half of last week’s total and falling short of sales for the same period last year by 14 homes.

It’s not that agents weren’t busy. They were. Busy listing homes, that is. In stark contrast to the weak sales numbers, the number of new listings added to the Saskatoon MLS® shot higher, not completely unusual for the first week of the month, but definitely hitting numbers that we’re not accustomed to seeing at this time of the year as 195 flowed into the system. House and condominium listings saw a weekly increase of nearly forty homes beating numbers for the same week a year ago by 74.

Click the image for a larger version of the graph.

Last week, the number of Saskatoon homes showing an active status on the multiple listing service® fell by nearly fifty homes as a flood of expired listings came off of the system. This week, the majority of those likely came back for another crack at the market as the total number of homes listed for sale in Saskatoon grew by 61 to reach 1573 for an annual increase approaching 300 units. Last year at this time there were 1282 Saskatoon homes for sale, a number that was already well ahead of what had been typical in previous years. At this time, there are 920 single-family homes for sale in the city, up from 792 at this time last year. Condo inventory sits at 487 for an annual increase of 91 homes.

Click the image for a larger version of the graph.

The mix of sales looked much like last week with the median sale price of a Saskatoon home holding steady at $338,000. Fewer high end sales brought the average sale price down by 17K from a week ago to $352,911. Meanwhile, the longer term measures held pretty firm as the six-week average price came in virtually unchanged from a week ago at $359,455. That was enough to claim an annual increase of about 12K. The four-week median slipped just two thousand dollars on the week to $348,000 to find itself nearly even with last year’s number.

Click the image for a larger version of the graph.

Above list offers were limited to just one as a single buyer sweetened their offer by topping the seller’s asking price by $2,600. Five more agreed to a full price deal while 46 insisted on a discount that averaged $9,440.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 92 canceled and withdrawn listings (64 and 28 respectively), nine expired listings and 100, yes 100 price changes.

Highlights from the news this week

Housing price disparity growing between major centres and the rest of Canada – Globe and Mail
Norm Fisher opens Royal LePage Vidorra in Saskatoon – Royal Lepage Leading Edge

 

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 Vidorra