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

Saskatoon real estate agents had some time to enjoy the holidays this week as the local housing market was less than demanding. Home sales fell to their lowest level when compared against any other week this year as just 28 properties traded hands, down from a strong 67 the week before and just below numbers generated during Christmas week last year when 30 sales were reported.

http://teamfisher.com/saskatoon-real-estate-week-in-review-december-14-20-2014The number of new listings added to the multiple listing service® plummeted, also reaching an annual low. The week saw just 32 listings hit the system, down from 80 the week before, and at levels roughly half of new listings for the same week last year. This week’s listings stand well apart from all others this year. The previous low week saw 70 units houses and condos added to the MLS® system.

On the heels of a four-week free fall, the MLS® inventory of active listings declined just modestly this week, slipping by 15 properties to 1284, leaving us up on a year-over-year basis by about 159 homes. This next week will, of course, be a huge one for expired listings with 132 properties set to come off of the system, if not renewed or extended in the next three days. Still, we appear ready to start the year with total active listings in the mid 1,100 range, for an annual increase of roughly 10-12 percent, I’d guess.

A closer look by housing type shows 759 Saskatoon houses being available to buyers today, up from 681 a year ago. There are currently 382 condominiums for sale in Saskatoon, up from 344 at this time last year.

Following one of the largest drops to the weekly average price that we’ve seen all year, that measure dropped even further this week, slipping to $317,461. Meanwhile, the median sale price of a Saskatoon home recovered from just $279,000 last week and reached $308,050. It seems that luxury home buyers have better things to do than to buy homes the week before Christmas. This week’s mix of sales had just one showing a price of greater than $500,000 affecting the weekly number significantly. A quick look at the price chart will confirm that this is typical of the season and likely to be repeated next week.  Still, even the longer term price measures were not left unaffected. The six-week average price of a Saskatoon home fell a bit more than eight thousand dollars from last week to settle at $349,889 for an annual increase of about 13K. The four-week median price slipped eight thousand as well to close the week at $331,000 for an annual increase of just one thousand dollars.

In spite of soft sales, two Saskatoon home sellers managed to find a buyer who was willing to pay more than their asking price, but the overbids were fairly conservative averaging just $2,733. Another seven buyers showed some Christmas spirit and made a full price offer while 19 of 28 weekly sales closed at less than the asking price with an average discount of $10,384.

Other notable real estate activity this past week included six canceled and withdrawn listings (four and two respectively), 34 expired listings and just six price changes.

As we close this year, I’d like to say thanks again for reading and following our blog. We’ll remain committed to our market updates through 2015 and we hope that we can count on you to continue to visit for updates.

Happy New Year!

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: December 14-20, 2014

Saskatoon real estate agents kept unusually busy this week, given that Christmas is almost upon us. A total of 67 residential sales were reported to the multiple listing service® this week, up 26 from last week, and up 23 on an annual basis.

The number of new listings added to the MLS® kept a strong pace as well, with 80 Saskatoon homes being added to the database, up just three from last week and ahead of numbers posted during the same week last year by 18.

Click the image for a larger version of the graph.

The MLS® inventory of active listings continued to fall as pre-Christmas expired listings fell out of the system. By week’s end, the total number of Saskatoon homes available to buyers had slipped to 1298, down from last week by 53 properties, but still ahead of levels recorded a year ago when just 1158 active residential listings could be found. With another 147 listings set to expire between now and the end of the year, it’s looking like annual gains in active listings will be considerably smaller by year end than they have been for months.

Today, single-family homes inventory sits at 764, up from 707 during the same week last year. Condo listings are at 393, up from 351 a year ago.

Click the image for a larger version of the graph.

This week’s sales were largely driven by entry level product. Consequently, the average sale price of a Saskatoon home fell sharply to just $332,943 to hit its lowest point since April, in spite of the fact that a $1.2 million sale was included in the mis this week. The median fell even more to just $279,000. The six-week average price edged lower by three thousand dollars from last week to $358,178 to claim an annual gain of about 16K. Meanwhile, the four-week median slipped to its lowest point in nine weeks, $339,000. That’s a $10,000 drop for last week, just thirteen thousand dollars ahead of where it was a year ago.

Click the image for a larger version of the graph.

Late December almost always presents the most favourable conditions for buyers, as the market quitens considerably and sellers get a bit antsy. Buyers had their way this week at the negotiating table as sellers showed some motivation to wrap up a deal for Christmas. 56 of 67 sales closed below the seller’s asking price with an average discount of $12,637. Another ten buyers paid the full asking price for the home they bought. Just one seller bagged a deal above their asking price scoring a $6,000 bonus.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 28 cancelled and withdrawn listings (23 and five respectively), 43 expired listings and 21 price changes.

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 residential real estate sales numbers hit new highs

The Saskatoon real estate market changed forever in 2007. The price of a home rose 45 percent over the course of a year, and in spite of consistently low levels of MLS® inventory, annual residential real estate sales hit a new high with 4,448 Saskatoon homes changing hands, a number that we wouldn’t see again, until this year. Just before noon today, the Saskatoon MLS® system recorded it 4,449th sale for 2014 to usher in a new record.

Here’s a little history of residential sale numbers over the past ten years.

Of course, I knew that listing numbers were also higher than normal this year, but until I constructed this chart I hadn’t realized just how high this year’s number are.

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

TeamFisher among top one-percent of Royal LePage REALTORS® in Canada

TeamFisher was awarded the National Chairman’s Club Award for 2014 on Monday. The award goes to the top one percent of the Royal LePage’s national sales force which consists of over 16,000 agents, so we are all just thrilled to have made our first appearance on this list in 2014. My thanks to Lyndon, Jillian, Pamela, and Brett, the top-notch team of real estate pros who I get to spend my days with, and to almost 140 families who trusted us to help them buy, sell, or connect with a great agent somewhere else.

Saskatoon's TeamFisher from Royal LePage Vidorra win the National Chairman's Club Award which recognizes the top one percent of more than 16,000 agents nation wide.

Canadian home sales hold steady in November, 2014: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of November, 2014 recently. According to the CREA, “The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations was unchanged in November 2014 compared to October. As a result, activity remains much improved compared to the quiet start to the year.”

Highlights of CREA’s report    

  • National home sales were unchanged from October to November.
  • Actual (not seasonally adjusted) activity stood 2.7% above November 2013 levels.
  • The number of newly listed homes edged down 0.4% from October to November.
  • The Canadian housing market remains balanced.
  • The MLS® Home Price Index (HPI) rose 5.2% year-over-year in November.
  • The national average sale price rose 5.7% on a year-over-year basis in November.

Read the entire report on Canadian MLS® sales for November, 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 Vidorra