Saskatoon real estate week in review: January 25-31, 2015

The local housing market took another jump forward as residential real estate sales increased for the second week in a row. Saskatoon real estate agents reported 61 firm deals to the multiple listing service® for weekly growth of 15 sales, but still falling short of numbers generated over the same week last year when 70 sales hit the system. It’s looking like January will wrap up with about 180-185 residential unit sales. That’s well off of last January’s 227 units (a roughly 20 percent decline), and the first time we’ve seen a year-over-year decrease in sales since July, the only month that occurred last year.

The number of new MLS® listings that were added to the system saw some big declines this week reaching their lowest level since the start of the new year at 140 homes, down 41 from last week, but still higher than the number added during the same week last year when new listings registered at 133 Saskatoon homes.

Click the image for a larger version of the graph.

Saskatoon MLs sales and listings of homes for the wkek of January 25-31, 2015

A decent sales week, and fewer new entrants to the MLS® listing market created a kink in the inventory line that has been climbing fiercely since the start of the year. As of this morning the multiple listing service® shows 1447 active residential listings within the city of Saskatoon, up just 16 from the close of last week for the smallest weekly gain this year. Of course, that doesn’t change the fact that those levels are up over last year by 306 homes, an aggressive annual increase by any standards.

The number of single-family homes for sale in Saskatoon registers at 823 this week while condos sit at 482. Somehow I neglected to record those numbers this week last year. If I recall correctly, I was probably enjoying a Red Stripe at Reef Watch in lovely Jamaica and I took a short cut to the post’s close. Yeah, mon.

Click the image for a larger version of the graph.

Active Saskatoon residential MLS listings at January 31, 2015

In spite of some ups and downs with the weekly average, which slipped lower to $331,000 this week, prices remain pretty resilient even with tougher conditions for sellers. The lower average was caused by far fewer sales at the high end of the market as the median price slid to $326,500. The six-week average price of a Saskatoon home stayed stable on a weekly basis at $351,344 but fell below last year’s number by about a thousand dollars. The four-week median price edged higher to grow by $1,200 from last week. It reached $336,250 to find itself up on an annual basis by about eight thousand dollars.

Click the image for a larger version of the graph.

Average and median house prices sold on the Saskatoon MLS January 25-31, 2015

Four sellers managed to close an above list sale with an average bonus of $11,725 while 53 buyers made off with a negotiated discount averaging $8,202. The other four closed deals were reported as being sold at the asking price.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for MLS sales January 25-31, 2015

Other notable real estate activity this past week included 37 cancelled and withdrawn listings (35 and two respectively), 21 expired listings and 36 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 real estate week in review: January 18-24, 2015

The Saskatoon real estate market came alive this week and recorded sales closer to historical norms for the first time this year. Local agents reported a total of 46 residential sales, an increase of 18 units over the previous week and just three sales shy of numbers recorded during the same week a year ago.

New listings continued to flow onto the Saskatoon MLS® system at a pretty rapid pace. This week, a total of 181 new listings went up for sale, pretty much even with last week but well ahead of the same week last year when just 118 Saskatoon homes were added to the system.

Click the image for a larger version of the graph.

MLS® sales and listings in Saskatoon from January 18-24, 2015

Even a stronger sales week couldn’t prevent the total inventory of residential listing available from blasting higher. I say “blasting” because the chart is starting to look more like a missile launch than a typical active listings chart. The week came to a close with total MLS® listings sitting at 1433, up 97 homes from last week and ahead of the levels we saw at this time last year by 286 homes for an annual percentage increase of 25.

Condominium inventory grew from 352 last year to 481 today while single-family home listings went from 699 to 810 over the same period of time.

Click the image for a larger version of the graph.

Active Saskatoon MLS® residential listings at January 24, 2015

Higher end home sales drove the median price and the average sale price of a Saskatoon home higher to $361,200 and $393,518 respectively. The six-week average sale price edged higher growing by about three thousand dollars from last week to reach $351,130 to claim an annual gain of less that four thousand dollars. Meanwhile, the four-week median price hit $335,000 for a annual increase of a bit more than ten thousand dollars.

Click the image for a larger version of the graph.

Average and median sale prices paid for Saskatoon homes sold MLS® from January 18-24, 2015

Sellers found a little more love this week in spite of tougher than normal conditions. Four of them landed an above list price sale with an average bonus of $5,280 being paid, proving that the right house at the right price can still cause some excitement. Another seven buyers made a full price offer to wrap up a deal while 35 of this week’s 46 sales went for less than the asking price with an average discount of $10,206.

Click the image for a larger version of the chart.

Saskatoon real estate statistics for MLS® sales from January 18-24, 2015

Other notable real estate activity this past week included 36 cancelled and withdrawn listings (35 and one respectively), 17 expired listings and 33 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 real estate week in review: January 11-17, 2015

Softness in Saskatoon housing sales persisted through another week as local agents reported just 28 firm home sales to the multiple listing service®, down five from last week, and below sales for the same week last year by 13.

Once again, Saskatoon real estate agents used the time that wasn’t eaten up selling homes, by listing them, as another 179 properties found their way to the MLS®. That was 15 fewer homes than were listed the week before, and 67 more than were introduced to the market over the same period of time last year.

Click the image for a larger version of the graph.

Saskatoon homes sold and listed MLS from January 11-17, 2015

The large disparity between sales and new listings brought the active inventory of residential MLS® listings higher again, something that we can expect to see regularly for the next two months. By the close of business Friday, active listings had reached 1,340 within Saskatoon city limits, a huge increase of 88 listings when compared against numbers recorded at the close of last week, and sharply higher than levels of a year ago when 1,131  were available on the Saskatoon multiple listing service.

The available supply of single-family homes sat at 771, up 36 from last week for a year-over-year increase of 91 (+13.4%) homes. Condo inventory closed the week at 431, to grow by 34 over the course of a week, up 80 (+23%) from levels recorded at the close of the same week last year.

Click the image for a larger version of the graph.

Active Saskatoon real estate listings on the MLS at January 17, 2015

More activity in entry level price ranges ushered the average and median sale prices of a Saskatoon home lower. The average slipped almost 20K to settle at $359,857 while the median dropped just five thousand dollars to $335,000. The six-week average sale price stayed stable at $348,105 to maintain an annual increase of just over two thousand dollars. Meanwhile, the four-week median price tumbled lower dropping 20K on the week to hit $319,000 for a yearly loss of six thousand dollars. Again, these price numbers are pretty much all over the place when there are under 30 sales in the mix so it’s difficult to draw any solid conclusions about price trends with such limited numbers.

Click the image for a larger version of the graph.

Average and median prices paid for Saskatoon homes sold January 11-17, 2015

Even with weak sales two sellers found some love this week and negotiated an above list price sale. One other received a full price off while 25 of the week’s 28 deals went below list by an average of $8,980.

Click the image for a larger version of the chart.

Saskatoon real estate stats for MLS sales recorded January 11-17, 2015

Other notable real estate activity this past week included 50 cancelled and withdrawn listings (45 and five respectively), 26 expired listings and 28 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

Canadian home sales and prices rise in December, 2014 from year ago levels

The Canadian Real Estate Association (CREA), released national sales statistics for the month of December, 2014 recently. According to the CREA, “December sales were down from the previous month in a number of Canada’s largest and most active housing markets, indicating a broadly based cooling off for Canadian home sales as 2014 came to an end,” said Gregory Klump, CREA’s Chief Economist. “Even so, sales remain above year-ago levels in many of the same markets.”

Highlights of CREA’s report    

  • National home sales fell 5.8% from November to December.
  • Actual (not seasonally adjusted) activity stood 7.9% above December 2013 levels.
  • The number of newly listed homes rose 1.1% from November to December.
  • The Canadian housing market remains balanced.
  • The MLS® Home Price Index (HPI) rose 5.4% year-over-year in December.
  • The national average sale price rose 3.8% on a year-over-year basis in December.

Read the entire report on Canadian MLS® sales for December, 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

Fisher's take on the year behind us and the year ahead for Saskatoon home sales

I had the opportunity for a quick interview with Lisa Dutton of Global News in Saskatoon to discuss the Royal LePage House Price Survey for the fourth quarter of 2014, released yesterday. Here’s a recording of the interview which includes some facts about the Saskatoon real estate market in 2014 and some speculation on what we might expect in 2015.

What do you see happening in Saskatoon’s real estate market in 2015?

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