Saskatoon real estate week in review: July 19-25, 2015

Saskatoon real estate sales came in remarkably strong again showing year-over-year gains for the third consecutive week. This is the only time such a run has occurred this year. Local agents reported 99 firm residential deals to the Saskatoon multiple listing service® to match last week’s production, beating sales for the same week last year by 16 units. As we enter the final week of July, we are just 80 sales shy of the 422 unit sales recorded last July so it’s looking likely that July sales will actually exceed last year’s number for the first monthly increase this year.

New listings slowed, just a smidgen, as 205 properties were added to the MLS®, down six from last week to fall short of listings added over the same period last year when 209 Saskatoon homes were added to the system.

Click the image for a larger version of the graph.

The total number of Saskatoon homes listed for sale on the multiple listing service® inched up after remaining fairly stable for three consecutive weeks. We closed the week with 2046 active listings, up from 2031 last week and well ahead of the 1573 properties that could be found on the system at the same time in 2014. Looking ahead, we can see 83 properties that are set to expire from the system in the coming week. If that actually happens (if they’re not renewed or extended) we may be able to report our first sub 2000 listing level since early May in next week’s update. Today there are 1172 single family homes available to home buyers, up from 984 a year ago. Condo inventory sits at 675 for an annual gain of 202 units.

The average sale price of a Saskatoon home made some gains again growing more than three thousand dollars to $366,634 thanks to a handful of sales at and above 600K, even as the median sale price slipped lower again to $343,000. The six-week average took a slight dip falling by about $600 from last week to $365,758. That’s up on an annual basis by about two thousand dollars. The four-week median price continued a softening trend dropping by more than seven thousand dollars this week to $339,400 to reach its lowest point since early May, closing down more than ten thousand dollars from where it stood at this time last year.

Click the image for a larger version of the graph.

Five lucky sellers found themselves dealing with multiple offers and a buyer willing to pay more than list price. Those deals closed paying an average bonus of $14,790. On the flip side of the negotiation table, 84 Saskatoon home buyers convinced their seller to agree to a discount that averaged $11,533. The other ten sales closed at the seller’s asking price. The largest discounts I’m seeing this week are at about $65K on a couple of luxury type homes priced at $774,900 and $918,000. The largest discount as a percentage of the asking price appears to have been realized on an east-side bungalow priced at $349,900 that sold for $310,000. The strongest category for sellers is the $300,000 to $400,000 which shows an average discount of just $8,096.

Other notable real estate activity this past week included 93 cancelled and withdrawn listings (84 and nine respectively), 31 expired listings and 69 price changes.

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 reach five year peak in May and June, 2015: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of June, 2015 recently. According to the CREA, “The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations declined by 0.8 per cent in June 2015 compared to May. Sales levels in May and June marked the strongest monthly readings in more than five years.”

Highlights of CREA’s report    

  • National home sales edged back by 0.8% from May to June.
  • Actual (not seasonally adjusted) activity stood 11% above June 2014 levels.
  • The number of newly listed homes edged down 0.2% from May to June.
  • The Canadian housing market remains balanced overall.
  • The MLS® Home Price Index (HPI) rose 5.43% year-over-year in June.
  • he national average sale price rose 9.6% on a year-over-year basis in June; excluding Greater Vancouver and Greater Toronto, it increased by 3.1%.

Read the entire report on Canadian MLS® sales for June, 2015.

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: July 12-18, 2015

For the first time this year, residential sales in the Saskatoon real estate market showed year-over-year increases two weeks in a row. In fact, prior to this little run, we’ve only seen two weeks all year during which sales hadn’t fallen on an annual basis. Total units sold increased by just three on the week to finish at 99, up nine units when compared against the same week last year.

New listings also moved ahead as 211 Saskatoon homes hit the multiple listing service®, up from 205 last week, and well ahead of the 177 listings recorded for the same period a year ago.

Click the image for a larger version of the graph.

Of course, inventory continues to be the topic of discussion as the media attempts to strike fear into the hearts of would be buyers and sellers, even while it shows signs that we have very likely passed our peak numbers for the year. As of this morning, the Saskatoon MLS® system shows residential listings sitting at 2031, level with last week’s close. That puts us down just three percent from the peak, and still well up on levels recorded a year ago when just 1542 listings could be found on the system. It’s a lot of inventory, for sure, but we’ve seen higher sales to listing ratios in recent years, and we surely will again. With 144 properties set to expire from the market over the next two weeks it seems likely to me that we should see another notable decline at month end. Today we have 1167 single-family homes for sale within Saskatoon city boundaries, up from 958 a year ago for an annual increase of 22 percent. Condominium inventory sits at 667, up from 472 at this time last year for a year-over-year gain of a whopping 41 percent.

The average sale price of a saskatoon home came in just marginally higher this week at $362,141 even while the weekly median price retreated to $349,900 down about 11K from last week. Meanwhile, the six-week average price moved higher to $366,328 about about four thousand dollars from last week for an annual gain of about $3,500. The four-week median price moved in the opposite direction slipping three thousand dollars to $346,500 to find itself down from the same week last year by $3,500. Prices have shown remarkable resilience over the past months given the changes we’ve experienced this year to the supply and demand scenario.

Click the image for a larger version of the graph.

As usual, the majority of this week’s sales (85 units) are reported to have sold below the asking price by an average of $10,406. The largest discount I could find was $50,000 on an east side two-storey that had been priced at $575,000. The largest percentage discount can be credited to a small east side bungalow priced at $260,000 that went roughly 13 percent below the asking price ($225K). Another seven sales were reported to have sold for more than the seller’s asking price netting said seller a bonus averaging $10,406. The remaining seven transactions closed at the seller’s asking price.

Other notable real estate activity this past week included 104 cancelled and withdrawn listings (92 and 12 respectively), 31 expired listings and 91 price changes.

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: July 5-11, 2015

It was one of just four weeks this year where the number of home sales exceeded those recorded during the same week last year. Saskatoon real estate agents reported a total of 96 residential sales to match last week’s numbers and finish up by 26 sales when compared against the same period last year.

New listings grew over last week as local REALTORS® added 205 properties to the multiple listing service®, for a week-over-week increase of nine properties, up seven from the same week a year ago.

Click the image for a larger version of the graph.

Following the very first week this year that saw the total number of residential properties listed for sale fall, the inventory inched higher growing by just three to close the week with 2,031 Saskatoon homes offered for sale, up from 1,526 at this time last year. It seems likely to me that we have actually reached the peak for inventory numbers this year. With some slowing of new listings, and about 180 listings set to expire over the balance of the month I expect that we’ll soon be operating with fewer than 2000 listings. Taking a closer look at the major categories of housing we see 1,181 single-family homes, down from 1,202 last week, and ahead of last year’s levels by 249 homes. Condo inventory grew from 622 at the close of the previous week to 649 today for an annual gain of 177 units.

The median price of a Saskatoon home swung back to recover its losses recorded last week to close where it had the week before at $360,000. Some larger sales at the upper end of the market brought the average sale price higher too, as it reached $360,145. The longer term measures hardly budged. At the close of business Friday the six-week average price stood at $362,431 up just about one hundred dollars from the previous week, and down about four thousand dollars from where it was a year ago. The four-week median price remained flat on a weekly basis at $349,900 down 15K from the same week a year ago when it had spiked unusually high compared top the weeks around it.

Click the image for a larger version of the graph.

Overbid sales fell off from last week’s high of 15 units to just five this week. Those sellers netted a nice average bonus of $10,900 on their deal. On the other hand 84 buyers made off with a discount averaging $11,971. The other six deals closed at the seller’s full asking price.

Other notable real estate activity this past week included 77 cancelled and withdrawn listings (68 and nine respectively), 32 expired listings and 66 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

Royal LePage golf tournament raises $23,000 for local women’s shelters in Saskatoon

1st-Annual-Golf-Tournament-for-Shelter-in-Saskatoon---014

The results are in.

Saskatoon’s First Annual Royal LePage Golf Tournament for Shelter, held on June 19 at the Willow’s Golf and Country Club was a huge success raising $23,000 for Saskatoon women’s shelters. The funds raised will be divided between Saskatoon Interval House and the Saskatoon YWCA Crisis Shelter.

We’re so very proud of those who worked to bring this great fundraiser together. You did an amazing job! Our golf committee consisted of:

Lyndon Neher, Royal LePage Vidorra
Colette Gates, Royal LePage Saskatoon Real Estate
Alyss Gehl, Royal LePage HALLMARK
Lisa Poier, Royal LePage HALLMARK

On behalf of all Royal LePage agents and brokers in Saskatoon, we’d like to thank all who participated as golfers, with special thanks to our very gracious sponsors who have made this fundraiser possible, and successful. Please remember these businesses for their generosity.

Dinner Sponsors

TMG, The Mortgage Group
Cuelenaere, Kendall, Katzman and Watson

Gold Sponsors

Helen Hyde, Royal LePage Hallmark
SIGA
Daytona Homes
Dave Gibson – TD Bank
Mortgage Architects

Hole Sponsors

Saskatoon Appliance
TKB Law
Leland Kimpinski Law Office
Shawna MacDonald, TMG
Complete Home Inspections
TJ’s Pizza
McDougall Gauley Law Office
Chornoby Law Office
Normand Properties
Bergerman and Smith Law Office
Prairie Building Inspections
Pattison Signs
WMCZ Law
Geransky’s Moving and Storage
Clara Bitzer Law
Royal LePage Varsity
Lawson Appraisals
Royal LePage Vidorra

Prize & Donation Sponsors

Home Alyze
Gabruch Legal Group
Don McIvor, Royal LePage HALLMARK
Abacus Signs
Scott Prokop Photography
WMCZ Law
Hudson’s Canadian Tap House
Delta Bessborough Hotel
Premium Spas
The Fox and Hounds
Boston Pizza
Rocky Mountain Chocolate Factory
Cut Steak House
The Willows Gold and Country Club
Ed Wojcichowsky, Royal LePage Saskatoon Real Estate
Linda Pittner, Royal LePage Saskatoon Real Estate
Genworth Canada
Tara Chornoby
Robertson Stromberg Law Office
Deryk Kendall, Cuelenaere, Kendall, Katzman and Watson
Motion Fitness
Cindy Moleski Photography
Jason Buntle – All in the Wild Photo
Al Weitzel Gallery
Jason Rumpel and Troy Gordon, Royal LePage Regina Realty
Willow’s Golf and Country Club

Domestic violence continues to be a huge problem is Saskatchewan where rates of family violence are the highest of any province, and twice the national average. In the past three months, three incidents involving intimate partners (or former intimate partners) have cost this province nine lives, most of them women and children.