Saskatoon real estate week in review: September 20-26, 2015

All things considered, Saskatoon real estate agents reported some pretty strong numbers this week. A total of 96 residential properties were reported as being firmly sold, up six from the previous week, and just seven fewer than were sold during the same week last year. That said, sales activity month-to-date reveals the same softness that we’ve seen through most of this year. Last September, 427 Saskatoon homes traded hands. With just three business days remaining in the month, we’ve just passed the 300 mark for this September. Assuming that 60 or so sales flow through the multiple listing service® during the first half of the week, we’ll be looking at declines of around 15 percent, year-over-year, more or less in line with the five year average.

The number of new residential listings added to the MLS® continued to show drops for the third consecutive week. Local agents wrote 203 new listings, down from 214 last week but still well ahead on an annual basis. Last year, just 172 listings were added to the system over the same period of time.

Click the image for a larger version of the graph.

Active Saskatoon real estate listings in the residential category remained flat at 2057, down just one unit from totals recorded a week ago but ahead of last year’s levels by 460 homes. Today we see 1165 single-family homes displaying a “for sale” status up on the multiple listing service® up from 1017 a year ago, a 13 percent increase. Condo inventory sits at 688, up from 460 a year ago for an annual increase of a whopping 50 percent. Ouch!

A bit more action at the upper end of the market saw the median sale price of a Saskatoon home spike higher to $347,750 while the average sale price jumped a more modest 10K to $347,098 and reached its highest point in five weeks. The six-week average sale price slipped lower for the fifth week in a row to finish at $343,817. That’s down about eleven thousand dollars from levels recorded a year ago. The four-week median price made some gains finishing ahead of last week by about fifteen hundred dollars at $334,888 for an annual drop of ten thousand dollars.

Click the image for a larger version of the graph.

Seven sellers got more than their asking price by an average of $21,772. A closer look reveals one new home that went $70,000 above list. It’s fair to assume that this home was reported with a price that included additional improvements not anticipated in the original list price.  On the other hand, 80 of this week’s 96 deals closed below list price with an average discount of $10,909. Another seven sales were recorded at the seller’s full asking price.

Other notable real estate activity this past week included 106 cancelled and withdrawn listings (100 and six respectively), 46 expired listings and 107 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: September 13-19, 2015

This past week brought a solid rebound in Saskatoon real estate sales as local REALTORS® reported 90 residential sales to the multiple listing service®, well up from 64 for the previous week, but down 12 when compared against completed sales for the same week last year.

The number of new listings added to the MLS® weakened just slightly. Over the course of the week, agents brought 214 Saskatoon homes to the system, down seven from last week and about even with the number of homes added during the same period a year ago.

Click the image for a larger version of the graph.

The number of active Saskatoon real estate listings in the residential category was largely unchanged as the grand total edged up by just two homes this week to close at 2058 homes for an annual increase of 445 properties. Numbers slipped lower for the week in the single-family homes category which finished the week at 1199, up from 1002 a year ago. Condominium inventory edged up this week gaining three to reach 680 for an annual increase of 206 units.

The median price paid for a Saskatoon home saw a modest increase this week to $331,000. The average price inched higher by nearly the same amount and hit $337,458. These modest gains couldn’t keep the longer term price measures from heading lower as they’ve been doing for several weeks. The six-week average sale price slipped about three thousand dollars to $344,703 to find its lowest point since mid-April, and to show an annual loss of eight thousand dollars. The four-week median price lost nearly seven thousand dollars compared to last week as it came in at $333,200 and recorded an annual loss of nearly 14K.

Click the image for a larger version of the graph.

Negotiations largely favoured buyers, as usual, with 79 of 90 sales being reported as having sold below the asking price with an average discount of $12,825. There were five deals that closed at the full asking price and another six that saw the buyer offering more than the seller had asked by an average of $10,530.

Other notable real estate activity this past week included 118 cancelled and withdrawn listings (111 and seven respectively), 32 expired listings and 101 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 at highest level in five years for fourth consecutive month in August, 2015: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of August, 2015 recently. According to the CREA, “The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations edged up 0.3 per cent in August 2015 compared to July
and remains near levels that have changed little since reaching a five-year high in May. ”

Highlights of CREA’s report    

  • National home sales edged up by 0.3% from July to August.
  • Actual (not seasonally adjusted) activity stood 4.0% above August 2014 levels.
  • The number of newly listed homes rose 0.5% from July to August.
  • The Canadian housing market remains balanced overall.
  • The MLS® Home Price Index (HPI) rose 6.43% year-over-year in August.
  • The national average sale price rose 8.7% on a year-over-year basis in August; excluding Greater Vancouver
    and Greater Toronto, it increased by 4.2%.

Read the entire report on Canadian MLS® sales for August, 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: September 6-12, 2015

Home sales numbers softened considerably this week as Saskatoon real estate agents reported just 64 properties having sold to the multiple listing service®, a drop of 21 compared to the previous week, well down from the 98 homes that traded hands during the same week last year.

The number of new residential listings added to the MLS® stayed fairly high at 221, down from 256 last week and about on par with the same period a year ago when local agents added 218 Saskatoon homes to the system.

Click the image for a larger version of the graph.

The total number of active residential listings available to buyers through the multiple listing service® continued to see-saw, this week moving higher by 23 homes over the course of the week to close at 2056 for a year-over-year gain of 463, and an annual percentage gain of 29. This week we closed with 1358 single-family homes showing an active status, up about 36 percent from this date last year when just 994 were available. Condominium selection sits at 677 today, up roughly 43 percent from a year ago when 472 units displayed a for sale status.

A little more buying activity at the entry level ushered the median sale price for a Saskatoon home lower this week to $329,950 even as the weekly average price made some gains over last week’s lows to come in at $335,128. At the same time, the longer term measures both headed lower. The six-week average price slipped for the third consecutive week to settle at $347,673 for a weekly loss of about twenty five hundred bucks and a year-over-year decline of just over five thousand dollars. The four-week median price slipped forty six hundred dollar on the week to $339,900 but managed to keep annual gains amounting to about twenty four hundred dollars.

Click the image for a larger version of the graph.

Most of this week’s buying activity showed sales that were happening below list price, as usual. This week, 58 home buyers netted an average discount of $12,995 while four sellers got lucky and closed a deal that included an average overbid of $2,446. The remaining two transactions were reported to have sold at the seller’s asking price.

Other notable real estate activity this past week included 110 cancelled and withdrawn listings (103 and seven respectively), 34 expired listings and 96 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: August 30 – September 5, 2015

Saskatoon real estate agents reported a total of 85 residential sales to the local multiple listing service® this week, down three from the previous week but topping sales for the same seven day period a year ago by 17 properties.

This week saw the largest number of new listings for any week since early June as many of the listings that expired at the end of August, returned for another go at the market. Agents added 256 Saskatoon homes to the MLS® this week, up from 212 last week for an increase of 90 homes when compared to the same period in 2014.

Click the image for a larger version of the graph.

Following three weeks of growth to the total number of active MLS® listings, inventory took a small dip to 2033, a drop of 26, to close the week up on levels recorded at this time last year when there were 1553 Saskatoon homes available in the MLS® database. Single-family homes inventory slipped lower this week to 1168 units, but finished well up from 984 at this time last year. Condo inventory fell by about 25 units over the past seven days bringing our total to 663, about 220 ahead of levels recorded a year ago.

The weekly median price remained stable at $335,000 an indication that the levels of activity at both the upper end of the market, and the lower end remained constant. By every other measure that we track, prices slipped lower this week. The average sale price of a Saskatoon home fell to just $329,019 and reached its lowest point since early April. The six-week average price slid about seven thousand dollars to settle at $350,194 reaching a low not seen since early May. It closes the week down from where it sat a year ago, again by about seven thousand. Finally, the four-week median price declined by more than four thousand dollars compared to last week. It comes in at $344,500 which amounts to an annual increase of roughly seven thousand dollars.

Click the image for a larger version of the graph.

Four sellers reported a deal for more than the asking price, and another four got all that they were asking for. Meanwhile 77 deals closed with a discount averaging $9,728.

Other notable real estate activity this past week included 101 cancelled and withdrawn listings (96 and five respectively), 121 expired listings and 80 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