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

Happy Halloween!

Up against an unusually strong week for the same period last year, Saskatoon real estate sales fell substantially lower this week to just 63 homes, down from 109 last year, for a weekly decline of 14. New listings moved in the opposite direction growing by ten when compared to the same week a year ago to reach 167, for a weekly gain of 17.

Click the image for a larger version of the graph.

In spite of weaker sales and higher levels of new listings, inventory saw modest declines as 50 listings expired without a sale and came off of the MLS® system. The total number of residential listings on the Saskatoon multiple listing service® sits at 1962 this morning, its lowest point since mid May. Still, that’s just 20 fewer than there were a week ago, and 448 more homes than were available a year ago. Single-family homes inventory sits at 1130 today, down just five from last week’s close, and up from 911 on this date a year ago. Condo inventory slips from 672 last week to 661 today for an annual increase of 208 units. Another 66 listings will expire over the weekend, most likely bringing totals just below 1900 for the first time since the middle of April when it sat at 1869. Thats said, listing have increased during the first week of the month in each of the last four months as sellers rushed to get there listing active again.

The average sale price of a Saskatoon home pushed slightly higher to $346,982 this week, even as more activity in the lower half of the Saskatoon real estate market brought the median sale price lower by fifty-one hundred dollars to $329,900. Meanwhile, the six-week average price fell by just under two thousand dollars from last week to $347,442 for a year-over-year decline of $12,500. The four-week median price inched up five hundred dollars from a week ago to finish the week at $345,000 for a loss of $5,000 from where it stood a year ago.

Click the image for a larger version of the graph.

Overbid sales fell fairly flat as just three buyers found themselves writing an offer that came in above the seller’s asking price. The average overbid amounted to just $767. On the other had, 55 buyers found a seller willing to settle for a discounted sale price which averaged $11,430. Another five sales closed at the full asking price.

Other notable real estate activity this past week included 91 cancelled and withdrawn listings (81 and 10 respectively), 50 expired listings and 99 price changes.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: October 18-24, 2015

The Saskatoon real estate market continued to produce sales at levels that are fairly typical for this time of years. A total of 77 Saskatoon homes were reported sold through the multiple listing service®, up ten units from last week, and down four when compared against the same week a year ago. Meanwhile, the number of new listings added to the MLS® fell lower for the seventh consecutive week slipping to just 150 properties, down 14 from last week and down four from the same period last year. That’s the smallest number of new listings for any week since the third week of February, again, a fairly typical decline given the season.

Click the image for a larger version of the graph.

The total number of residential listings available to buyers through the Saskatoon multiple listing service® slipped to its lowest level since early May as it fell to 1982 properties, down 34 from last week to find itself up by 421 homes when compared against levels recorded a year ago. Taking a closer look by housing type, we see 1135 single-family homes, roughly 20 fewer than were available a week ago, and just 28 more than were displaying an active status on the MLS® a year ago. I believe that to be the smallest year-over-year gain posted this year for detached houses. Condo inventory slips just four units from last week to 672 units for an annual increase of 218 properties to record a year-over-year inventory increase of 48 percent. About 70 listings are scheduled to expire over the next week, while another 124 will meet the end of their term the following week so it’s looking like we’ll see numbers fall off soon, again in a fairly typical fashion.

This week’s sales combined to produce a weekly average sale price of $346,773 and a weekly median price of $335,000, an indication of more activity at the lower end of the Saskatoon real estate market. Looking to the longer term measures we see the six-week average price inching up about $700 from last week’s close to $345,551 for an annual loss approaching 13K. The four-week median price slipped just $500 to reach $344,500 for a year-over-year increase of five thousand dollars.

Click the image for a larger version of the graph.

Remarkably, this week’s sales include seven properties that sold for more than the asking price with buyers paying an average bonus of $5,685 to those sellers. On the other side of the table, 65 home buyers came away with a discount averaging a rather hefty $13,043. Another five sales closed at the full asking price.

Other notable real estate activity this past week included 91 cancelled and withdrawn listings (80 and 11 respectively), 59 expired listings and 78 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

Our seven day experience trekking to Machu Picchu, Peru

Machu-Picchu--417It has been 53 days since Becky and I returned home from Peru. Each day, “Write about Peru” topped my to-do list, and for 52 consecutive days I have failed to strike that item, repeatedly moving it forward to be tackled another day. Today shall be that day.

It’s not that I didn’t want to write. I did. I just couldn’t find the place to start, or the words to describe an experience that was simply indescribable. As it sit here today in front of my keyboard and reflect on this experience, emotions are carrying me off and I find my vision suddenly blurred by tears.

Peru was just one part of what can only be considered an amazing year for me, packed with wonderful changes and events. We opened Royal LePage Vidorra, our downtown location. We completed the purchase of Hallmark Realty and we began a new association with a terrific group of great people there. On a more personal side, my daughter Pamela announced that our family would soon (this December) grow with the addition of a grandchild! Yeaaaah! Becky and I re-opened the previously empty nest when Becky’s daughter Brielle came to live with us. My son Justin and his lovely partner Zoe who have been away for what seems like forever finally came home! I have so much to be grateful for, and then, Peru. Wow!

For those who don’t know, Becky and I went to Peru for a pretty special reason, the Machu Picchu Challenge for Shelter. Almost two years in the making, this fundraiser brought nearly 70 Royal LePage agents from across Canada together to raise funds for local women’s shelters in what turned out to be one of the Royal LePage Shelter Foundation’s most successful fundraisers ever. As of today, $488,347.84 has been raised for shelters that badly need these funds. About $15,000 of that money will find its way to the Saskatoon YWCA Crisis Shelter and Saskatoon Interval House. To all of those who contributed to our campaign, thank you so very much! If you had intended to do so, but didn’t, and would still like to, our page is still open and accepting donations here. Nothing would thrill us more than to push this above $500K before we close. Thank you again from the bottom of our hearts.

Peru was amazing as you can well imagine. Over the two weeks we spent there we experienced so much. As I said, it’s very challenging to describe this trip in words. Thankfully, my new friend Cory Permack, husband of my Royal LePage colleague Rebecca Permack was gracious enough to allow me to use his photos to assist me. Thank you Cory! He took some images that will blow your mind. I promise. So, I’ve broken this post into sections so you can get to whatever seems interesting to you. If you can only make time for one or two clicks, I would really encourage you to visit the two “people” pages.

The beautiful city of Cusco, Peru

People of Cusco, Peru

Festivals and celebrations of Cusco, Peru

Markets and street vendors of Cusco, Peru

Food of Cusco, Peru

The Andes Mountains of Peru

Our trek through the Andes

Camping in the Andes

The Andean people of Peru

Animals of the Andes

Machu Picchu, the prize after a gruelling trek

The trekkers

Take aways

Once again, my thanks to all who supported us in this fundraiser, whether that was through contributions or an encouraging word. It was an experience that we will never, ever forget and we so appreciate you choosing to be on the journey with us.

Norm

Saskatoon homes sales by price range and housing type for Q3-2015

I promised last weekend to share some data compiled in preparation for the Royal LePage House Price Survey for the third quarter of 2015, which was released last week. Careful with the “change” column. Some of these look like big percentage dips or gains, but 100% up is nothing to write home about when sales have only gone from one to two.

Single-family home sales by price range for Q3.

Price Range Q3-2014 Q3-2015 Change
<$200,000 35 34 (3%)
$200,001 – $250,000 50 51 2%
$250,001 – $300,000 113 98 (13.5%)
$300,001 – $350,000 119 135 13.5%
$350,001 – $400,000 163 162 (0.6%)
$400,001 – $450,000 124 112 (9.6%)
$450,001 – $500,000 88 62 (29.5%)
$500,001 – $550,000 52 41 (53%)
$550,001 – $600,000 19 29 53%
$600,001 – $650,000 10 14 40%
$650,001 – $700,000 13 11 (15%)
$700,001 – $750,000 7 6 (14%)
$750,001> 18 15 (17%)
All Price Ranges 810 768 (5.2%)

Single-family home sales by narrow price range for Q3.

Price Range Q3-2015 Q3-2015 Change
<$400,000 477 477 0%
$400,001+ 333 291 (12.6%)
<$500,000 690 650 (5.8%)
$500,001 120 118 (1.7%)

Detached two-storey sales by price range for Q3.

Price Range Q3-2014 Q3-2015 Change
<$300,000 9 8 (10.5%)
$300,001 – $350,000 16 18 12%
$350,001 – $400,000 32 41 28.4%
$400,001 – $450,000 28 34 21%
$450,001 – $500,000 19 18 (5%)
$500,001 – $550,000 19 8 (53%)
$550,001 – $600,000 12 10 (17%)
$600,001 – $650,000 4 6 50%
$650,001 – $700,000 5 3 (40%)
$700,001 – $750,000 6 5 (17%)
$750,001> 14 7 (50%)
All Price Ranges 164 156 (4.9%)

Detached bungalow sales by price range for Q3.

Price Range Q3-2014 Q3-2015 Change
<$200,000 25 22 (12%)
$200,001 – $250,000 35 33 (6.2%)
$250,001 – $300,000 79 60 (24%)
$300,001 – $350,000 68 68 0%
$350,001 – $400,000 68 67 (1,4%)
$400,001 – $450,000 43 22 (49%)
$450,001 – $500,000 15 10 (33%)
$500,001 – $600,000 6 6 0%
$600,001 – $700,000 5 6 20%
$700,001> 1 2 100%
All Price Ranges 345 298 (13.6%)

Condominium sales by price range for Q3.

Price Range Q3-2014 Q3-2015 Change
<$150,000 18 17 (5.5%)
$150,001 – $200,000 65 59 (9.5%)
$200,001 – $250,000 42 36 (14.3%)
$250,001 – $300,000 41 35 (14%)
$300,001 – $350,000 25 18 (27.5%)
$350,001 – $400,000 12 11 (10%)
$400,001 – $500,000 5 2 (60%)
$500,001> 3 2 (33%)
All Price Ranges 211 180 (14.7%)

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: October 11-17, 2015

Saskatoon real estate agents reported 67 firm residential sales to the multiple listing service® this week to match last week’s production while recording a year-over-year decline of 13 home sales. Meanwhile, the number of new listings added to the MLS® fell to just 164, the smallest number added during any week since the week of February 28 of this year. This week’s total is down 19 from last week but still well ahead of numbers recorded during the same week last year when just 137 new listings were added to the system.

Looking back on last year’s post for this week I can see that we had reached 3840 unit sales by this point in the year. Today we’re sitting at a year-to-date total of 3341 sales for a loss of about 500 units, and a percentage decline of 13. At that time I wrote;

“Interesting, at least to me, is the fact that by the close of this week 3,840 residential sales had been reported for the year. That’s nearly 300 more Saskatoon homes than had been sold by this time last year, and 28 more sales than had occurred by this date, in what turned out to be the strongest year ever for the number of Saskatoon homes that traded hands, 2007. It’s looking like 2014 is likely to be the new record holder for the largest number of residential trades. Don’t be fooled into believing that the market is weak. If you’re trying to sell now, and failing, you are actually letting a pretty good time pass you by.”

It’s fascinating to me as I look back, that even at that time, people were talking about how tough the Saskatoon real estate market had gotten. It seems, with years of seller’s market conditions in our recent past that people have a strange attitude about how a real estate market should work. Every year can’t be the best on record and some balance is important to keep things in check. 2015 has turned out to be a much more balanced year, perhaps leaning towards a buyer’s market in some categories and price rages.

Still, even though conditions are clearly tougher for sellers, some continue to operate with a seller’s market mindset. These are the listings that are clogging up the system with little hope of selling, overpriced and under prepared. To be a successful seller today, every detail needs to be considered (price, staging and presentation, promotion) and your attitude has to be right. You have to understand that we are no longer in a market where a seller can dictate all of the terms. This past week, one of my agents wrote an offer of $330,000 on a property priced at $339,900. The response she received was, “My seller will accept $335,000. They’re giving this counter verbally as they don’t want to waste anymore time on this.” Guess where that went. Right, absolutely nowhere. I mean, is there a better way to offend someone than to say, “don’t waste my time”? Understand that if you’re not willing to show a buyer that you’re interested in their offer they will walk. Plain and simple. Prepare your home properly, ensure that it’s presented and promoted masterfully, and don’t be an asshole. You’ll likely come out okay.

What do you think is ahead for 2016? Leave us a comment below, please.

Click the image for a larger version of the graph.

Active MLS® inventory in the residential category inched lower this week to 2016, down just seven units from the previous week’s close and up by 473 when compared against levels recorded at the time last year. Our single-family homes inventory closed the week at 1154, up just a bit (5.3 percent) from last year when 1096 detached homes were available on the system. Year-over-year increases in the single-family homes category have been repidly declining each week for more than a month now. This is the smallest year-over-year increase this year, to the best of my recollection. Condominiums are a different story. Today we have 676 condos showing an active status, up from 426 a year ago for an annual increase of about 59 percent. Annual gains in the condo category have become fairly routine in recent weeks. Going back to my comments about the change in markets, if you’re selling a condo you are in for a rougher ride, for sure.

Prices continue to remain remarkably resilient in the face of tougher conditions. This week saw the average sale price of a Saskatoon home stay level at $355,807 while the median sale price for the week saw some big gains growing to $354,000 as a result of more upper end activity. The six-week average price lost about three thousand dollars on the week to hit $344,210 to find itself down from last year by roughly nine thousand dollars. The four-week median price grew by ten thousand dollars this week reaching $345,000 to finish higher than it was at this time last year by eight thousand dollars.

Click the image for a larger version of the graph.

Things went the buyers way at the negotiating table this wee as 59 of 67 sales were reported to have sold below the asking price netting the buyer an average discount of $11,304. Still, a few sellers hit the jackpot as seven deal were processed showing an average bonus of $11,304. One deal went through at the seller’s list price.

Other notable real estate activity this past week included 79 cancelled and withdrawn listings (74 and five respectively), 39 expired listings and 70 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