Saskatoon real estate week in review: May 22-28, 2016

Saskatoon real estate activity took an upward bounce this week as the total number of Saskatoon homes reported as being firmly sold rose to 90, up from 82 the week before, but still falling well short of sales for the same week last year when 105 homes traded hands. This is the fourth consecutive week during which sales fails fell short of last year’s numbers, something that has occurred two out of every three weeks this year.

The number of new listings added to the MLS® system fell sharply to produce the smallest weekly numbers we’ve seen since the end of March. Saskatoon real estate agents brought just 190 homes to the market, down from 218 last week and sharply lower that the 233 homes that had hit the system during the same week last year.

Active listing inventory grew marginally from 2115 at last week’s close to 2134 today. That was enough for a year-over-year gain of 111 homes, for our largest annual increase to the numbers since late March. Today’s totals include 1161 single-family homes, up just slightly from 1153, the number that were available last year at this time. Condo inventory levels continued to grow and reached 793, up from 682 a year ago.

Prices grew by all four measures we track. That was more a reflection of low numbers last week that it was about impressive gains this week. Both the weekly median price and the weekly average price were pushed back to more typical numbers as fewer entry level sales were reported this week. Those measures came in at $352,750 and $361,794 respectively. The six-week average price inched up less than a thousand dollars from last week to reach $349,169 for an annual loss of nine thousand dollars. The four-week median price grew to $336,200 for a weekly increase of nine thousand dollars and an annual decline of 22K.

Buyers did fairly well at the negotiating table as the vast majority were able to grind out a below list deal with an average discount of $10,889. Meanwhile, just two sellers found a buyer willing to pay more than their asking price but the bonuses were strong averaging $7600. Six deals closed at full price.

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

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Canadian home sale numbers reach new all time highs for the twelfth consecutive month in April, 2016: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of April, 2016 last week. According to the CREA, “The number of homes trading hands via Canadian MLS® Systems in April 2016 rose by 3.1 percent month-over-month to set a new monthly record.

Sales were up in April compared to the previous month in about 70 percent of all local markets, led by the National Capital Region and Edmonton. Following small declines the previous month, activity held steady in the Greater Toronto Area (GTA) and edged lower in Greater Vancouver.”

Highlights of CREA’s report    

  • National home sales rose by 3.1% from March to April.
  • Actual (not seasonally adjusted) activity was up 10.3% compared to April 2015.
  • The number of newly listed homes was little changed (-0.2%) from March to April.
  • The MLS® Home Price Index (HPI) rose 10.3% year-over-year in April.
  • The national average sale price climbed 13.1% in April from one year ago; net of the Greater Toronto Area and
    Greater Vancouver, it was up by 8.7% year-over-year.

Read the entire report on Canadian MLS® sales for April, 2016.

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

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Saskatoon real estate week in review: May 15-21, 2016

It was a dismal week for Saskatoon real estate sales as local agents reported just 82 residential sales to the multiple listing service®. That’s only down four from last week, but it’s well below the 114 home sales that occurred during the same week last year. This is the third consecutive week during which sales fell from the previous year by double digit numbers. Over the three weeks, it amounts to a shortfall of nearly 60 unit sales which will put May’s number well below last year unless there’s a crazy strong close to the month.

For the eighth week in a row, the number of new listings added to the MLS® exceeded 200. This week’s total came in at 218 for a weekly decline of 19 Saskatoon homes and an annual increase of 13.

The inventory of active MLS® listings in the residential category reached a new record high as it closed the week at 2115 homes to beat the previous high of 2093 when listing inventory peaked in 2015 during the final week of June. Today’s totals leave us up by 46 homes from a week ago, and 103 units ahead of where it stood a year ago for the largest year-over-year increase since the final week of March when inventory levels started to moderate some. A closer look at the major housing types shows 1148 single-family homes for sale, up just slightly from 1136 a year ago. Condo inventory comes in at 790 units today, up nearly 100 units from this time last year when 695 condos were displaying a for sale sign.

Brisk activity below the $250,000 mark brought both the weekly median and the weekly average price lower this week, in spite of a few big deals at the opposite end where one sale topped a million dollars and two others registered in the high sevens. The weekly average price was $344,900 and the weekly median price was just $314,900. The six-week average price inched lower as it fell by just over six hundred dollars from a week ago to finish at $348,291 for an annual decline pushing 13K. The four-week median price slipped closer to 2K on the week and settled at $327,000 which is $23,000 lower than it was at this time last year.

Lacklustre sales activity gave buyers a bit more clout at the negotiating table. Just one seller found a buyer who was willing to pay more than the asking price when faced with competitive offers. That one went just $100 over list price. Meanwhile, 75 of this week’s 82 sales went below the list price averaging a strong discount of $13,392. The remaining six deals went for full asking price.

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

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Saskatoon real estate week in review: May 8-14, 2016

Saskatoon real estate agents produced some big new listing numbers breaking 200 homes for the seventh consecutive week. This week brought 237 new listing to the multiple listing service®, down just one from last week, to come in under last year’s numbers of 249.

Sales increased by one unit compared to last week as REALTORS® reported 86 firm residential deals, well down from the same period last year when 102 sold signs went up.

The total number of active listings available to buyers on the multiple listing service® took a large step higher for the second week in a row as it grew by 77 homes to reach 2069 for its first close above the 2000 mark this year. Those numbers are higher than they were a year ago by 68 homes. Last year, active listings numbers peaked at 2092 right at the end of June and then began to decline. It’s looking like a new record for total listings is in the cards over the next couple of weeks.

For the past seven or eight weeks, the number of single-family homes available for purchase had been down from the previous year. That changed this week as the inventory grew to 1117 and closed up from where it sat a year ago by five. Condo inventory hit 777 this week, up from 701 at this time last year.

A solid showing of sales at the upper end of the Saskatoon real estate market pushed the weekly median price up by just over 20K to $350,000 while a handful of sales above $600,000 drove the weekly average higher by about six thousand dollars to $359,980. Still, the four-week median price managed to slip this week. It fell lower by three thousand dollars from last week to close the week about eighteen thousand dollars lower than it was a year ago. Meanwhile, the six-week average price edged higher by roughly thirty-four hundred dollars from a week ago to find itself down about 10K from what was recorded at the end of the same week in 2015. For those who haven’t noticed, both the six-week average and the four-week median at at their lowest point for this particular week since 2012. That’s been the case for the past three weeks.

Ten sellers ended up with an offer at their asking price. One home sold for $1100 more than list price. On the other side of the negotiating table, 76 buyers closed there deal with a discount averaging $10,492.

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

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Curious about home values in your area? Receive a free report that includes sale prices of recently sold homes, average days on the market and average discounts.

Saskatoon real estate week in review: May 1-7, 2016

A big week for expired listings (123) led to a huge week for new listings as Saskatoon real estate agents brought 238 listings to the system, many of them returning for another go after at least one failed attempt. That amounted to an increase of 18 over last week but was down 13 units from the same week a year ago. Residential sales fell lower to 85, down 17 from the previous week for a shortfall of 11 when compared to the same period last year.

The inventory of active MLS® listings took a solid jump higher as it grew by almost 70 units this week and reached its highest point for the year at 1992, a level not seen since late October of last year. Still, that’s up just 28 listings from where the inventory sat a year ago. It’s too early to tell at what levels it might peak this year, but from month-to-month, the annual gains are falling and if the current trend continues for just one more month, we should be reported year-over-declines for the first time in three years. The number of single-family homes that are offered for sale on the multiple listing service® has slipped below that line and stayed there for several weeks now. At this time, there are 1079 active listings in the category, down just slightly from 1097 a year ago. Meanwhile, condo inventory grew to 746, up from 682 at this time last year.

In spite of two mobile home sales that didn’t amount to $50,000 between them, the weekly average sale price of a Saskatoon home moved higher to $353,898 due to very solid sales activity for Saskatoon homes priced above $500,000. That, of course, also lead to some strong growth in the weekly median price which finished at $329,900. The six-week average price took some weekly gains as it grew by about four thousand dollars to finish the week at $345,489 for an annual loss approaching eight thousand dollars. The four-week median price grew by one thousand dollars compared to last week and closed out at $332,000 to fall short of last year’s number by 13K.

Full list price sales fell hard from 18 last week to just seven while just three sellers found a buyer who made an offer above the asking price. The average overbid came in at $9,933 which was skewed hard by a single sale in the Varsity View area which went $28,200 over the asking price. It appears to have been intentionally priced aggressively to generate multiple offers at an appointed time. The remaining 75 homes that sold last week went for less than the list price generating an average discount of $12,082 for the buyer.

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

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Curious about home values in your area? Receive a free report that includes sale prices of recently sold homes, average days on the market and average discounts.