Saskatoon real estate week in review: June 19-25, 2016

The Saskatoon real estate market saw sales cool rather significantly this past week as firm deals fell to just 78 homes, down 14 from last week for a year-over-year decline of 30 units when compared against sales for the same week last year. New listings also slipped lower for the week to 205, down just three from last week but beating last year’s numbers by six.

Any hope that Saskatoon home sellers may have had that the inventory of active real estate listing had peaked were dashed as levels suddenly turned higher and reached a new record level of 2175. That’s up 45 from a week ago for an annual increase of 82 Saskatoon homes. I suspect that we are very close to peak numbers for the year. A quick look at past years suggests that inventory levels seldom grow much after this point in the calendar year. A closer look at the numbers by category shows 1159 single-family homes displaying a “for sale” status. That’s up from 1137 from last week but well down from the numbers recorded at the close of the same week last year when there were 1227 single-family homes available to buyers. Meanwhile, condo inventory continues to push new highs as those numbers grow by 17 from last week to reach 827. At this time last year there were 665 Saskatoon condos for sale so we’re up in this category by roughly 25 percent.

The mix of activity saw fewer sales above $500K this week and that caused the average sale price and the median price for the week to slip marginally lower to $354,450 and $346,676 respectively. Following a pretty steady upward run that’s lasted the better part of two months, the six-week average price fell by two thousand dollars from the previous week to record an annual loss of just over nine thousand dollars. The four-week median price which has been on a similar tear levelled off to match last week’s number of $342,000 for an annual decline of thirteen thousand dollars.

Softer activity appears to have given buyers the upper hand at the negotiating table this week. Overbid sales were completely shut out, and only three listings were reported to have sold for the full asking price. On the other hand, 75 buyers made off with a discount that averaged $11,341.

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 neighbourhood cleans up its image: Globe and Mail

Here’s an interesting story about Riversdale that ran in today’s Globe and Mail.

“Riversdale’s 20th Street West has been the area’s commercial corridor for more than a century. Despite its early decades as a thriving community, Riversdale started to slide into a period of property neglect, poverty, crime and substance abuse during the 1960s. So notorious had the area become that, in the early 1990s, the Saskatoon StarPhoenix accompanied its newspaper reports with a specially designed “Violence on 20th” logo bordered by two switchblades.”

Read the whole story here.

Saskatoon real estate week in review: June 12-18, 2016

Saskatoon real estate sales saw a modest increase this week growing to 92 homes, up just two sales from last week to finish well below last year’s numbers of 113. New listing numbers fell on a weekly and an annual basis as local agents added just 208 Saskatoon homes to the MLS® system, down 24 units from the week before and falling short of listings generated during the sale week last year by 22.

The total number of residential listings available to buyers through the multiple listing service® came off of its annual high this week as it slipped lower by just six properties from a week ago to settle at 2134. Single-family inventory declined by ten homes this week falling to 1137 for an annual decrease of 74 listings and a percentage decline of six. Meanwhile, condo inventory grew by five this week to reach 810, well up from 664 at the close of the same week last year. That’s roughly a 22 percent increase from last year’s levels.

A more typical mix of upper and lower end sales brought the weekly median price and the weekly average price back in line. Those two measures came in at $341,000 and $357,621 respectively. The four-week median price moved higher gaining nearly five grand from last week to reach a new record high for 2016 at $342,000. That number is still below last year’s number for this particular week by close to ten thousand dollars. The six-week average price also took some gains, but they were far more modest at just five hundred dollars. Still, at $358,791 there was only one other week this year that produced a higher six-week average price, and only by six hundred dollars. It’s still 5K below where it was a year ago. While prices appear to be higher than they have been at any time this year it’s important to understand that basic averages and median prices can be a bit deceiving in a changing market, especially one that is plump with inventory of one specific type, in this case apartments. I’ve included some charts this week that show price index changes for single-family homes and townhomes, both of which are experiencing price growth, and then apartments which are moving in the opposite direction.

Of the 92 deals that went form this week, 79 were reported to have sold below the asking price with an average discount of $10,727. Across the negotiating table, two sellers came away with more than they were asking netting an average bonus of $800. Meanwhile, 11 sales closed at 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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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.

Home sales fall three percent nationally in May after record shattering April: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of May, 2016 this week. According to the CREA, “The number of homes trading hands via Canadian MLS® Systems fell by 2.8 percent month-over-month in May 2016 after having broken all previous monthly sales records in April.

Sales activity dropped in May from the previous month in about 70 percent of all markets, led by those in British Columbia and Ontario where the number of homes listed for sale has fallen to multi-year or all-time lows.”

Highlights of CREA’s report    

  • National home sales dropped 2.8% from April to May.
  • Actual (not seasonally adjusted) activity was up 9.6% compared to May 2015.
  • The number of newly listed homes fell 3.2% from April to May.
  • The MLS® Home Price Index (HPI) rose 12.5% year-over-year in May.
  • The national average sale price climbed 13.2% in May from one year ago; net of Greater Toronto and Greater Vancouver, it advanced 9.1% year-over-year.

Read the entire report on Canadian MLS® sales for May, 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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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: June 5-11, 2016

Sales softened marginally this week as Saskatoon real estate agents reported just 90 firm residential deals to the multiple listing service®, down from 95 the previous week and well below the 108 units that traded hands during the same week last year. New listings also slipped lower, down just eight from last week to 232, roughly 17 fewer homes than were listed during the same period of time in 2015.

Active MLS® listings increased again and reached a new record high at 2140 homes. That’s up 43 from last week, for an annual gain of 69 Saskatoon homes.

Inventory levels, while ahead of last year each week this year have fairly closely tracked last year’s activity. During the 2015 calendar year, active MLS® listings peaked at 2093. That happened next week in 2015. Are we near our peak for this year? It’s anybody’s guess, but it;s typically around this time of year that inventory begins to decline.

Today’s inventory shows 1147 single-family homes, up from 1129 last week and well down from the 1214 listings that were available to buyers on the same day a year ago. Condo inventory rises again, this week reaching 805 for a weekly increase of 30 for an annual increase of 134 units.

Strong activity at the upper end of the Saskatoon real estate market including two sales that averaged more than a million dollars each pushed the median for the week higher to $364,000 while the average sale price for the week soared to $386,962. Over the longer term, the six-week average price grew to $358,308 coming very close to reaching a new high for the year. It recorded a weekly gain of about nine thousand dollars to close the week down from a year ago by about twenty-five hundred dollars. The four-week median grew by thirty-five hundred dollars from last week to hit $337,400 for an annual loss of fourteen thousand dollars.

Two lucky sellers completed an above list contract with an average bonus of $2,850 while 78 buyers ground themselves a deal that netted an average discount of $13,949. Another ten sales closed at the seller’s 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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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.