Saskatoon real estate week in review: July 24-30, 2016

Saskatoon real estate sales numbers inched higher once again as local agents reported 98 firm residential deals to the multiple listing service®, up just one from last week and down six from the same period last year. Still, that is the highest number of sales for any week since mid-May and the third strongest sales week for 2016. The number of new listings processed through the MLS® fell sharply this week to 170 homes, down from 205 the previous week for an annual decline of seven.

Strong sales and fewer new listings brought the number of active residential listings on the Saskatoon MLS® system lower this week. By this morning there were 2055 residential properties showing an active status on the system. That’s 21 fewer homes that we had a week ago and 62 more than were available at this time last year. Today we’re 120 units below the 2175 listings that we counted as June came to a close and I expect that will be the peak number for 2016. With about seventy more listings set to expire in the next couple of days, there’s a reasonably good chance that we might soon finish a week with fewer listings than we had the previous year. It’s been well over three years since we’ve seen that happen (In June the monthly active listings numbers were down for a year ago but quickly jumped higher again).

A deeper look at the inventory numbers shows 1089 single-family homes for sale today. That’s down from 1153 a year ago. On the other hand, there are currently 783 active condominium listings, up from 647 at this time last year.

A very active upper-end market which included two residential sales that contributed more than $3 million to the total dollar volume for the week caused the average sale price for the week to spike higher to $384,223. The median price for the week also soared and grew by $15K compared to the previous week as fewer purchases under $200,000 were reported. That was enough to push the four-week median price to a new high for 2016. It closed the week at $345,000 which is $10,000 higher than it was a week ago, but down $2,500 on an annual basis. Meanwhile, the six-week average price grew to $357,983 for a gain of thirty-five hundred dollars over the previous week and finished lower than it was last year by roughly the same amount. These are the lowest year-over-year losses we’ve seen in months.

Overbid sales were completely shut out this week but 12 lucky sellers did manage to close a deal at their asking price. The other 86 transactions were reported to have sold below list price netting those buyers a hefty average discount of $14,892.

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

Receive a weekly digest of our blog posts

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: July 17-23, 2016

There’s nothing remarkable about the numbers, but it’s certainly worth noting that local home sales hit their highest point in three months this week as Saskatoon real estate agents closed 97 deals. That’s up just four from last week and two behind the final tally for the same period last year. The number of new listings added to the MLS® system remained high at 205 mostly due to a large number of expired listings (91) and almost as many cancellations (90), many of which returned for another go at the market masquerading as a “new listing”.

Active listings of residential properties on the multiple listing service® remained fairly stable as the week closed with 2076 homes for sale, up just seven from a week earlier, and ahead by 30 when compared against numbers recorded on today’s date, last year. That is the smallest year-over-year increase to inventory levels since early May. We close the week showing 1117 single-family homes in the “active” category. That’s up ten from last week’s close, but fewer than were available a year ago by 55. Condominium numbers slipped slightly lower, a rare occurrence this year, falling by six from last week to settle at 775 for an annual increase of 100.

Last week’s price stats were all pretty plump with a large percentage of deals having occurred at the market’s upper end so it’s no real surprise that they fell this week by every measure we track. With just seven sales recorded above the $500,000 mark and nine below $200,000 the median price of a Saskatoon home fell 36K this week to $334,000. You may recall that last week the weekly average price, skewed significantly higher by two sales above the $1 million mark hit its highest point for the year at $382,788. With those big deals out of the mix, the average price slipped nearly $40K to $345,131. Meanwhile, the six-week average price came off of its high point for year and dropped more than six thousand dollars from last week closing at $354,359 for an annual decline of eleven thousand dollars. The four-week median price fell by four thousand this week and ended the period at $335,000 for a year-over-year loss of $4,400.

The vast majority of sales this week went below list price as 92 buyers negotiated a discount that averaged $11,308. On the other side of the negotiating table, three sellers managed to close a deal at their asking price while two others found a buyer willing to pay more than list price netting an average bonus of $2,600.

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

Receive a weekly digest of our blog posts

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: July 10-16, 2016

Sales activity reached a seven week high as Saskatoon real estate agents reported 93 firm residential sales to the multiple listing service®, up from 85 last week and down six from the same week last year when 99 sales were reported. The number of new listings processed through the MLS® moved higher and reached 206, not a big surprise given the high number of expired listings recorded last week. Still, fewer new listings came into the system than had over the same period last year when 211 Saskatoon homes were offered for sale.

The inventory of active real estate listings available for purchase on the Saskatoon multiple listing service® edged just slightly lower as it dipped to 2069, a decline of five units from the close of the previous week, and up just 38 properties on an annual basis. Taking a closer look by housing types, we see 1107 single-family homes for sale, down ten from a week ago for a year-over-year decline of 60 properties. In the condo category, inventory grew by five over the course of the week to reach 781, up from 667 at this time last year.

With two residential sales that went above $1 million in the mix, the average sale price for the week reached a new high for this year at $382,788. Strong activity at the upper end of the Saskatoon real estate market pushed the weekly median price to it annual high as well as it reached $365,000. Not to be outdone, the six-week average price also reached its highest point for the 2016 year as it grew by about seven thousand dollars from last week reaching $361,611 for an annual loss of just under five thousand dollars. Meanwhile, the four-week media price recovered from the dip it saw last week and closed at $339,000 for a year-over-year decline of sixty-five hundred dollars.

Even with stronger sales activity buyers did pretty well in negotiations as 83 of 93 sales recorded a price below the asking price, those deals seeing an average discount of $11,832. On the other hand, three sellers did find a buyer willing to pay more than asking and some overbidding on those transactions resulted in an average bonus of $10,233 for those sellers. The remaining seven sales closed at the 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

Receive a weekly digest of our blog posts

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.

Canadian home price index sees its largest gains since 2006 in June: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of June, 2016 this week. According to the CREA, “The Aggregate Composite MLS® Benchmark price rose by 13.6 percent year-over-year to $564,700 in June 2016, the biggest gain since December 2006. For the fifth consecutive month, year-over-year price growth accelerated for all Benchmark property types tracked by the index.”

Highlights of CREA’s report    

  • National home sales fell 0.9% from May to June.
  • Actual (not seasonally adjusted) activity came in 5.2% above June 2015.
  • The number of newly listed homes rose 2.2% from May to June.
  • The MLS® Home Price Index (HPI) rose 13.6% year-over-year in June.
  • The national average sale price climbed 11.2% in June from one year ago; net of Greater Toronto and Greater Vancouver, it advanced 8.4% year-over-year.

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

Receive a weekly digest of our blog posts

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.

All may not be as it seems in the Saskatoon housing market

This morning, in conjunction with the release of Royal LePage’s House Price Survey for the second quarter of 2016, I had an opportunity to sit down with Lisa Dutton from GlobalNews and provide a deeper overview of what’s happening in the Saskatoon real estate market.

It’s clear that sales are down and that some segments of the market favour buyers, while others favour sellers. It’s good to know what the market is doing as it concerns you and your purchase or sale. Find out in this video.

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

Receive a weekly digest of our blog posts

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.