Saskatoon real estate week in review: August 21-27, 2016

For the fourth consecutive week, the Saskatoon real estate market has recorded firm sales that met or beat the numbers for the same week in 2015. Over the past seven days, local REALTORS® firmed up 93 residential deals. That’s an increase of nine from last week, and up four from the same period last year. To be clear, these are not huge gains but during a year that has shown declines in sales in all of the first seven months of the year, it might be a bit encouraging for some sellers to see August close up on last year. So far this month, local agents have reported 318 deals. Last year, the total for all of August was 329. It’s a win and we’ll take it.

At the same time, the number of new listings that were added to the MLS® system plummeted to just 160, down from 212 for the same period last year.

For the second consecutive week, the total number of active residential listings on the multiple service® came in below levels recorded a year ago. Again, the difference isn’t large, but given that we have seen consistent annual gains for roughly 165 weeks, it’s a welcome change. Today there are 2048 residential listings showing an active status on the MLS®. That’s down just four from last week, and 11 fewer than were available a year ago. With just over 100 listings set to expire in the next few days, next week will most likely show some larger drops.

Taking a closer look by housing category, there are 1107 single-family homes available to local buyers, well below the 1210 houses that were up for sale last year at this time. Condo inventory made some small gains this week as the inventory grew to 770 and closed well up from 688 a year ago.

There were strong sales towards the upper end of the Saskatoon real estate market this week. With 14 sales recording prices at or above $500,000 the average price paid for a Saskatoon home grew to $362,599. There was a lot going on in the $200,000 to $300,000 range as well, enough to bring the weekly median price down sharply to $298,350. That’s just the second time this year that the median fell below $300K. At the same time, the longer-term measures both inched lower, perhaps telegraphing a similar trend to last year when prices began to slip lower in late August. In 2015, that continued through September and October which ultimately recorded some of the lower prices for the year. The six-week average price slipped to $358,391 to record an annual increase of just over one thousand dollars while the four-week median price slipped to $338,000 to show an annual loss of just more than ten thousand dollars.

After a couple of weeks with no overbid sales, three sellers found themselves accepting offers above their asking price. Those deals paid an average bonus of $1100. Meanwhile, 83 buyers made off with a discount averaging $10,629 while six buyers and sellers agreed to deal at the listed 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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REALTOR® arrested for hosting sexy time in her listing

Oh, boy!

A Texas real estate agent apparently thought is was cool to bring her date over to one of her vacant listings at 5:00 am in the morning for what ABC News described as a “passionate rendezvous.”

Alerted by roving flashlights, a neighbour called 911 naturally assuming something untoward was going on in this vacant home. Man! He had no idea!

Police arrived to find REALTOR® Kayla Seloff and her companion doing the horizontal bop on the living room floor. The lovers tried to pass themselves off as newlyweds christening their new home but the whole gig began to fall apart when the cops searched their car and turned up weed.

As it happens, the two entered the recently sold home without permission (no doubt!) and were charged with criminal trespass.

Oops.

This will be a hard lesson for this young couple to learn but having access to someone’s property is obviously a position of great trust. As a home seller, you have the right to expect your home to be accessed only on your terms.

In Canada, I believe the crime would be “unlawful entry”. No, I’m serious now.

Have a great weekend,

Norm

Saskatoon real estate week in review: August 14-20, 2016

Saskatoon real estate sales took a small upward swing this past week as local REALTORS® reported a total of 83 firm residential deals to the MLS® system, up three from last week, and even with sales for the same week last year. The number of new listings processed through the multiple listing service® fell to 168, down from 198 a week ago. There were 199 Saskatoon homes listed during the same week last year.

For the first time in well over three years the week closed with fewer active real estate listings on the MLS® than there were a year ago. The total number of residential listings fell by 15 over the course of the week to settle at 2052 this morning, down from 2060 at the close of the same week last year. Interestingly, the losses were all recorded in the condo inventory numbers which fell from 775 last week to 765 today, up from 674 a year ago. The number of single-family homes that are available on the MLS® grew by two this week to 1118, which is down from 1195 at the close of the same week in 2015.

With a little more than 25 percent of this week’s deals being condominiums, and only four sales with a price exceeding $500,000 both the weekly median price and the weekly average fell lower to $329,000 and $337,831 respectively. The six-week average price came off of its peak as is slipped a bit more than four thousand dollars from last week to $362,140 ahead of where it was a year ago by a few hundred dollars. Meanwhile, the four-week median price increased by one thousand dollars from last week to reach $339,000. At the close of the same week last year the four-week median was one thousand dollars higher than it was this week.

In spite of strong sales and softening listing inventory sellers found little love at the negotiating table this week. Not a single above list price sale was recorded. Seven buyers did agree to pay the seller’s full asking price while 76 insisted on a discount that averaged $12,180 off of the 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.

Canadian home sales post first year-over-year decline since January 2015 in July 2016: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of July, 2016 this week. According to the CREA, “The number of homes trading hands via Canadian MLS® Systems fell by 1.3 percent month-over-month in July 2016. With similar monthly declines having been posted in May and June, national sales activity in July came in 3.9 percent below the record set in April 2016…Actual (not seasonally adjusted) sales activity was down 2.9 percent year-over-year (y-o-y) in July 2016, marking the first y-o-y decline since January 2015 and the largest since April 2013. In line with softening activity in the Lower Mainland, y-o-y increases have been losing momentum since February 2016. Sales were down from levels one year earlier in about 60 percent of all Canadian markets, led by Greater Vancouver, the Fraser Valley, Calgary and Edmonton.”

Highlights of CREA’s report    

  • National home sales fell 1.3% from June to July.
  • Actual (not seasonally adjusted) activity came in 2.9% below July 2015.
  • The number of newly listed homes rose 1.2% from June to July.
  • The MLS® Home Price Index (HPI) rose 14.3% year-over-year in July.
  • The national average sale price climbed 9.9% in July from one year ago; net of the Greater Toronto Area (GTA) and Greater Vancouver, it advanced 7% year-over-year.

 

Read the entire report on Canadian MLS® sales for July, 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: August 7-13, 2016

After falling completely flat last week, Saskatoon real estate sales surged upwards as 80 new firm sales were reported to the multiple listing service®, an increase of 17 from the previous week and up by 16 when compared against sales recorded during the same week last year. Listing activity saw some slight gains as they grew to 196, ahead of last week by two, to finish showing fewer new listings than were processed during the same period of 2015 by five.

The inventory of residential MLS® listings took a turn upward as well. By this morning, buyers could find 2067 Saskatoon homes for sale, up from 2044 a week ago, just 19 more homes than were available a year ago today. That is the smallest year-over-year increase to the inventory that we’ve seen all year. Today, there are 1116 single-family homes for buyers to select from, well down from the 1181 detached homes that were available a year ago. Condominium inventory continued to grow and reached 777 by the close of the week for an annual increase of 116 units.

More high end activity caused the median sale price for the week to grow by almost 20K as it reached $343,000 while the average sale price fell a fair bit lower to $348,418. Remarkably, the six-week average price continued to grow reaching a new high for the year at $366,472 for an annual increase on more than six thousand dollars. That’s actually the highest point that it has been at since late 2014 when sales were still red hot. On the other hand, the four-week median price fell by seven thousand dollars from last week. It settled at $338,000 to find itself down from a year ago by seventy-five hundred dollars.

Only one buyer made an offer of more than list price with that seller netting a $3,100 bonus while another five deals closed at the seller’s asking price. The remaining 75 sales went for less than asking price winning those buyers an average discount of $11,353.

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.