Saskatoon real estate week in review: October 23-29, 2016

While the number of Saskatoon real estate sales for the week fell well below the previous week’s totals, numbers that were inflated by a last minute rush of buyers looking to beat new mortgage qualification rules that came in on October 17, the past seven days shaped up fairly nicely as local agents reported 78 firm residential deals to the MLS® for a weekly decline of about two dozen. Still, that was enough to top sales for the same week last year when just 63 sales went firm. I expect that we are still seeing a few deals that were filed before the deadline, so it remains to be seen how those new realities will impact the market.

Over the same period, 162 new MLS® listings were added to the system, down 15 from the previous week, and five fewer than were listed over the same period last year.

The total number of active residential listings available through the multiple listing service® in Saskatoon continued to slip lower as we would expect at this time of the year. As of this morning, there are 1832 properties in the broader residential category. That number represents a drop of 37 units from last Saturday and is down 130 listings from a year ago. Today, we have 995 single-family homes for sale, 18 fewer than were available a week ago, and down 135 from where the inventory stood a year ago. Condominium levels remain high at 666, which is down 22 from a week earlier, and up six an a year-over-year basis.

The median sale price for the week fell lower, but only marginally. The average slipped eight thousand dollars to $331,091 while the median came down just $1500 to $317,500. Again, I suspect that there are a good handful of deals in this week’s numbers that were actually processed under the old rules so this change may become more obvious as we move forward.

The longer-term price measures also moved lower, but not very dramatically. The six-week average price came down about twenty seven hundred dollars from a week ago to $350,042 taking an annual gain of just over twenty-five hundred bucks. The four-week median prices slipped two thousand dollars from a week earlier to close at $333,000 for a year-over-year decline of 12K.

Like last week, 11 deals came through at the full asking price but sellers found no love in the overbid arena. Shut out. Meanwhile, 67 of 78 firm sales closed below the asking price netting those buyers and average discount of $11,909.

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: October 16-22, 2016

I reported to you last week that mortgage brokers were working at “a feverish pace” attempting to process Saskatoon real estate deals to get them into the queue in advance of rule changes taking effect on October 17. That work resulted in 103 firm residential deals, up from 68 the previous week to beat sales for the same period last year by two dozen units. I expect that there will be a few stragglers that will also be reported firm next week but we should begin to quickly get some understanding of how these changes will impact markets across Canada.

New listings came in at 177 this week, up from 154 a week earlier to top volume for the same week last year by 27 homes.

The inventory of active residential listing for sale on the MLS® slipped lower by 34 over the course of the week to close at 1869, for a year-over-year decline of 113 properties. Most of the drop was seen in the single-family homes category which sits at 1012 today, down from 1135 a year ago. Condo inventory slipped two from last week to 688, up from 672 a year ago.

As you might expect, those affected most by mortgage rule changes are at the entry levels and that’s the kind of product that saw the greatest surge this week. That pushed the weekly median price and the weekly average lower to $319,900 and $339,302 respectively. Both of the longer term measures in a downward direction as well. The six-week average price slid nearly three thousand dollars from the week before to finish at $352,700 to claim an annual increase of seven thousand dollars. The four-week median price dropped four thousand dollars on the week to $335,000 for a year-over-year loss approaching 10K.

While 11 sellers managed to find a buyer willing to settle a deal at full list price, just two were lucky enough to find someone who would pay more than the asking price, one by $10,100 and the other by just $100. The remaining 90 deals required some give on the seller’s side. Those transactions closed showing an average discount of $13,321.

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: October 9-15, 2016

In spite of reports that mortgage brokers were working at a feverish pace attempting to firm up mortgage approvals prior to the introduction of stricter qualifying rules that come into effect on Monday, Saskatoon real estate sales, while up from 54 last week came in at a rather run of mill 68 this week. That tops production for the same week last year by just one deal.

New listings eased substantially from a week earlier as local agents brought just 154 property listings to the system, down 80 from last week, and ten fewer than were added to the multiple listing service® over the same week last year.

Inventory levels of Saskatoon homes for sale slipped lower to 1903 this week, down just 17 from last week’s close to finish the week lower by 113 units when compared against levels recorded on this date last year. Most of the annual declines are found in the single-family homes category which stands at 1040 listings today, down from 1154 a year ago. Condominium inventory moderated some and closed the week at 690, up just 26 from a year earlier.

Perhaps a silver-lining to the new stricter mortgage rules which will reduce high-ratio borrowers buying power by 20 percent may be an increased market for condos. If an entry level buyers affordability level drops from 300K to 240K a condo may become their best option if they’re not into renting. It will be interesting to see how that plays out and whether buyers will begin to embrace the clear buyer’s market that exists in that category.

With far fewer home sales above the 500K mark, and none above a million (like there were during the previous two weeks) the average weekly sale price of a Saskatoon home tumbled lower to more typical levels at $353,384 even while the weekly median held fairly steady at $336,500. The six-week median price continued to push higher and reached $355,237 for a weekly increase of close to three thousand dollars and a year-over-year increase of eleven thousand dollars. The four-week median price fell one thousand dollars from last week to $339,000 and finished lower than it was a year earlier by six thousand dollars.

Following a complete shut out on overbid and “at list price” sales last week, sellers faired a bit better as six of them got their asking price and one scored a deal at $9,100 more than they were asking. The remaining 61 sales closed below the asking price with a hefty average discount of $14,489.

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 homes sales inch higher in September, 2016: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of September, 2016 this week. According to the CREA, “The number of homes trading hands via Canadian MLS® Systems rose 0.8 percent month-over-month in September 2016. Having eased in each of the previous four months, national home sales are 5.6 percent below the record set in April 2016.”

Highlights of CREA’s report    

  • National home sales edged up 0.8% from August to September.
  • Actual (not seasonally adjusted) activity in September rose 4.2% year-over-year (y-o-y).
  • The number of newly listed homes ticked up 0.5% from August to September.
  • The MLS® Home Price Index (HPI) in September was up 14.4% y-o-y.
  • The national average sale price climbed 9.5% y-o-y.

 

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

Free Home Buyer’s Seminar, October 26, 2016

 

If you’re thinking about taking a step towards home ownership you’re likely overwhelmed with questions and concerns about the process.

And who wouldn’t be? There’s a lot to think about.

How do I find the best homes? How do I know I’m not overpaying? How much does all of this cost, and how do I even know where to start?

Here’s a great opportunity to learn with other people who have the same questions in a pressure free environment.  Join Royal LePage Vidorra’s Jillian Moore for this live event on October 26 at Hudson’s where she’ll provide a thorough overview of what’s involved in finding, and then closing your first home purchase.

Special guest, Tyler Hildebrand from oneSt. Mortgage shares the secrets of securing the best mortgage rates without overlooking the other important considerations in determining which mortgage is right for you. His advice could save you tens of thousands of dollars over the life of mortgage.

Travis Beauchemin of TBK Law guides you through the legal complexities of a residential real estate purchase, providing simple yet important pointers on how to protect your interests.

Seating is limited and you must register to attend.

Click here to register.

 

seminar

 

Norm Fisher
Royal LePage Vidorra

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