Saskatoon real estate week in review: November 20-26, 2016

Saskatoon real estate sales continued to soften this week, as anyone familiar with the seasonal trends of home sales would expect. Local REALTORS® reported 54 firm sales to the multiple listing service® this week, down 15 from 64 last week, Sales are also down by six sales when compared against the same period last year. The number of new Saskatoon real estate listings added to the MLS® declined to 122, a fairly big slide from last week when 155 new listings were added, and down from the same week last year by just three. Once again, these kinds of declines are typical for the season and we can expect the numbers to soften a bit each week through December as unit sales and new listings produce some of their smallest numbers that we’ll see all year.

The total inventory of residential MLS® listings slipped lower for the first time in three weeks. Most interesting is the fact that the year-over-year declines that we’ve been experiencing since late August are continuing to narrow and are now pretty skinny. Numbers were falling rapidly last year at this time so a couple of weeks of growth has really narrowed the divide. Today, Saskatoon home buyers can find 1806 properties for sale, down from 1830 a week earlier. Last year at this time there were 1858 Saskatoon homes for sale. The single-family homes category fell lower by seven from a week ago to finish down from last year’s number by 58. Meanwhile, condo inventory slipped by eight to close the week above levels recorded at the end of the same week last year by 34.

With fewer upper end sales in the mix this week the median price and the average price for the period slipped fairly significantly to $330,000 and $329,239 respectively. Both of the longer term measures slipped lower as well, but fairly marginally. The six-week average shed twenty five hundred dollars to settle at $344,116 for an annual drop approaching nine thousand dollars. This is as low as the six-week average has been since late April and it’s trending lower pretty consistently for six weeks now. After peaking at its annual high of $345,000 last week, the four-week median price also came down to $340,500 to find itself down eight thousand dollars from where it stood a year ago.

After two weeks of no above list price sales, the streak was broken by one very modest overbid of a hundred bucks on an area five home. While five sellers managed to seal the deal on a full price sale, 48 others gave up some dough at the negotiating table and netted their buyer an average discount of $12,608.

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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No. 1 River Landing Sales Centre opens to enthusiastic crowds who were ready to buy

Update: And buy they did. Through a brief exchange with Dan Zakreski at CBC News, I learned that Dan had spoken with John Nasser this morning (November 21) and Mr. Nasser confirmed that a buyer had stepped forward for each of the 105 units they plan to build. Mind. Blown.

Nearly a decade after Remai Ventures put the brakes on plans to build a hotel on Parcel Y in Saskatoon, the No.1 River Landing sales centre opened last week to enthusiastic crowds eager to get a first peek at the project which finally seems poised for take off.

The sales and marketing effort began on Thursday, November 17 with a “Friends and Family Night” where a favoured few were given the first crack at reserving a unit in the 16 storey condominium complex that will, if all goes according to plan, be greeting its first occupants by May of 2019.

This initial launch was followed up with a REALTOR® and Client opening on Friday. By the time we arrived around 3:30 the place was packed wall to wall and the attending agents were suggesting that as many as 50 units were already spoken for, including the two penthouse suites each valued at more than $1-million dollars, and all of the largest corner units at the south side of the building. Meanwhile, dozens of prospective buyers held a place in line to see if their chosen plan was still available, and what the final price might be. The project will consist of 105 condominiums, the majority between 476 and 1152 square feet in size.

The sales centre opened to the public on Saturday and Sunday for “by appointment only” presentations. According to a representative of the project, more than 600 people had registered for these early opportunities.

It seems that the long wait for action on this site has finally come to an end and that No.1 River Landing shall soon be gracing the river’s edge, most likely fully occupied. In fact, the chatter on twitter suggests they’ve already sold out.

I mean, what took so long?

 

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Billboard at the River Landing site.

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A conceptual model of No. 1 River landing available at the sales centre.

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Crowds stand in line to see if their chosen floor plan is still available.

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Displays of 13 floor plans available at No. 1 River Landing.

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The living room on plan C2 which is constructed in the sales centre to demonstrate the floor plan and finishes.

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The master bedroom on plan C2 which is constructed in the sales centre to demonstrate the floor plan and finishes.

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The kitchen on plan C2 which is constructed in the sales centre to demonstrate the floor plan and finishes.

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The bathroom on plan C2 which is constructed in the sales centre to demonstrate the floor plan and finishes.

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: November 13-19, 2016

Following two weeks of pretty soft residential sales Saskatoon real estate activity bounced back this week. Local agents reported 69 firm sales to the MLS®, up from 45 last week, but down six when compared against activity for the same period last year. New listing activity slipped slightly lower to 155, a drop of six from last week, still enough to finish ahead of last year by a dozen listings.

The number of active MLS listings in the residential category grew again for the second consecutive week. Total listings come in at 1830 today, up just five from a week ago. Inventory was headed downward in a hurry at this time last year so this year’s levels are closer to last year’s than they have been in more than two months. We have just 55 fewer listings than could be found on the system a year ago. Single-family homes sit at 987, down from 1069 last year while condo listings reached 670 for a year-over-year increase of 33 units.

Higher end home sales dominated this week and that pushed the weekly median price up about 18K compared to last week as it reached $362,900. The weekly average also bolted higher to $371,002 largely driven upwards by two sales that topped the $1 million mark. Those two sales bring our total for 2016 to 16, a new record for sales exceeding a million bucks. The four-week median price took some sharp gains this week growing by about fifteen thousand dollars to $345,000 which is down five thousand dollars from a year ago, but as high as it has been at any point this year. The six-week average price grew by a few hundred dollars to hit $346,628 for an annual loss of nine thousand dollars.

For the second consecutive week there were no Saskatoon home sellers who got an above list price sale though seven did find a buyer willing to pay full pop. The other 62 deals went for less than the asking price netting an average discount of $16,502. That average was very much skewed by huge discounts on the three highest priced home sales which collectively dropped about $250K below their combined 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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Canadian home sales climb higher in October, 2016: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of October, 2016 this week. According to the CREA, “The number of homes trading hands via Canadian MLS® Systems rose 2.4 percent month-over-month in October 2016.”

“First-time home buyers looking to get into the market before having to face tougher mortgage eligibility criteria had only two weeks to do so following the Finance Minister’s announcement of tighter mortgage regulations in early October,” said Gregory Klump, CREA’s Chief Economist. “Early evidence suggests that the influence of tighter mortgage regulations on sales activity has been mixed. The federal government will no doubt want to monitor the effect of new mortgage regulations on the many varied housing markets across Canada and on the economy, particularly given the recent rise in uncertainty about economic growth prospects following the U.S. presidential election.”

Highlights of CREA’s report    

  • National home sales rose 2.4% from September to October.
  • Actual (not seasonally adjusted) activity was up 2.0% year-over-year (y-o-y) in October 2016.
  • The number of newly listed homes edged up 1.7% from September to October.
  • The MLS® Home Price Index (HPI) in October was up 14.6% y-o-y.
  • The national average sale price climbed 5.9% y-o-y.

 

Read the entire report on Canadian MLS® sales for October, 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: November 6-12, 2016

Saskatoon real estate sales continued to show softness during this shortened week as local agents reported just 45 sales to the multiple listing service®. That number represents a weekly decline of two, and a drop of seven units when compared against sales for the same period of 2015. New listings also fell lower as 161 homes were added to the MLS®, down 30 from last week, but higher than the number added over the same period last year by 43.

Two consecutive weeks of softer sales activity, combined with a heavy flow of new listings brought the inventory of active residential listings higher for the first time in five weeks. As of this morning there are 1825 MLS listings showing an active status, up 26 from last week’s close, but down from 1917 a year ago. Both major housing categories saw gains this week as the number of single-family homes for sale grew by four to reach 984, for an annual loss of 101 listings. Condo inventory moved higher by 13 this week reaching 674, up from 658 a year ago.

Some continued strength at the upper end of the Saskatoon real estate market, combined with a near absence of sales below the $200K mark brought both the weekly median price and the weekly average higher to $345,000 and $355,602 respectively. The four-week median price managed to hold its ground at $330,000 for the second week in a row. That leaves it down fifteen thousand dollars from where it stood a year earlier. The six-week average fell lower to $346,362 for a weekly drop of about five thousand bucks to record an annual loss of a bit more than eight thousand dollars.

Sellers hoping for an above list sale were completely shut out, and just three found a buyer willing to pay their asking price. Meanwhile, 42 of this week;s 45 deals closed below list price delivering an average discount of $12,144.

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.