Saskatoon real estate week in review: December 25-31, 2016

Happy new year!

As always, the closing week of the year was one of the slowest of the year for unit sales. On the brighter side, this quiet period does typically mark the end of the declining sales cycle, and from here we can expect slow and steady increases until the market reaches its peak sales week in either April, May or June. This past week, Saskatoon real estate agents reported just 26 firm residential sales to the multiple listing service®, down 20 from the previous week, a drop of two from the closing week of 2015. New listing activity was also predictably soft with just 20 new listings being added to the MLS® for a weekly decline of 50 units. That’s also 28 fewer listings than were added during the same week last year.

There are some interesting changes to report on the inventory front. For the first time since mid-August, the total number of Saskatoon homes available for purchase on the local MLS® system finished higher that it was a year earlier. It’s worth noting that the closing week of 2015 actually ended on January 2 so all of the month end expired listings had already come out of the totals. Still, even if all of the 112 MLS listings that are scheduled to expire today actually do expire (assuming some are not extended for a longer period before they expire) we are up on an annual basis. Today there are 1560 active residential listings on the system. At the close of this week last year those numbers had fallen to 1432. Today’s inventory includes 820 single-family homes, up from 806 a year ago. There are presently 606 active condo listings, well ahead of the 480 that could be found on the MLS at the close of the year’s final week of 2015.

Like the previous week, upper-end real estate sales carried the day. They also carried average prices for the week substantially higher. Obviously, with just 26 sales, a few big ones can really skew the data. Even while the weekly median price managed to fall lower to $331,900 the weekly average price of the homes that traded was a whopping $394,969 which is higher than it has been during any week this year. The six-week average price dropped two thousand dollars from last week to $339,630 and finished the year down by about 15K from a year ago. The four-week median price grew by $2400 from a week earlier to $338,000 and closed the year two thousand dollars behind annually.

While two sellers were lucky enough to find a buyer willing to pay their asking price, the remaining 24 had to give up some cash to close their deal. Those transactions came in below the asking price by an average of $12,976.

As we wrap up 2016, I’d like to thank those who took the time to show up here for updates on our market. I’m especially pleased that so many of you turned to us for some guidance in getting your home sold this year. It really has been a great pleasure to serve you, even during one of our more challenging markets. I expect 2017 to continue to be an uphill battle for sellers but we will continue to show up daily and do the work.

Once again, happy new year to you and yours.

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: December 18-24, 2016

Saskatoon real estate sales were strong this past week with 46 firm deals being reported to the local multiple listing service®. That’s down five from last week but well ahead of the 26 deals reported over the same period last year. New listings fell lower to 70, down from 116 last week and significantly stronger than the 41 homes that were listed during the same week last year.

The total number of active residential listings in the MLS® database slipped by 42 units from the close of the previous week to 1620. That represents a year-over-year decline of just 26 homes for the smallest drop in months. Today, there are 848 single family homes for sale on the MLS, down from 913 a year ago. Condo inventory sits at 629, up from 568 a year ago.

Fewer entry level buyers showed up this week, and consequently both the weekly median price and the weekly average took gains to $340,000 and $331,541 respectively. The six-week average price fell lower to $341,752 for a weekly drop of three thousand dollars and an annual loss of roughly 13K. After five consecutive weekly declines the four-week median price grew by more than five thousand dollars to $335,622 to finish lower than it was last year by about eight thousand dollars.

Six sellers did manage to get a full price offer. All of those were new homes. The remaining 40 sellers gave up some cash at the negotiated table providing their buyer an average discount of $12,976.

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: December 11-17, 2016

Saskatoon real estate activity continued to follow a typical seasonal pattern as residential unit sales fell by three compared to last week for a total of 51 trades, five more than were conducted during the same week last year. Meanwhile, the number of new listings added to the Saskatoon MLS® remained stable at 116, a change of just one from last week, beating last year’s number by 16 homes.

The total number of active residential listings on the multiple listing service® slipped marginally lower from 1687 at the close of the previous week to 1662 today. That comes in short of last year’s levels by a mere 26 homes. It would appear that this year is about to wrap up with as much inventory as we had at the close of 2015. There are some shifts within the major housing types, however. For instance, single-family homes inventory sits at 866 today, down from 926 a year ago. Condo inventory has grown from 583 a year ago to 649 today. Construction on a large numbers of new units has wrapped up in the past couple of months and that’s likely what’s been pushing the condominium numbers higher.

Entry level activity dominated the sales board this week with eight sales at prices below $200,000 and only two that topped $500K. The weekly median price slipped to $310,000 to find itself at its lowest point in a few months time. The weekly average sale price of a Saskatoon home fell more to $321,605. The six-week average sale price stayed fairly stable dropping just $900 from last week to $344,903 to find itself down ten thousand dollars on an annual basis. The four-week median price took its fourth consecutive weekly decline and finished the week at $329,900 for an annual loss of seventeen thousand dollars.

Buyers won the week at the negotiating table as 48 of them wrapped up a deal below the asking price by an average of $12,450. Another two paid full asking price. Finally, one excited buyer closed their deal with a $30,100 overbid, no doubt leaving their seller feeling particularly lucky going into the holidays.

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 cool in November: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of November, 2016 today. According to the CREA, “The number of homes trading hands via Canadian MLS® Systems declined 5.3 percent month-over-month in November 2016. This represents the largest monthly decline in activity since August 2012. As
a result, the number of homes changing hands now stands at the lowest level since September 2015.”

“November was the first full month in which the expanded stress-test was in effect for home buyers with less than a twenty percent down payment,” said CREA President Cliff Iverson. “The government’s newly tightened mortgage regulations have dampened a wide swath of housing markets, including places not targeted directly by the government’s latest regulatory measures. The extent to which they pushed first-time home buyers to the sidelines varies among housing markets. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

Highlights of CREA’s report    

  • Actual (not seasonally adjusted) activity remained 1.6% above levels in November 2015.
  • The number of newly listed homes edged down 0.4% from October to November.
  • The MLS® Home Price Index (HPI) in November was up 14.4% year-over-year (y-o-y).
  • The national average sale price climbed 7.3% y-o-y in November.

 

Read the entire report on Canadian MLS® sales for November, 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: December 4-10, 2016

The number of Saskatoon homes that traded hands over the past week fell 14 from the previous week to 54 units, just enough to match sales for the same period last year. Meanwhile, the number of new listings added to the multiple listing service® slipped lower, just as we would expect, given the season. Saskatoon real estate agents brought 117 new listings to the MLS®, down ten from last week, and almost 30 fewer than were added during the same week last year.

The inventory of active MLS® listings in the residential category inched lower to 1687, down from 1706 a week earlier, and not far below last year’s levels when the system displayed 1739 Saskatoon homes to prospective buyers. There are 899 single-family homes for sale today, down from 915 last week, and 948 a year ago. Condo inventory slipped just two from a week earlier to settle at 638, up 34 units from a year earlier.

The split between upper and lower end activity was unchanged from the week before. Consequently, the weekly median price remained unchanged at $327,500. Some slightly larger sale price in the top 50 percent of sales did push the average price for the period higher by 10K as it closed the week at $348,917. For the third consecutive week, the six-week average price made modest gains as it grew to $344,973 and finished roughly seventeen thousand dollars lower than it was at the close of the same week last year. The four-week median continued to move in a downward direction for the third week in a row as it slipped two thousand dollars to $335,000 to find itself down fifteen thousand dollars annually.

Five sellers managed to close a full price deal this week, and one got so lucky as to find a buyer who paid more than the asking price by close to 10K. The remaining 48 sales were reported to have sold at a price below the list price netting those buyers an average discount of $13,489.

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.