Saskatoon real estate week in review: May 20-26, 2018

The Saskatoon real estate market saw modest declines in both sales and new listings this past week. Local REALTORS® reported 70 firm residential transactions, a drop of 16 from the previous week, which is down the same amount from numbers generated during the same time period last year. New listings took a larger slide from 204 last week to just 170, down from 203 last year.

That large gap between sales and new listings, combined with fewer expired and canceled listings served to drive inventory higher for the third consecutive week. That’s not particularly unusual at this time of the year, but as the black line on the active listing chart indicates, we’re making some quick, large gains that might move us out of the “four-year historical lows” area that we’ve been in for the past thirteen weeks. By early Saturday morning, the number of Saskatoon homes for sale on the multiple listing service® had grown to 1997, up from 1953 at the previous week’s close but still well down from the 2174 listings that could be found on the MLS® at this time last year. Taking a closer look at the two major categories of housing shows 1055 active single-family homes listings, down from 1194 a year ago, and 817 condominiums for sale, also down from 823.

Fewer entry-level sales over the past seven days brought the weekly median price and the week average sharply higher to $333,250 and $333,905 respectively. The longer-term measures that we follow both moved in the same direction. The six-week average price of a Saskatoon home hit $333,827 for a weekly increase of about three grand, and a hefty annual decline of 24K. The four-week median price grew even more and reached $320,000 for a weekly increase approaching $10,000. It posted an even larger annual decline as it fell from $357,806 at the close of the same week a year ago.

Two Saskatoon home sellers got a lucky break and received offers exceeding their asking price with an average overbid of $2100. Meanwhile, 65 of the week’s sales were reported a price below the seller’s offering with an average discount of $13,135 being reported.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

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

Canadian homes sales decline to lowest level in five years in April, 2018: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of April of 2018 today.

According to the report, “National home sales via Canadian MLS® Systems declined by 2.9% in April 2018 to the lowest level in more than five years. About 60% of all local housing markets reported fewer sales, led by the Fraser Valley, Calgary, Ottawa and Montreal.” Gregory Klump, CREA’s Chief Economist went on to add, “This year’s new stress test has lowered sales activity and destabilized market balance for housing markets in Alberta, Saskatchewan and Newfoundland and Labrador Provinces.”

Highlights of CREA’s report

  • National home sales fell 2.9% from March to April.
  • Actual (not seasonally adjusted) activity was down 13.9% from April 2017.
  • The number of newly listed homes declined 4.8% from March to April.
  • The MLS® Home Price Index (HPI) in April was up 1.5% year-over-year (y-o-y).
  • The national average sale price declined by 11.3% y-o-y in April.

Read the entire report on Canadian MLS® sales for April of 2018.

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

Saskatoon real estate week in review: May 13-19, 2018

Home sales grew and new listings fell lower this week. Both fell short of meeting numbers recorded during the same week last year. Saskatoon real estate agents reported 86 firm residential sales to the MLS® system, up 16 from the previous week, but down 13 when compared to last year’s numbers. Meanwhile, new listings declined to 204, down from 236 a week earlier, and 16 fewer than were listed during the same week of 2017.

Even as the market showed some sales improvements, the large disparity between closed sales and new listings caused inventory to spike higher for the second week in a row. As of this morning, there were 1953 Saskatoon homes for sale on the multiple listing service®, up 65 from last Saturday. That looks to be the sharpest two-week increase to MLS® listings over the past several years, but we are still well down from levels that we’ve become accustomed to seeing at this time of the spring real estate season. Last year at this time there were 2135 Saskatoon homes listed for sale. A closer look at the inventory by major housing types shows that we have 1032 single-family homes for sale, down from 1169 a year ago. Condo inventory sits at 794, down just 14 from the close of the same week last year.

On the heels of a week that produced a good number of high-end real estate sales, entry level home trades stole the show this week. With 17 transactions recorded below the $200,000 mark, both the weekly average sale price and the weekly median fell sharply lower to $315,109 and $301,000 respectively. The longer-term measures both took a dip as well. The four-week median price slipped to $310,500 losing nearly 10K from a week earlier and down almost $38,000 from the same week last year. The six-week average price fell eight thousand dollars from a week earlier to hit $333,699 taking a loss of $34,000 from a year earlier.

The vast majority of deals closed below the seller’s asking price netting buyers an average discount of $10,140. Just one buyer showed a willingness to pay more than list price. That deal reported a sale price that exceeded the seller’s asking price by $1200.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

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

Saskatoon real estate week in review: May 6-12, 2018

Saskatoon real estate sales fell for the second consecutive week as local agents brought 70 firm deals to the MLS® system, down 15 from last week, and falling short of sales for the same period last year by 20.

New listings, on the other hand, spiked higher to reach their largest volume for any week this year as many of the listings that expired at the end of April began to reappear on the multiple listing service®. A total of 236 new residential listings were added to the MLS® over the past seven days, a gain of 25 compared to the previous week, and up 12 from the same period of 2017.

Following three weeks of stability, the inventory of Saskatoon homes for sale on the MLS® took its largest single week gain for the year as it grew by 95 listings to reach 1888, which is still well below the 2115 homes that were available a year ago. As has been the case since inventory started to fall to four-year lows, the declines can all be attributed to the single-family category. Today there are 986 detached houses for sale, down from 1106 at this time last year. Condo numbers were at 793 this morning, up from 785 on a year-over-year basis.

A bit more activity at the upper end of the Saskatoon real estate market pushed the weekly median price sharply higher too $333,500 but a near absence of luxury home sales brought the average price for the week lower to $337,794. Meanwhile, both of the longer term price measures took some modest gains. The six-week average price of a Saskatoon home grew by about sixteen hundred dollars to $338,863 to find itself well down from last year when it closed this week at $359,834. The four-week median price gained 5K to return to $320,000 down from its peak week for 2017 when it reached $352,500 a year earlier.

Three lucky sellers found themselves accepted offers above their asking price, which I believe is the largest number for any week this year. Those deals closed paying an average bonus of $5,233 which was seriously skewed by an area two sale that reported a sale price that exceeded the asking price by more than thirteen thousand dollars. On the opposite side of the negotiating table, 63 Saskatoon home buyers made off with a discount that averaged $11,647.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

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

A new listing at 104 Brookside Drive, Warman, SK

Welcome to 104 Brookside Drive in Warman, Saskatchewan.

Offered at $635,000 MLS®

View full listing detailshere.

When they said, “Location is everything,” this is exactly the kind of place they had in mind. Naturally, when one invests in a home of this calibre, with a walkout basement, an abundance of quality features and high-end appointments are expected. They’re all here. Heated basement floor, heated garage floor, heated ceramic tile flooring on the main, one awesome home automation system, and a host of features designed to make maintenance and upkeep a breeze. It’s simply gorgeous with everything required for comfortable luxurious living. Best of all, this lakeside home is perfectly positioned to take full advantage of an expansive view clear across the park and the lake. Enjoy this amazing view from the living room, kitchen, the master bedroom and most of the lower level, or take it in from outside on your covered deck, accessible from the kitchen, and the stamped concrete patio off the lower level family room. The massive yard is beautifully landscaped and a real pleasure to spend time in. Welcome the new day with a peaceful and private breakfast on the deck, or better yet, snuggle up and enjoy your favourite glass of wine as you watch the sun go down. Come see for yourself today.

Interested parties should contact Lyndon Neher at 306-380-9090 for details and showing arrangements.

Last year, TeamFisher.com hosted 334,888 user sessions. Those users viewed 1,594,672 listings while they were here providing our sellers with prime exposure. If you have a home to sell, we’d be happy to represent you and prominently display your home here.