Saskatoon real estate week in review for September 9-15, 2018

The Saskatoon real estate market bounced back over the past week as local REALTORS® reported 72 home sales to the multiple listing service®. That’s up by 21 compared to the previous week, and tops sales for the same period last year by 19. That was enough of a gain to make up for sales declines recorded over the first week of the month September, bringing us about even for the month of September on an annual basis.

New listing numbers grew from 158 last week to reach 167 by the close of business Friday. That number is down when compared to the same week last year when local agents listed 182 Saskatoon homes for sale.

The number of Saskatoon homes available to buyers on the MLS® fell by just five this week to settle at 1961, down from 2127 at the close of the same week in 2017. Today, there are 1086 detached houses for sale, down from 1227 a year earlier. The condominium category shows 753 active listings, down from 788 a year earlier.

With just five sales above the $500K mark, and twice that below $200,000 both the weekly average sale price and the weekly median fell lower to $310,929 and $313,750 respectively. The six-week average price slipped lower for the fourth consecutive week. It finished the period at $325,933 which is lower than last week by two grand, and down annually by nineteen thousand dollars. The four-week median fell for the fifth week in a row to settle at $312,500. That number is down nearly two thousand dollars for the week and sixteen thousand annually.

One lucky seller had a pleasant negotiation that resulted in a deal for $100 more than the list price they selected. It was a good week for buyers, 66 of whom managed to grind a discount that averaged $12,350.

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 for September 1-8, 2018

Saskatoon real estate sales took a downward turn as just 51 firm residential sales were reported to the multiple listing service®, well down from 73 the previous week and falling short of numbers generated during the same period a year ago when 56 homes traded hands.

Meanwhile, new listing numbers moved higher to 158, a gain of eight compared to the previous period, but down by nine on an annual basis.

The inventory of active MLS® listings in the residential category grew this week. By Saturday morning, our total number of Saskatoon homes offered for sale sat at 1966, which was 29 more than were available one week earlier. At the close of the same week last year active listings sat at 2104. There are currently 1089 single family homes for sales, compared to 1218 a year earlier. Condominium inventory is at 755, down from 788 at the close of the same week in 2017.

There was a shortage of upper end sales in this week’s numbers. Both the weekly average sale price and the median sale price of a Saskatoon home fell lower to $316,195 and $315,000 respectively. The six-week average price dropped for the third consecutive week to $327,836. That’s about three thousand dollars lower than it was the previous week, and down about $12,500 from a year earlier. The four-week median price finished the week at $314,400. That’s down just six hundred dollars from the previous week but nearly $26,000 lower than it was a year ago.

Sellers hoping for a bidding war to drive their price were largely disappointed this week as just one sale was reporting a sale price above list. Meanwhile, 46 of this week’s home buyers managed a discount averaging $11,924.

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 listings (MLS®) fall for 8th consecutive month: SRAR

A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity for the month of August of 2018 follows.

For the seventh straight month, the number of active residential listings in the Saskatoon market was down year-over-year (it’s actually eight consecutive months, but who’s counting). At the end of August, there were 2,019 active residential listings in the city, a decline of eight percent from a year ago. Of the active listings, approximately 1,227 are single family homes while just over 780 are condominiums. The decline in active listings is largely due to a drop in the number of homes listed this year compared to last. To date, a total of 5,875 residential properties have been listed in Saskatoon on the Multiple Listing Service® (MLS®). That’s down 11 percent when compared to the end of August last year. “In a slower market, one typically sees fewer speculative sellers than in a hot market,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “It’s important to bear in mind that homes sell in all markets. If a seller needs to sell then they must be sure to have good advice and price to the current market conditions,” adds Yochim.

In the month of August, there were 329 residential sales through the MLS®. This is on par with August of 2018 and just slightly below the five year average of 352. Year-to-date, there have been 2,411 residential MLS® sales in Saskatoon. Of these 1,751 are single-family properties, unchanged compared to the first eight months of last year. On the other hand, 648 condominiums traded by the end of last month, 11 percent fewer than last year.

Year-to-date, MLS® sales of homes priced between $200,000 – 300,000 totaled 657 transactions, down from 707 last year. The number of homes that sold between $350,000-750,000 was also lower by just over 100 sales from 1,036 transactions in 2017. So far in 2018, a total of 41 properties have sold in excess of $750,000 in Saskatoon, on par with last year.

The Home Price Index (HPI) Value for a single-family home in Saskatoon increased slightly from July to $312,200. The HPI measures the change in value over time for a typical single family home with a standard set of attributes. This rate of change reports similar to the Consumer Price Index and is the most accurate indicator of home pricing. The HPI value for townhouse style residences declined for the month to $225,200, down from $234,400 in July. Benchmark pricing for apartment style condominiums continues to decline for the eighth straight month. Year-to-date, the average sale price was $334,226, down four percent decrease from this time last year. Average prices can be misleading as outlier sales can skew the average sale value one way or the other over a short period of time. This is why the median price of HPI value is a better indicator of the market.

Last month, the average home in Saskatoon took 52 days to sell in Saskatoon. The five year average for the month of August is 50.4 days.

For further information, please contact:

Jason Yochim CAE, CRAE
Chief Executive Officer – Saskatoon Region Association of REALTORS®

Saskatoon real estate week in review for August 25 – September 1, 2018

September 1. Another month for the Saskatoon real estate market is in the history books. I was just having a look at sales activity for the month. There are 330 residential sales reported for August, which precisely matches sales for the same month of 2017. That’s certainly not as good as July which posted a hefty increase, but at least it’s not down as so many months have been this year.

As for the week, Saskatoon real estate agents reported 73 firm residential sales, down from 87 last week, and falling short of sales for the same period last year by four.

Meanwhile, a total of 150 Saskatoon homes were listed for sale. That is lower than last week’s number by 21, and well ahead of the new listing numbers generated over the same period last year when 127 properties were listed for sale. This is the third consecutive week during which new listings were up on an annual basis.

As August closed, 124 MLS® listings came to the end of their term without a sale. Those expired listings helped to bring the total inventory of Saskatoon homes for sale on the multiple listing service® lower to 1937. The week closes with active listings, down 100 units from a week earlier, and down 175 from a year ago. Today there are 1077 detached single-family homes for sale, down from 1212 a year ago. Condominium inventory is also lower. It now sits at 748, which is 47 fewer listings than were available at this time last year.

Activity remained strong at the entry level of the real estate market with 21 sales reporting a price of a quarter million dollars or less. The weekly median price managed to grow by 10K but remained lower than usual at $324,100. A couple of sales at $850,000 helped bring the average price for the week higher to $328,194. The six-week average price of a Saskatoon home was down about four thousand dollars from the week before. It fell to $330,596 for an annual decline of seven thousand dollars. The four-week median price also slipped lower dropping about a thousand dollars from last week, and seven thousand dollars from a year ago.

Overbid sales remained higher than normal this week at four. Those lucky sellers saw an average bonus of $5,575 more than they were asking. On the other hand, 63 of this week’s firm deals reported a sale price below the seller’s list price. Buyer’s who managed to grind a bit of a deal netted an average discount of $13,145.

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