Saskatoon real estate week in review for December 2-8, 2018

Just 16 shopping days until Christmas folks! If you’re celebrating, we hope that you have a good headstart on wrapping up this fun task.

Speaking of wrapping up, we are well into the home stretch for 2018 Saskatoon real estate activity. Just three more weekly reviews after this one before the dust settles and we know what it looks like. The early evidence suggests that we’ll fall short of last year’s unit sale numbers by three to four percent. Last year, 3,518 Saskatoon homes were reported sold through the MLS®. As of the close of business Friday, we were sitting at 3,230.

This past week saw 51 residential sales processed through the multiple listing service®, up two from the week before, but down by 16 sales when compared against the same period last year.

New listings came on pretty strong at 114 for a weekly increase of two dozen homes, ahead of the same week a year ago by five. It was a big week for failed listings with 138 homes coming to the end of the listing term without a sale. That helped to drive new listings higher as those most wanting a sale brought their home back to the system for another go.

For those determined to buy, December is often the month in which seller motivation is highest. The number of home showings a typical seller receives will begin to wane and days of nothingness can soon drive a seller crazy. I’m a guy who won’t say, “Now is a great time to buy!” but if I was looking to do so in the next 90-120 days, I’d probably try to take advantage of the more favourable conditions buyers often find in December.

MLS inventory slipped and reached its lowest point since March and its four-year low point for this particular week. Today, there are 1603 active residential listings on the system, lower than last week’s close by 28, and down by 137 from a year ago. Today’s totals show 896 single-family homes for sale in Saskatoon. That’s down from 968 a year ago. Condo inventory is at 603 today, down about 52 units from 12 months ago.

As I’ve said many times, prices can and do get all over the map when you’re average sales are so low. The Home Price Index numbers in our recent monthly post are far more reliable, but hey, we do this every week and nothing’s gonna stop us now, right?

So, with that disclaimer in the bag, here’s what the week looked like.

Upper-end activity was strong enough to push the weekly median sale price higher by nearly five thousand dollars. It closed the week at $329,900. Still, with very little activity above the $500K mark, the average sale price for the week tumbled lower by close to $40,000 to make a rare appearance below the three hundred thousand dollar mark at $299,900. The six-week average price fell more than six thousand dollars from a week earlier and settled at $334,274. That’s roughly eleven thousand dollars lower than it was for the same week last year. The four-week median price managed some gains as at grew by about fifteen hundred dollars from last week and reached $328,950 for an annual increase of nearly nine thousand dollars.

For the fourth consecutive week, just one Saskatoon home seller wrapped up an offer above their asking price. In this case, the offer came in at $100 more than they had asked for the home. Meanwhile, 46 of this week’s 51 sales required some give on the seller side. Those buyers saw an average discount of $14,094.

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

Home Sales Soften in November, 2018: SRAR

Saskatoon home sales through the Multiple Listing Service (MLS®) totalled 203 units in November, a 22 percent decline compared to the same month last year. By the end of last month, a total of 3,167 Saskatoon home sales had been recorded year-to-date, down 25% from the highs of 2014, and the lowest year-to-date sales number in ten years. 

New residential MLS® listings have also been declining since 2015 when there were 9,411 Saskatoon homes listed by the end of November. This year, that number sits at 7,646 over the same period, a 12 percent decline from last year and down 19 percent from 2015.

Total active residential listings fell to 1716 as November closed, comparable to the five-year average and slightly higher than the 10-year average of 1,388. At the current rate of sales, it would take just over 8 months to liquidate the current active listing inventory. “The months of inventory has been steadily increasing from 3.8 months in November of 2012,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR).

“Even though homes were selling at 96.2% of the asking price in November, it still took two months for the average Saskatoon home to sell,” he added. The sale to new listing ratio is a useful measure to determine if it is a seller’s market or a buyer’s market. It is considered to be a balanced market when the ratio is at 50 percent (half as many sales as listings). Lower percentages identify a buyer’s market and higher percentages indicate a seller’s market. The sales to listing ratio in Saskatoon for November was 38 percent.

Typically, when discussing home prices, the focus is on the average price. The average can be misleading and is easily skewed. If there are more high-end homes that sell over a defined period, and fewer over another, the two periods can produce substantially different averages even if values are largely stable. For instance, the average sale price in November was $343,361. That’s up from $325,016 in October. No reasonable analysis would suggest that home values are up five percent in a month. The Home Price Index (HPI) provides a better indicator of what is happening with home prices. The HPI tracks value changes over time for well-defined benchmark homes. The value for the benchmark single-family home was at $310,900 in November. The measure has been modestly trending upwards all year, showing rare year-over-year gains over October and November.

“It’s important to remember that even in a buyer’s market sellers can be successful in realizing a sale on their home,” advises Yochim. “The most important step in selling is pricing to the current market conditions.”

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 202 Saguenay Drive, in River Heights, Saskatoon, SK

Welcome to 202 Saguenay Drive in the River Heights area of Saskatoon.

Offered at $575,000 MLS®

View full listing detailshere.

This terrific River Heights home offers incredible space and a spectacular location. You’re just 300 meters from Meewasin Trail and the amazing South Saskatchewan River Valley. If you enjoy a bike ride, an evening stroll or cross-country skiing you’ll appreciate the ease at which you can access over 20 kilometres of paved pathways that wind through some of Saskatoon’s prettiest scenery across all four seasons. This north Saskatoon location provides easy access to the downtown area and the University of Saskatchewan campus. This bi-level home is huge with over 2100 square feet above grade, and a spacious developed lower level. The basement is just three feet below grade, has large windows that provide an abundance of natural light, and a walkout from the great room. The highlight of the home is the great room, measuring 27 feet by 25 feet, you’ll have no trouble expanding the guest list when entertaining. The room’s vaulted ceiling and skylights give it a grand feel. Cozy up to a fire during the winter, or open the garden doors and walk out to the backyard patio and maintenance free yard when it’s warm. With a total of four bedrooms and four bathrooms, there’s plenty of space for growing families too.

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.

Saskatoon real estate week in review for November 25 – December 1, 2018

After a big bounce in residential sale numbers last week the Saskatoon real estate market cooled again. Unit sales fell to just 49, down from 66 the week before, but ahead of numbers recorded over the same period last year by two.

New listings fell to their lowest level this year as local agents added just 90 Saskatoon homes to the MLS®. That’s 55 fewer homes than were listed the previous week, and 16 fewer than were offered up for sale on the system over the same week of 2017.

The inventory of active residential real estate listings available through the multiple listing service® fell to 1631 by this morning as 122 listings came to the end of their term without a sale. Total listings slipped by 111 units from last week and are down by nearly 150 homes from a year ago and now at the lowest level recorded since mid-March. A closer look at the major categories of housing shows 917 single-family detached homes for sale in Saskatoon, down from 1007 at this time last year. Condo inventory fell by 45 on an annual basis leaving us with 608 properties bearing an active status.

A solid showing of buyers at the upper end of the real estate market pushed the weekly average sale price, and the weekly median price higher to $339,884 and $325,000 respectively. The six-week average price moved higher as it has during five of the past six weeks. It finished the week at $340,505. That is up more than seven thousand dollars from last week, enough for an annual gain of about twelve hundred dollars. This is also the first time the measure broke $340K since mid-February. Meanwhile, the four-week median price slipped lower by twenty-five hundred dollars from a week earlier. It settled at $327,500 to close the period up annually by more than eleven thousand dollars.

One Saskatoon home seller found themselves in a bidding war resulting in a sale price that exceeded their asking price by two thousand dollars. Buyers won the week with 43 of 49 sales reporting a sale price that netted those buyers an average discount of $14,388.

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