Saskatoon real estate week in review for May 11-17, 2019 (edition #636)

Saskatoon real estate sales in the residential category were higher than they were for the same period last year, now for the sixth consecutive week. Local REALTORS® firmed up 95 transactions in the category for a weekly gain of five and an annual increase of nine.

New listing activity remained seasonally strong. While the number of homes that were added to the MLS® fell five from the previous week, it grew by 15 units annually to reach 219.

The number of Saskatoon homes available to home buyers through the multiple listing service® continued to climb and reached 1890 by this morning. That brings a weekly increase of 78 properties and an annual decline of just 63. While active residential listings have remained at their lowest point in five years (for each week) most of this year we are close enough to last year’s numbers that the streak could end anytime. Weekly new listings should begin to decline very soon but we are still a month to two months away from seeing total inventory numbers reach their peak and it’s looking like we will easily eclipse 2000 listing before that happens.

Today’s totals include 708 Saskatoon condominiums, up nine from last week, but down 86 units from the close of the same week last year. Meanwhile, the number single-family homes that are offered for sale through the MLS® within the city of Saskatoon grew to 1060 for a weekly increase of 50. At this time last year there were 1032 Saskatoon houses for sale.

Upper end activity remained strong this past week and the weekly median price inched slightly higher to $325,000. A couple of sales that together added more than $2 million in dollar volume helped boost the average price of a Saskatoon home higher by nearly 25K this week to $355,979. The six-week average price took its fifth consecutive weekly gain and reached $340,074 which is nearly ten thousand dollars higher than it was at the close of the same period last year. The four-week median price moved in the opposite direction as it fell seven thousand dollars compared to the previous week to close ahead annually by close to fifteen thousand dollars.

Sellers hoping that multiple bids on their home might drive up the closing price were largely disappointed. Just two sales reported an above list price sale. One of those sellers picked up a $5,600 bonus, the other settled for $100 more than they had asked. Across the negotiating table, 85 Saskatoon home buyers closed a deal with an average discount of $11,373.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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 home sales grow in April 2019: CREA

The Canadian Real Estate Association (CREA), recently released national sales statistics for April of 2019.

According to the report, “Home sales recorded via Canadian MLS® Systems rose by 3.6% month-over-month in April 2019. After having dropped in February to the lowest level since 2012, the rebound in sales over the past two months still leaves activity slightly below readings posted over most of the second half of 2018.”

Across the Prairies, supply remains historically elevated relative to sales and home prices remain below year-ago levels. Benchmark prices were down by 4.6% in Calgary, 4% in Edmonton, 4.3% in Regina and 1.7% in Saskatoon. The home pricing environment will likely remain weak in these cities until demand and supply return to better balance.”

Highlights of CREA’s report

  • National home sales improved by 3.6% month-over-month (m-o-m) in April.
  • Actual (not seasonally adjusted) activity was up 4.2% year-over-year (y-o-y).
  • The number of newly listed homes climbed 2.7% m-o-m.
  • The MLS® Home Price Index (HPI) eased by 0.3% y-o-y in April.
  • The national average sale price edged up 0.3% y-o-y.

Read the entire report on Canadian MLS® sales for April 2019.

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 May 4-10, 2019 (edition #635)

For the fifth consecutive week, home sale numbers came in higher than they were the previous year. Saskatoon real estate agents reported 90 firm deals to the multiple listing service®, down eight from the previous week but ahead of last year’s numbers by twenty sales.

New listings also sky-rocketed as eager sellers tried to get in on what is shaping up to be a strong spring market. A total of 226 Saskatoon homes were offered for sale, up 15 from the previous week. That’s ten fewer homes than we saw listed during the same period last year.

The inventory of active Saskatoon real estate listings spiked sharply higher as numbers grew by 79 across the week to reach 1818. That’s lower than levels recorded last year at this time by 70 homes. A closer look at the major housing categories shows that buyers have a selection of 1010 single-family homes today, an increase of 46 from a week ago, and 24 more than they would have found at this time last year. Condo inventory grew by 17 this week to reach 699 for an annual decline of 94 units, or 12 percent.

On the heels of a week that produced unusually high sales numbers in the range, sales in price categories below $250K fell lower. With strong buying activity of homes priced above the half million dollar mark, the weekly median sale price bounced back to $324,250 and the average sale price finished even higher at $331,188.

The longer-term measures both inched slightly higher this week. The six-week average price grew just fifteen hundred dollars and reached $336,720. That number is down two thousand dollars from the close of the same week last year. The four-week median price jumped by nearly four thousand dollars on the week to hit $332,000 which is up on an annual basis by twelve thousand dollars.

Six lucky Saskatoon homes sellers found themselves in the fortunate position of having multiple offers on their home which drove the contract price higher than the list price by an average of $2,800. That’s the highest number of above list price sales we’ve seen during any week this year and the first time that each major trading area has reported an over list price sale. Meanwhile, 77 Saskatoon homes sold for less than the asking price by an average of $12,388.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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 April 27 – May 3, 2019 (edition #634)

It was another solid week for the Saskatoon real estate market as sales activity reached a new annual peak. Local agents reported 98 residential sales to the MLS® this week, an increase of five compared to the previous period. Sales were up from the same week last year by 13. This was the fourth consecutive week in which sales were higher on an annual basis. This streak of strong activity resulted in a 14% year-over-year increase in unit sales for April within the city and an 18% annual increase in the greater Saskatoon region.

The new listing activity also grew as nearly 40 more Saskatoon homes hit the market compared to the previous week. Those numbers still fell well short of last year’s which saw 211 listings come to the system.

A week of robust sales activity combined with a typical number of expired listings that tend to come with the turning of the calendar, brought inventory numbers lower for the second week in a row. As of this morning, Saskatoon home buyers could find 1739 residential properties showing an active status on the multiple listing service®. That’s down from 1763 a week ago. At the close of the same week last year there were 1793 Saskatoon homes for sale.

Single-family homes numbers slipped lower to 954 which is about even with last year’s total. Condominium inventory declined by ten on a weekly basis to start the new week at 681 for an annual drop of 58 units.

Following a couple of weeks of sales activity that was dominated by upper-end activity, first-time buyers showed up in a big way to offer on entry-level product. With 38 sales reporting a sale price below the quarter-million-dollar mark, both the weekly median sale price and the weekly average plunged lower to $285,950 and $315,586 respectively.

Meanwhile, the six-week average price edged up about a thousand bucks from last week to reach $335,190. That’s roughly two thousand dollars lower than it was at the close of the same week last year. The four-week median price fell five thousand dollars on the week to settle at $328,250 to remain higher on an annual basis by $13,250.

Three sales were reported to have sold above the asking price this past week. Those deals averaged an overbid of just seven hundred dollars. Another 87 sales went below the seller’s asking price netting buyers an average discount of $12,599.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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 region homes sales spike 18 percent in April 2019: SRAR

April housing demand in the Saskatoon region was the strongest in three years, as sales jumped 18 per cent over the same month of 2018.

The Saskatoon Region Association of REALTORS® (SRAR) reported 513 sales on the MLS® system, up from 433 last April and 414 in 2017. Those sales generated a dollar volume of $169.6 million, up 12 per cent from last year’s $152 million and 14 per cent from $147 million in 2017. Year-to-date, sales are up seven per cent to 1,440, as compared to 1,342 in 2018 and 1,368 in 2017. Dollar volume is up three per cent to $460.2 million from last year’s $447.8 million.

The spring market usually brings an increase in listings, and April followed that tradition. Listings rose four per cent to 1,295, although year-to-date listings are down slightly to 3,971 from 3,989. Compared to the 4,475 properties posted in the first four months of 2017, however, listings are down significantly.

“People came out of hibernation and said, it’s time,” said Jason Yochim, CEO of SRAR. “We’re seeing the beginning of a spring market, which is nice.”

Other factors potentially influencing the market include stable interest rates and lower prices, he added. “There’s less inventory and people are buying what they’re finding on the market,” Yochim said. “It’s feeling more like it’s time to make that move.”

In the city of Saskatoon, the number of properties brought to market actually fell two per cent in April to 774, down from 787 last year and significantly down from the 842 listed in April, 2017. Year-to-date, 2,511 homes have been listed, down three per cent from 2,594 in the same period of 2018. Listings in 2017 were considerably higher, at 3,024.

Active listings in Saskatoon as of April 30 were down three per cent to 1,778 from 1,834 last year, and up four per cent in the region, to 1,083.

April sales in the city proper came in at 380, up 14 per cent from last year’s 333 and generating a 16 per cent increase in the dollar volume, to $130.4 million. That figure is up from both 2018 and 2017, when $112.7 million and $113.6 million in sales were recorded, respectively. So far this year, Saskatoon sales are up seven per cent to 1,047, up from 978 in 2018.

The average selling price in the city increased one per cent to $343,121 in April, up from $338,438 last year. Year-to-date, the price remains down by two per cent at $327,995. The region surrounding Saskatoon, including towns and cities such as Warman, Martensville and Dalmeny, saw a whopping 25 per cent increase in dollar volume to $31 million on 105 sales, up 36 per cent from 77 last year. The average price was down eight per cent to $295,780.

Stronger sales activity was reflected in Saskatoon’s sales to listing ratio, which at 49 per cent is considered a balanced market. “It’s an encouraging sign,” said Yochim. “A balanced market offers a good equilibrium, with a good balance of buyers and product from sellers. Depending on how long it lasts, it helps slow the decline in pricing.”

New housing starts are down considerably, which is also affecting the market. March, for example, saw a 33 per cent drop in single-family home starts and a 70 per cent fall in multiple units. It will take some time before the rising demand spurs more building because there is always a lag between an improvement in sales and starts,” Yochim said.

Prince Albert and region also recorded improved home sales, which rose 25 per cent to 60 units, up from 48 last year. Dollar volume jumped 26 per cent to $12.2 million from $9.7 million last April. Listings were up a marginal two per cent, to 168 from 165. In the city itself, sales were up 41 per cent to 38. “That’s encouraging for P.A. because the market was quite depressed for a number of months,” Yochim said.

Activity was less robust in the Battlefords region. Sales rose 17 per cent in April to 35, up from 30 last April, but dollar volume dropped 35 per cent to $5 million from $8 million. Listings, however, fell seven per cent to 138.

“Every market, including the strengthening Saskatoon market, comes with its own challenges for buyers and sellers,” noted Yochim.

Jason Yochim is the CEO of SRAR