Canadian home sales activity slows in October, 2018: CREA

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

According to the report, “Home sales via Canadian MLS® Systems edged back by 1.6% in October 2018. While activity is still stronger compared to the first half of 2018, it remains below monthly levels recorded from early 2014 through 2017.

“Transactions declined in more than half of all local markets, led by Hamilton-Burlington, Montreal and Edmonton. Although activity did improve modestly in many markets, it was offset by a decline in sales elsewhere by a factor of two.”

Highlights of CREA’s report

  • National home sales fell 1.6% from September to October.
  • Actual (not seasonally adjusted) activity was down by 3.7% from one year ago.
  • The number of newly listed homes eased 1.1% from September to October.
  • The MLS® Home Price Index (HPI) was up 2.3% year-over-year (y-o-y) in October.
  • The national average sale price slipped by 1.5% y-o-y in October.

Read the entire report on Canadian MLS® sales for October 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 for November 4-10, 2018

Saskatoon real estate sales in the residential category fell lower for the sixth week in a row as winter conditions took a firm hold on the market. Local agents reported just 39 firm sales this week, down six from last week, and falling short of sales recorded during the same period last year by 33 units. This is the fifth consecutive week during which sales fell on a year-over-year basis.

New listing activity was also sharply lower as Saskatoon real estate agents added just 119 new listings to the multiple listing service®. That number is lower than the previous week by 32. During the same week last year 161 Saskatoon homes came onto the MLS®.

The total number of Saskatoon homes available to buyers on the MLS® was stable on a weekly basis. As of this morning, 1749 such properties could be found in the “active” category, down just one from a week earlier. A year ago there were 1910 homes for sale on the system. Condo inventory sits at 651, down from 685 a year ago. The number of detached single-family homes for sale is now at 987, down from 1107 on this date last year.

Both the weekly median sale price and the average sale price of a Saskatoon home took marginal gains this week to $344,713 and $337,000 respectively. The six-week average price inched higher by seven hundred dollars from the last period to reach $327,856. That’s about ten thousand dollars lower than it was a year ago. The four-week median price slipped to $315,950 to finish the week down on an annual basis by $11,500.

For the first time in a few weeks, we have one house that sold for more than the asking price. The typical Silverwood Heights four-level split sold $3100 above the seller’s list price. Meanwhile, 37 of the week’s sales went below the list price and netted buyers a discount averaging $13,143.

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 continue to fall in October 2018: SRAR

The total number of new MLS® residential listings in Saskatoon this year reached 7,111 by the end of October. This represents a year-over-year decline of 12 percent. By this time last year, 8,065 properties had been listed for sale. The number of residential listings for Saskatoon and region is now at 10,929, down ten percent from last year. New listing numbers have seen year-over-year declines each month this year.

This decline in new listings has contributed to lower inventory levels in Saskatoon. At the end of October, there were a total of 1,808 homes for sale in Saskatoon and an additional 1,095 in the regional market surrounding the city. The five-year average for active listings in Saskatoon is 1,806. The ten-year average is 1,487.

“Since 2015, the Saskatoon market has experienced higher inventories of active listings. This puts downward pressure on prices and upward pressure on the sales to new listing ratio,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®.

The average price of a Saskatoon home was $332,000 at the end of October, down four percent in a year. It’s now lower than it was two years ago by $20,000. Although much focus in real estate is on the average price, this measure can be misleading and is easily skewed by shifts in popular price ranges.

A better indicator of what is happening with home prices is the Home Price Index (HPI). The HPI establishes attributes for “benchmark homes” of various types and tracks price changes for those homes since 2005. The price of a benchmark single-family home in January of 2005 was $140,400. This category reached its peak price in May of 2015 at $329,500. Currently, the benchmark price of a Saskatoon single-family home is $312,600. That’s up slightly from last month, and $1500 higher than it was a year ago. The benchmark price for a typical townhouse in Saskatoon was $222,900 at the close of October. Apartments closed the month at $180,100.

MLS® sales were at 285 for Saskatoon in October, unchanged from the same month last year, but down nine percent from October 2016. Year-to-date, the total number of residential sales on the MLS® system in Saskatoon was 2,964, down two percent from last year. For Saskatoon and region, the total number of sales was 4,074, a one percent decline from 2017.

“It’s encouraging to see home sales at a comparable level to last year in spite of economic challenges and the “stress test” changes to financing earlier this year,” comments Yochim.

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

Saskatoon real estate week in review for October 28 – November 3, 2018

The Saskatoon real estate market recorded the smallest number of residential sales for any week since mid-January 2018. A total of 45 firm deals were reported to the MLS® this week, down from 64 the previous week and falling short of sales for the same period last year by four. This is the fourth consecutive week in which reported sales fell short of the previous year’s numbers.

New listings spiked higher for the period as 151 Saskatoon homes were added to the multiple listing service®. That number is well up from 118 last week but below the 170 listings that entered the system during the same period last year. This is the eight week in a row in which new listings numbers were down annually. The big listing week can largely be attributed to month end expired listings. At the close of October 132 listings came to the end of their term without a sale. Many of those were re-listed for another go at the market.

The inventory of Saskatoon MLS® listings fell lower to 1750 residential properties, its lowest point since April. That number is down 63 from last week’s close. There now are 153 fewer Saskatoon homes for sale than there were a year ago. As of this morning, single-family homes inventory had fallen below 1000 for the first time since spring. We now have 977 detached houses for sale, down from 1121 at this time last year. Condo numbers in the active listings category are at 663 today, just slightly lower than the 676 units available a year ago.

Sales activity was weakest at the entry level this week. Consequently, both the weekly average sale price and the weekly median sale price took some gains to reach $340,307 and $330,000 respectively. The six-week average price grew by more than three thousand dollars for the week and hit $327,157 to realize an annual decline of two thousand dollars. Meanwhile, the four-week median price of a Saskatoon home inched higher to $317,000. That’s up $1000 from last week’s number, but down by more than 24K from a year earlier when it closed the week at $331,250.

Not a single Saskatoon home sold for more than the asking price this week. Meanwhile, 42 of the week’s closed sales recorded a sale price that netted the buyers an average discount of $14,600 off of the listed price.

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 October 21-27, 2018

Saskatoon real estate sales saw a slight increase this week as local agents reported 64 firm residential transactions to the multiple listing service®, up from 58 for the previous week, but down 10 units when compared to sales for the same period last year.

The number of new listings added to the MLS® matched last week’s totals at 118. That number is lower than it was over the same week last year by 14.

The total number of Saskatoon homes available to home buyers through the local MLS® slipped lower again to 1813. That’s down just 21 from last week’s close, and lower than it was on the same day last year by 193 properties. Once again, the majority of the annual declines are counted in the single-family homes category which has fallen lower from 1179 at this time last year to 1004 today. Condo inventory is also down but to a lesser degree. Today, Saskatoon home buyers can find a selection of 695 condos on the MLS®, down from 712 a year ago.

On the heels of a week that was dominated by entry level sales, the average price of a Saskatoon home bounces higher by more than thirty grand to reach $336,056. The median price for the week saw a 42K gain as it climbed to more typical levels at $321,000. The six-week average price moved higher by about four thousand dollars compared to last week. It settled at just a thousand dollars below the number recorded for the same period last year. Meanwhile, the four-week median price lost four thousand dollars from a week earlier as it slipped to $316,000 for an annual decline of nine thousand dollars.

Sellers hoping to create a bidding war were shut out this week. No resale properties reported a sale price above the seller’s asking price. On the other hand, 60 Saskatoon homes traded after a negotiation that led to a discount for the buyer. The average drop from the list price was $13,055.

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