Saskatoon real estate week in review for December 29, 2018 – January 4, 2019

And, we’re off! The first week of a new year for the Saskatoon real estate market is now behind us.

After closing 2018 with unit sales hitting the trough, residential trades saw a slight increase as 23 properties changed hands, up five from the week before, and down by four compared to the opening week of 2018.

New listings took a massive weekly increase as those numbers grew from just 25 over Christmas week to 102 this period. That number is lower than it was for the same period last year when 117 Saskatoon homes were offered for sale.

The total number of active residential listings on the Saskatoon multiple listing service® hit its lowest point for any single week since early 2015. Today, there are 1371 Saskatoon homes available for home buyers, a drop of 127 from last week’s close, and down about a hundred units from where it stood as the 2018 calendar year began.

The largest declines are seen in the condominium inventory which fell from 582 a year ago to 525 today. While condo sales have been showing some gains in recent months the math is telling me that most of the inventory decline can be attributed to the hefty number of year-end expired listings which will likely resurface in the weeks ahead. The number of detached homes for sale slipped from 808 a year ago to 764 today. Again, this category shows a weekly decline of 72. With total sales for the week at just 23 units, these drops are also the result of expired listings.

Let’s not read much into the pricing data as averages are very unreliable when there are hardly any sales. That said, the weekly median price of a Saskatoon home slipped to just $279,500. That’s the lowest weekly median we’ve seen since the opening week of 2018. With just one sale reporting a price above $500,000, the weekly average was also low at $307,317. The six-week average price slipped lower by a couple of thousand dollars from last week to settle at $335,777. That’s about where it was at the close of the same week a year ago. The four-week median price fell $5500 from last week to close this period at $322,450. It claimed an annual increase of $4500.

One Saskatoon home seller made off with a deal that was $100 above asking price, while 19 others found themselves being ground for a discount that averaged $13,763.

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.

Thanks so much for following our weekly updates. I look forward to continuing to provide this data for the thirteenth consecutive year (617 consecutive weeks!).

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 December 23-29, 2018

The final week of the year for the Saskatoon real estate market was quiet, as it always is. This week marks the bottom of the annual real estate cycle which typically peaks in April, May or June, and then begins a slow and steady decline that finishes here.

Local agents reported just 18 firm residential sales, down for 52 last week, but finishing ahead of Christmas week last year by two. New listings also fell off as just 25 Saskatoon homes were added to the multiple listing service® database, a drop of 50 from the previous week, and down by one compared to the closing week of 2017.

Active MLS® listing inventory fell to its lowest point in a year. As of this morning, there are 1498 residential listings showing an active status on the Saskatoon multiple listing service®, down 35 units from a week ago. Looking back to last year, there were 1607 Saskatoon homes available to buyers as the final week of 2017 closed. Today’s totals include 836 single-family homes for an annual drop of 31. Condo listings total 568, which is just two fewer than were available last year at this time.

Prices were off the charts high with four of this week’s 18 sales recording a sale price exceeding $500K. The weekly median price came in at $379,500 and the weekly average was $431,744. The six-week average price grew by close to three thousand dollars from last week and reached $337,439. That’s down from the closing week of 2017 by about twenty-eight hundred dollars. The four-week median price also took some gains, up $8,500 from last week to $328,000. That was enough to claim an annual increase of four thousand dollars.

Two sellers were lucky enough to secure an offer at their asking price. The other 16 gave up some dough to make a deal netting buyers an average discount of $15,0000.

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.

As another year for the Saskatoon real estate market draws to a close, I thank you for continuing to show up here to read my work. I wish you and yours the very best that 2019 has to offer.

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 December 16-22, 2018

Residential sales saw both a weekly and an annual increase of eight this week as Saskatoon real estate agents reported 52 local trades to the MLS®.

New listings continued to fall lower as they always do in the final weeks of the year. A total of 75 Saskatoon homes were added to the system this week, down from 86 the previous week, and below the 87 listings that were added to the system over the same week last year.

Listing inventory also continued on a slow downward trend. As of this morning, there are 1533 active MLS® listings in the residential category, down 63 units from last week’s close, and lower than it was at the end of the same week last year by 103.

A closer look at the major housing categories shows 570 active condo listings within the city of Saskatoon. That number falls lower than it was a year ago by 57. Today, there are 867 single-family homes for sale now, down just 33 from a year earlier.

The median sale price for the week fell to $297,500 to reach its lowest level in nearly three months as high-end home buyers took a holiday break. With just four sales hitting numbers above $500K the weekly average also took a plunge as it fell to just $310,783. Both of the longer-term measures we track followed suit. The six-week average price dropped six thousand dollars to $334,743 and closed the week down from a year ago by just seven hundred dollars. Meanwhile, the four-week median price lost $5500 from a week earlier. It settled at $319,500 to find itself lower than it was a year ago by $1750.

One seller picked up a solid bonus as buyers bid up the price of their home to close $12,600 higher than the asking price, while 49 of this week’s buyers managed to negotiate a discount averaging $11,577.

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.

Wishing a very Merry Christmas to those who celebrate. I hope you all enjoy a peaceful and relaxing holiday.

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 decline again in November 2018: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for November of 2018 this week.

According to the report, “Home sales via Canadian MLS® Systems fell by 2.3% in November 2018, adding to the decline in October of 1.7%. While the number of homes trading hands is still up from its low point in the spring, it remains below monthly levels posted from 2014 through 2017.

“Transactions declined in just over half of all local markets, with lower activity in the Greater Toronto Area (GTA), the Greater Vancouver Area (GVA) and Hamilton- Burlington offsetting increased sales in Edmonton.”

Highlights of CREA’s report

  • National home sales fell 2.3% from October to November.
  • Actual (not seasonally adjusted) activity was down by 12.6% from one year ago.
  • The number of newly listed homes declined by 3.3% from October to November.
  • The MLS® Home Price Index (HPI) was up 2% year-over-year (y-o-y) in November.
  • The national average sale price retreated by 2.9% y-o-y in November.

Read the entire report on Canadian MLS® sales for November 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 December 9-15, 2018

Saskatoon real estate sales slipped lower this week as local REALTORS® reported 44 firm residential trades to the MLS®. That is lower than the previous week by seven and falls short of sales for the same period last year by 19.

The number of new listings that were added to the multiple listing service® database fell to 86, down from 109 the previous week. During the same week last year, only 70 Saskatoon homes were listed for sale.

The number of Saskatoon homes available to buyers on the MLS® system fell marginally lower this week to 1596 and made its first sub-1600 finish since mid-March. That’s just seven fewer listings than the number available at the close of the previous week. At the end of the same week in 2017, there were 1678 residential properties on the system.

The mix of high-end versus lower end sales was fairly stable compared to the previous week. The median sale price for the week moved marginally lower to $322,000. Meanwhile, the weekly average sale price of a Saskatoon home took a huge bounce to $380,000 due to a single sale at $2.6 million. That is the highest residential sale price ever reported to our MLS® for a Saskatoon home. The closing price tops the previous high sale price within the city by $290,000.

The six-week average sale price edged higher by six thousand dollars compared to the previous week. It came in at $340,439 from an annual increase of roughly fifteen hundred dollars. The four-week median price moved in the opposite direction as it lost four thousand dollars from last week to finish up at $325,000. That’s up two thousand dollars from the close of the same week last year.

Once again, we saw one lonely listing reported to have sold for a price that was greater than the seller’s list price. That sale saw an overbid of $900. Buyers exercised their clout at the negotiating table and managed a discount that averaged more than $22,000 on 41 of the week’s 44 sales. It’s worth noting that the $375,000 discount negotiated on the $2.6 million dollar sale skewed the overall average discount by $8500. If that sale were not in the mix, the average discount would be closer to $14,000.

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