Saskatoon real estate: Week in review (July 6-10 2009)

Saskatoon real estate sales continued along at an impressive pace with ninety-one homes being reported as firm sales to the Saskatoon MLS system. Unit sales were up over the previous week by just two, but increased by sixteen compared to the same week last year when seventy-five properties changed hands.

New listings of single-family detached houses and condominiums took a dip falling to one hundred and three properties, down from one hundred and nineteen last week, and sharply lower than the one hundred and seventy-six homes which were offered for sale during the same period last year.

Click the image for a larger version of the graph.

Total active residential listings took another slide, falling twenty units on a week-over-week basis to finish at 1322, nearly ten percent lower than they were at this time last year when the residential inventory reached 1461.

Active residential listings for the Saskatoon real estate market at July 10 2009

Fifty-six home sellers adjusted their asking price this week while another twenty-two canceled and relisted their property, most at a new price.

A good run on higher end homes including two houses that sold above $800,000 pushed the average selling price for the week sharply higher to $300,899, up more than $30,000 from last week. The six-week average also edged higher to finish at $281,537, up just $1300 from last week, but about $26,000 lower than it was this week last year when it reached its peak for 2008 at $307,696. The four-week median increased a little more, up $4,200 from the week before to $276,500, but down from $289,950 at this time last year.

Click the image for a larger version of the graph.

The average underbid grew from $11,393 last week to $14,262. An average discount of 4.5% puts us on the higher side of what we typically see from one week to the next, but this isn’t unusual during weeks when a higher percentage of the sales are in the $400,000 and higher category. A total of fifteen homes traded above 4400K this week.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @Norm_Fisher

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (June 29-July 3 2009)

Following what turned out to be one of the strongest weeks in the past two years, Saskatoon home sales slowed some, but managed to maintain a pace that is more typical of spring than summer, as local real estate agents reported eighty-nine house and condominium sales to the Saskatoon MLS system. This week’s final sales numbers show a drop of twenty-one units compared to last week, and a gain of twenty-three homes when compared to the same week last year.

Conversely, new listing activity picked up over last week with one hundred and nineteen houses and condos being offered up for sale, nine higher than the previous week, but forty-four units fewer than were listed for the same period last year.

Click the image for a larger version of the graph.

Total active residential listings took another hefty slide as the month of June closed and a few dozen MLS listings expired without a sale. This is fairly typical of any week that coincides with month end and it’s not unusual to see the inventory climb briskly over the next week as sellers make arrangements to put their homes back on the market. Still, total active listings finished the week at just 1342, down sharply from last week’s close of 1435, and ninety-one properties shy of last year’s number when Saskatoon real estate listings reached 1433. Active residential listings seem to be developing a downward trend declining fairly steadily over the past six weeks, reaching their lowest level since the week of March 9-13, and settling well below this year’s peak (May 18-22) of 1528 properties. Today, there are eight hundred and thirty-one single-family detached houses and four hundred and twenty-three condominiums displaying an active status on our system.

Sixty-two sellers adjusted their asking price this week and fifteen of thirty-one canceled or withdrawn listings came back as a new listing, most with a new price.

The average selling price of a Saskatoon home came back down to earth after crashing through the $300,000 last week for the first time in six months. It settled at $270,931, approximately $28,000 lower than the same week last year when it hit $299,301. The six-week average took a bit of a gain on a week-over-week basis, rising about $1700 to $280,204, down from $306,107 last year. The four-week median price slid nearly five thousand dollars to $272,300, down from $290,000 during the same week in 2008.

Click the image for a larger version of the graph.

Average underbids were down again, sliding from $11,393 last week to $9,973, but the average discount expressed as a percentage of the asking price remained fairly steady at about 3.6%. Overbid sales nearly fell of the chart with just two sellers bagging an offer above their asking price. Where it did occur, the average overbid was just $1100. The percentage of home buyers who were willing to strike a deal within $10,000 of the asking price jumped to seventy-one percent, up from fifty-eight percent last week.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

A closer look at the Saskatoon real estate statistics for June 2009

The Saskatoon Region Association of Realtors recently reported June results for the entire residential category of Saskatoon real estate, which includes single-family homes, condominiums, semi-detached properties, duplexes, mobile homes and vacant lots. Unit sales totaled 442 properties across all of these property types, at an average selling price of $276,867. Let’s have a look at how houses (single-family detached homes) and condominiums did in comparison to the entire residential category.

Sales of single-family homes in Saskatoon increased from 247 properties last month, to 298 in June, and posted a solid gain over the previous June when just 212 houses changed hands. Active listings took a downward turn through the month of June, falling to 818 from 890 properties in May, and down approximately twelve percent from the close of last June when 931 single-family homes displayed an active status on the Saskatoon MLS system.

In spite of brisk market activity and surprisingly strong demand, the average selling price of a Saskatoon house managed to decline marginally for the second month in a row, sliding to $303,999 from $311,016 last month, and down a whopping $35,000 from June of 2008 when it reached $339,548. The median price held steady at $295,000 for the third month in a row, but fell $24,000 compared to last June when it hit $319,000. The three-month average managed a bit of a bounce, showing gains for the fifth consecutive month, rising nearly $5,000 from May to finish at $305,303, down from $331,630 last year.

A closer look at house prices by area indicates that this month’s averages aren’t likely telling the whole story. The average price of a single-family home in area one was bolstered by a near million dollar sale and a number of sales above $600,000 keeping it within four percent of last year’s number. However, the other four major Saskatoon real estate areas showed year-over-year declines in house prices ranging from a low of twelve percent (area 5) to a high of eighteen percent (area 3).  The average price of a single-family home in areas 2 and 4 dropped fourteen and sixteen percent respectively.

The average price per square foot for single-homes showed a little more steadiness on a month-over-month basis, remaining flat at two hundred and forty-nine dollars when compared to the previous month, but sliding approximately ten percent from June of 2008 when it reached two hundred and seventy-seven dollars.

Active listings of Saskatoon condos took a sharper decline on a month-over-month basis falling from 480 units in May to 411 by the close of June. The condo inventory remains up just slightly compared to last June when 408 units were available. Saskatoon condo sales saw their strongest month since April of 2008 as units sales climbed to 123, up 12 from the previous month, and 26 units higher than last June when 87 condos sold.

The average selling price of a Saskatoon condo saw a slight increase compared to May moving from $210,599 to $215,380 in a month’s time, but finished well below last June’s average of $248,681. The median sale price held steady at $209,000 on a month-over-month basis, down $16,000 from June 2008. The three-month average also stayed steady compared to May but showed year-over-year declines of nearly $40,000. In June of 2008, the three-month average price of a Saskatoon condo reached its peak of $253,577.

The average cost per square foot for a Saskatoon condo bounced slightly higher compared to May, rising from two hundred and eleven dollars to two hundred and seventeen. Still, that’s roughly fourteen percent lower than it was last June when it sat at two hundred and fifty-three dollars.

Remember, averages and cost per square foot numbers can provide some useful insights into pricing trends but they’re not as useful when engaging in an actual transaction. If you’re buying or selling you should be seeking current information on active listings and recent sales, which are most comparable to your property in terms of location, size, features and amenities.

Next week, the second quarter Royal LePage House Price Survey will be released. It examines specific residential property types in fairly specific locations through out the city of Saskatoon, and compares prices to the same quarter last year. I think that this report will provide our most accurate look at how Saskatoon house prices have changed over the course of a year. The report is scheduled for release on July 7. Please drop in to check out the details.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (June 22-26 2009)

Saskatoon real estate sales showed continued strength moving into the first week of summer with one hundred and ten unit sales, higher than last week by twelve homes, and crushing sales generating during the same week last year when just sixty-five properties traded hands. We’ve seen just one stronger sales week this year, and one last year. Total dollar volume exceeded $33,000,000, its highest level since the last week of April 2008.

New house and condominium listings also came in at one hundred and ten units causing the sales and new listings data points to collide on our graph. Every other week this year, new listings have surpassed sales. Listings increased just three units compared to the previous week, but once again, they were off significantly from last year when one hundred and eighty six homes found their way to the Saskatoon MLS system.

Click the image for a larger version of the graph.

Total active residential listings declined again, falling thirty-two units to 1,435 with eight hundred and seventy-six detached houses and four hundred and sixty condominiums in the mix. The inventory reached its lowest point since April 3 and for the first time in over a year total active listings were actually down on a year-over-year basis. At the close of the same week last year there were 1,440 residential properties listed for sale on the Saskatoon MLS system. Interestingly, in 2008 active listings climbed from 1154 to 1440 during the month of June, and continued on an upward trend for another thirteen weeks before peaking towards the end of September. This year, listings slipped from 1502 to 1435 through the month of June. Have we already hit our peak number of active listings this year?

Total active residential real estate listings for Saskatoon over 2008 and 2009

Sixty-seven Saskatoon home sellers adjusted their asking price this week. A total of thirty-eight condo and house listings were canceled and re-listed, most at a new lower price.

A hefty percentage of sales above the $400,000 mark (nineteen), including one above $900,000, pushed the average sale price for the week higher by more than $40,000 on a week-over-week basis causing it to crack the $300,000 mark for the first time since last November. The six-week average moved in the same direction but grew by just $4,000 from last week to reach $278,520, down from $305,656 during the same week last year. The four-week median moved ahead by about twice as much increasing $8,000 from last week to finish at $277,000, but remained well off of last year’s number of $299,900.

Click the image for a larger version of the graph.

Average underbids were down nearly $1,400 from last week, settling at $11,393. The average discount amounted to 3.6% of the asking price, a drop from 4.6% the week before.


See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate
Technorati Profile

Find & view all Saskatoon MLS listings within 1KM of your iPhone or Android

If you’re a real estate geek with an iPhone or an Android device you’re going to flip over this terrific little application.

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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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

This application is brought to me by MyRealPage, the most kick-ass home search tool for MLS listings on planet earth, perhaps in the solar system.