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

Saskatoon real estate week in review for April 20-26, 2019 (edition #633)

The residential side of the Saskatoon real estate market posted its biggest sales week for the calendar year as completed transactions that may have been recorded Good Friday, had the MLS® not been closed for the holiday, added to the week’s numbers. A total of 93 Saskatoon homes traded hands for a weekly increase of 13, and an annual gain of three.

Meanwhile, new listing activity slowed substantially. Local agents brought just 134 new listings into the multiple listing service® which is down 40 units from the week before, and 21 fewer homes than the number offered for sale the same week last year.

Active listing numbers fell slightly from 1773 a week ago to 1763 by Saturday morning. At the close of the previous week, inventory had come within 25 units of matching last year’s number, which was the smallest year-over-year decline in about five months. This week, the gap grew just a bit. When business wrapped up for the same period last year, available MLS® listing had reached 1801.

Today’s totals include 967 single-family homes, which is a 27 unit increase from a year ago. Condominium inventory fell lower this week to 691 for an annual decline of 78 units, a ten percent drop from levels recorded a year ago.

You may recall that upper-end buyers showed up in a fairly big way last week. That continued through this period and the median sale price of a Saskatoon home edged higher to $346,000, even as the average weekly price fell by 10K to $351,605. The six-week average price took its fourth consecutive weekly increase to reach $334,167. That is up less than a thousand dollars from the close of the same week last year, and its highest point on the graph for 2019. The four-week median price continued an upward roll to grow by seven thousand dollars weekly. It closed the week at $333,250 to claim an annual increase of more than thirteen thousand dollars.

This week’s sales mix included four resale properties that sold for more than the asking price. While the average bonus paid amounted to $1350, the majority of that came from one sale that was reportedly completed at a price that was $5100 above the seller’s asking price. The other three buyers overbid by a modest $100 to close on the house they wanted to buy. Meanwhile, 84 of the week’s 93 sales were reported to have sold below the asking price at a discount averaging $13,233.

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

Welcome to 327 Leland Place, Wildwood, Saskatoon, SK

Welcome to 327 Leland Place in the Wildwood area of Saskatoon.

Offered at $174,900 MLS®

View full listing detailshere.

Welcome to 327 Leland Place. This well maintained, two bedroom home sits on a massive titled lot in the Wildwood area. Highly affordable, this property presents a perfect opportunity for those seeking easy entry into the Saskatoon real estate market. You’ll be close to shopping, restaurants, grocery stores and lots of other amenities. Two elementary schools and a park are within walking distance. The bright living room is open to the dining room and the kitchen, which has plenty of oak cabinetry, all major appliances are included. Down the hallway is where you’ll find the laundry and the two bedrooms. The master bedroom has its own entrance to the large four piece bathroom. The real selling feature of this property is the gigantic lot which offers plenty of room for a workshop, a double garage, and near endless storage capacity for campers, tools, and toys.

Interested parties should contact Scott Irwin at 306-262-0072 for details and showing arrangements.

If you have a home to sell, we’d be happy to represent you and prominently display your home here.