Saskatoon homes sales gain some ground in April, 2018: SRAR

Saskatoon home sales were up 6.7 percent compared to April of last year with 335 units selling last month. This represents a third of home sales in Saskatoon so far this year. Although year-to-date sales for the first four months of 2018 are down 4.8 percent from 2017, last month’s increase in sales helped to close the gap. The increase in April sales was also a welcome reversal of a two month trend of declining sales seen during February and March. Unit sales for April showed increases for homes priced under $350,000. “Homes that are properly priced in that entry level have been seeing competing offers in many cases,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. Sales of homes in the $400,000 to $450,000 range increased by 30 percent in April over the same month last year with 39 sales being reported.

Also of note, year-to-date there have only been two residential sales over $1M in Saskatoon compared with six for the first four months in 2017.

The number of active residential MLS® listings in Saskatoon at the end of April was 1,834. This is consistent with the five-year average of 1,830. The drop is largely due to a decrease in the number of new listings brought to the market. The number of new listings for the first third of 2018 was 2,594 compared to 3,024 by this time last year, a 14 percent decline, year-over-year.

The sales to listing ratio improved to 43 percent, up from 37 during the same month last year. The sales to listing ratio is a comparison of the number of sales for a period of time to the number of new listings. “Although the sales to listing ratio is moving towards balance, I emphasize we are still in a buyer’s market,” cautions Yochim. The increase in this ratio in April was largely due to the 6.5 percent reduction in new listings and the comparative 6.7 percent increase in sales. Last month, the average home in Saskatoon took 53 days to sell compared with the five year average of 47 days. 

The average sale price saw its first increase this year as it grew by 1.75 percent to $318,729 in April. For the first quarter of 2018, the average home sale price in Saskatoon was $333,826. Since averages can be misleading, a better reflection of the market is the median. The median home sale price increased slightly from March to $320,000. The five year average for median residential home sale prices in Saskatoon is $332,650. 

The Home Price Index Composite Benchmark Price (HPI) increased slightly for the second straight month to $294,100. This appears to indicate an upward trend for home prices going forward.The HPI is the most accurate indicator of where home prices are trending.

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

Saskatoon real estate week in review: April 22-28, 2018

The number of homes sold reached its highest point for any week this year as Saskatoon real estate agents reported 90 firm deals to the multiple listing service®, well up from 75 for the previous week, and topping sales for the same period last year by two units.

Meanwhile, the number of new residential listings added to the MLS® fell sharply to just 155. That’s 19 fewer Saskatoon homes than we saw listed last week, down 40 when compared to the number of new listings added to the system during the same week last year.

Strong sales and weaker new listing activity kept MLS inventory in check this week. As of this morning, there are 1801 active Saskatoon real estate listings in the residential category, up just three from last week’s close, and well down from 2029 at this time last year. That’s an 11 percent annual drop, the largest we’ve seen since listing inventory began to show year-over-year declines. Most of those losses are still counted in the single-family home category. Today there are 941 detached houses listed for sale on the Saskatoon MLS. That’s down nine from last week, a drop of 128 from a year ago. Condominium inventory is at 769 today, up 14 from last week’s close, and down eight on an annual basis.

Fewer high-end homes in the mix brought both the weekly median price and the weekly average lower this week to $311,000 and $327,572 respectively. The six-week average price edged lower to $333,526. That’s down about four thousand dollars from last week, an annual drop of nearly 21K. Last year at this time, that measure was beginning an upward spike that went on for five consecutive weeks until it reached its peak for the year. The four-week median price came in at $320,000, about where it’s been for four weeks time. It’s down twenty thousand dollars when compared against numbers recorded at the close of the same week in 2017.

Two homes were reported sold this week at a price that exceeded the list price, one at $100 over, the other paying a bonus of $2100. This week, 80 of 90 sales went below the asking price netting buyers an average discount of $12,600.

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: April 15-21, 2018

The Saskatoon real estate market continued to move at a steady pace for the third week in a row as local agents reported 75 firm residential sales to the multiple listing service®, down just one from the previous week. That’s eleven fewer sales than were reported over the same period a year ago.

New listing activity fell lower as 175 Saskatoon homes hit the MLS®, for a weekly decline of 16 and an annual drop of 26.

MLS® inventory continued to gain ground as it almost always does at this time of year. By this morning, there were 1798 Saskatoon homes listed for sale on the service, an increase of 48 compared to last week’s close, but down from 1999 at the close of the same week last year. It’s certainly possible that things could change as the spring market heats up, but it’s beginning to look like inventory may continue at four-year lows like it has been for the past nine weeks. Most of the annual declines can be counted in the single-family home category which sits at 949 today, up just 14 from the week before, and down from 1073 (about 11 percent) a year ago. Condominium inventory is now at 755 as it grew by 35 units this week to come within four of where it stood at this point during 2017.

Some high-priced home sales pushed both the median price and the average price for the week considerably higher to $329,900 and $347,473 respectively. In spite of the weekly strength, the four-week median price barely budged as it moved just five hundred dollars higher to $320,000 which is about nineteen thousand dollars lower than it was a year earlier. The six-week average price gained some ground as it increased by more than five thousand dollars to close the week at $337,556 which is down nearly fifteen thousand dollars compared to the final numbers seems at the end of the same week last year.

Just one fortunate seller managed to get an offer above their asking price. That deal paid them a small $100 bonus. Another 68 sellers found themselves in a negotiation that wound up netting the buyers an average discount of $14,207. That number was skewed by some large discounts on the three highest priced sales for the period.

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: April 8-14, 2018

Saskatoon real estate sales in the residential category hit 76 this week, falling one from the previous period, to finish up on an annual basis for the first time since the final week of January. There were just 54 sales reported during the second week of April last year.

Meanwhile, new listing numbers saw a slight decline falling to 191 from 199 the week before. Just as sales numbers increased annually for the first time in a long while, this is the only week this year in which the number of new listings generated exceeded those recorded for the same period during the previous year. Over the same period of time in 2017, there were 13 fewer Saskatoon homes listed for sale on the multiple listing service®.

Active residential MLS® listings continued a slow trend of broadening annual declines, even as the database grew by 28 over the past seven days to reach 1750. That number is now down by 213 homes from where it stood a year ago. Once again, the numbers are at a four year low (for this particular week), now for the seventh consecutive week. A closer look at the major housing categories shows 935 single-family homes for sale in Saskatoon, up from 912 a week earlier, and down from 1054 at this time last year. Condo inventory grew by just six this week to reach 722, which represents a drop of 25 units from a year earlier.

A strong showing of home buyers at the market’s entry levels, combined with weaker sales at the upper end, brought both the weekly median price and the average sale price for the period lower to $314,450 and $314,056 respectively. The six-week average price dropped a bit more than two thousand dollars from last week’s close to $332,135. That’s roughly twelve thousand dollars below levels recorded at this time last year. The four-week median price also edged lower, falling by $500 on a weekly basis to settle at $319,500. That’s just over three thousand dollars lower than it was a year ago.

A few sellers found some buyer love this week as three deals closed above the asking price by an average of $12,767. That average was heavily skewed by one sale that went $38,000 above the seller’s list price. On the other hand, 68 of this week’s sales required some grinding to bring to a close. Those buyers saw an average discount of $12,268 but the time the dust had settled.

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

Welcome to #505 -157 2nd Avenue North, Central Business District, Saskatoon, SK

Welcome to #505-157 2nd Avenue North in the Central Business District area of Saskatoon.

Offered at $419,900 MLS®

View full listing detailshere.

Return home to a world of convenience, security and luxury offered in this top-floor, corner condo at the award winning Residences of King George. Built in 1912 and lovingly restored in recent years, this building is a treat to explore. It’s simply wonderful. The location is hard to beat too, in the heart of Saskatoon’s downtown core. A seemingly endless number of shops, services, restaurants and night spots are available to you. Park your car underground, head out for a night on the town and make the easy walk back home later. Secure elevators keep those who don’t belong out while you enjoy the luxurious appointments found in this home. The main living area boasts ceramic tile flooring and floor to ceiling windows that provide an abundance of natural light. Custom lighting and window covering do the trick when you’re ready to escape to complete privacy. A stunning designer kitchen and the adjoining, generous dining area provides a spectacular sunset views to the west. Dark, rich cabinetry with stone countertops, and stainless steel appliances make this a special place to prepare a meal and to entertain. A huge kitchen island includes dual sinks and a ton of extra storage for all of your top-chef gadgets. Doors to the ‘Juliette balcony’ in the adjacent living room allow you to enjoy an open air feel when the weather calls for it. The master bedroom is wonderfully spacious and offers a luxurious ensuite and a walk-in closet that feels more like a dressing room. You’re going to love it. Additional rooms include a second bedroom and a full guest bathroom with floor to ceiling ceramic work that looks amazing and is so easy to clean. The well equipped roof-top patio is a perfect spot to catch some sun, prepare a barbecue, or enjoy the stars over a glass of wine.

Interested parties should contact Lyndon Neher at 306-380-9090 for details and showing arrangements.

Last year, TeamFisher.com hosted 334,888 user sessions. Those users viewed 1,594,672 listings while they were here providing our sellers with prime exposure. If you have a home to sell, we’d be happy to represent you and prominently display your home here.