Home Sales Soften in November, 2018: SRAR

Saskatoon home sales through the Multiple Listing Service (MLS®) totalled 203 units in November, a 22 percent decline compared to the same month last year. By the end of last month, a total of 3,167 Saskatoon home sales had been recorded year-to-date, down 25% from the highs of 2014, and the lowest year-to-date sales number in ten years. 

New residential MLS® listings have also been declining since 2015 when there were 9,411 Saskatoon homes listed by the end of November. This year, that number sits at 7,646 over the same period, a 12 percent decline from last year and down 19 percent from 2015.

Total active residential listings fell to 1716 as November closed, comparable to the five-year average and slightly higher than the 10-year average of 1,388. At the current rate of sales, it would take just over 8 months to liquidate the current active listing inventory. “The months of inventory has been steadily increasing from 3.8 months in November of 2012,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS® (SRAR).

“Even though homes were selling at 96.2% of the asking price in November, it still took two months for the average Saskatoon home to sell,” he added. The sale to new listing ratio is a useful measure to determine if it is a seller’s market or a buyer’s market. It is considered to be a balanced market when the ratio is at 50 percent (half as many sales as listings). Lower percentages identify a buyer’s market and higher percentages indicate a seller’s market. The sales to listing ratio in Saskatoon for November was 38 percent.

Typically, when discussing home prices, the focus is on the average price. The average can be misleading and is easily skewed. If there are more high-end homes that sell over a defined period, and fewer over another, the two periods can produce substantially different averages even if values are largely stable. For instance, the average sale price in November was $343,361. That’s up from $325,016 in October. No reasonable analysis would suggest that home values are up five percent in a month. The Home Price Index (HPI) provides a better indicator of what is happening with home prices. The HPI tracks value changes over time for well-defined benchmark homes. The value for the benchmark single-family home was at $310,900 in November. The measure has been modestly trending upwards all year, showing rare year-over-year gains over October and November.

“It’s important to remember that even in a buyer’s market sellers can be successful in realizing a sale on their home,” advises Yochim. “The most important step in selling is pricing to the current market conditions.”

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

A new listing at 202 Saguenay Drive, in River Heights, Saskatoon, SK

Welcome to 202 Saguenay Drive in the River Heights area of Saskatoon.

Offered at $575,000 MLS®

View full listing detailshere.

This terrific River Heights home offers incredible space and a spectacular location. You’re just 300 meters from Meewasin Trail and the amazing South Saskatchewan River Valley. If you enjoy a bike ride, an evening stroll or cross-country skiing you’ll appreciate the ease at which you can access over 20 kilometres of paved pathways that wind through some of Saskatoon’s prettiest scenery across all four seasons. This north Saskatoon location provides easy access to the downtown area and the University of Saskatchewan campus. This bi-level home is huge with over 2100 square feet above grade, and a spacious developed lower level. The basement is just three feet below grade, has large windows that provide an abundance of natural light, and a walkout from the great room. The highlight of the home is the great room, measuring 27 feet by 25 feet, you’ll have no trouble expanding the guest list when entertaining. The room’s vaulted ceiling and skylights give it a grand feel. Cozy up to a fire during the winter, or open the garden doors and walk out to the backyard patio and maintenance free yard when it’s warm. With a total of four bedrooms and four bathrooms, there’s plenty of space for growing families too.

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.

Saskatoon real estate week in review for November 25 – December 1, 2018

After a big bounce in residential sale numbers last week the Saskatoon real estate market cooled again. Unit sales fell to just 49, down from 66 the week before, but ahead of numbers recorded over the same period last year by two.

New listings fell to their lowest level this year as local agents added just 90 Saskatoon homes to the MLS®. That’s 55 fewer homes than were listed the previous week, and 16 fewer than were offered up for sale on the system over the same week of 2017.

The inventory of active residential real estate listings available through the multiple listing service® fell to 1631 by this morning as 122 listings came to the end of their term without a sale. Total listings slipped by 111 units from last week and are down by nearly 150 homes from a year ago and now at the lowest level recorded since mid-March. A closer look at the major categories of housing shows 917 single-family detached homes for sale in Saskatoon, down from 1007 at this time last year. Condo inventory fell by 45 on an annual basis leaving us with 608 properties bearing an active status.

A solid showing of buyers at the upper end of the real estate market pushed the weekly average sale price, and the weekly median price higher to $339,884 and $325,000 respectively. The six-week average price moved higher as it has during five of the past six weeks. It finished the week at $340,505. That is up more than seven thousand dollars from last week, enough for an annual gain of about twelve hundred dollars. This is also the first time the measure broke $340K since mid-February. Meanwhile, the four-week median price slipped lower by twenty-five hundred dollars from a week earlier. It settled at $327,500 to close the period up annually by more than eleven thousand dollars.

One Saskatoon home seller found themselves in a bidding war resulting in a sale price that exceeded their asking price by two thousand dollars. Buyers won the week with 43 of 49 sales reporting a sale price that netted those buyers an average discount of $14,388.

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.

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

A new listing at #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.

Saskatoon real estate week in review for November 18-24, 2018

For the past six weeks, Saskatoon real estate sales numbers have failed to meet those recorded during the same period the year before. Finally, that trend broke this week as local agents brought 66 firm residential sales to the multiple listing service® for a weekly gain of 28 sales, enough to match numbers from the same week last year.

New listing numbers also moved sharply higher coming in at 145. That’s up from last week by 41 and exceeds activity for the same period last year by 29 Saskatoon homes.

The number of Saskatoon homes offered for sale on the MLS® grew slightly this week to 1742, up ten from last week’s close, but down by 114 listings on an annual basis. A closer look at the major housing types shows that buyers have 980 single-family homes to choose from, down 80 from this time a year ago. Condominium inventory is at 650 today. That’s 28 fewer than could be found on the system at this time in 2017.

Upper-end activity remained strong but it couldn’t match the previous week’s steam, even with a sale above a million dollars in the mix, something that has happened far less frequently this year than it has in recent years. There have been only five Saskatoon home sales that topped the million dollar mark so far this year. In 2017 there were 14. This week, the average price of a Saskatoon home fell lower to $331,226 and the weekly median price slipped to $319,500. Meanwhile, the six-week average price of a Saskatoon home inched lower to $333,421. That’s down from a year earlier by less than three thousand dollars. The four-week median price slipped $2500 from the week before to settle at $330,000 which is exactly where it stood a year ago.

For the second consecutive week, we have a lucky seller reporting a sale at more than the asking price, this time by just a thousand dollars. Buyers did manage to grind a discount on 59 of this week’s 66 sales. Those discounts averaged $14,859.

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