Saskatoon real estate week in review: January 28 – February 3, 2018

Coming off of the strongest January since 2014, Saskatoon real estate sales numbers continued to show a solid weekly performance. Over the past week, local REALTORS® reported 56 firm residential sales to the multiple listing service®, enough to match last week’s numbers, and beating sales for the same period last year by 12.

Meanwhile, the number of new listings added to the MLS® was moderate, compared to recent years. This week, 134 Saskatoon homes were offered for sale on the system, up just two from the previous week, 21 fewer than we saw during the same week last year.

The inventory of active MLS® listings in the residential category had been growing very slowly over the first month of the year. This week, we see the first drop of the calendar year as total listings fell to 1518, down from 1536 at the previous week’s close. That’s 112 fewer homes than we had for sale at this time in 2017. A closer look at the two major categories of Saskatoon housing shows 794 single-family homes for sale, a decline of 18 from a week earlier, and down 55 from a year ago. Condominium inventory is at 635 today, precisely where it stood at the close of the same period last year.

A slight increase in upper-end real estate sales activity pushed the median sale price for the week slightly higher to $346,000 even as the average sale price of a Saskatoon home (for the week) edged lower to $358,265. The longer-term measures showed some interesting changes. The four-week median price grew by close to ten thousand dollars as compared to last week’s close, hitting $339,450 and reaching its highest point in 19 weeks. That number is up nearly twenty thousand dollars from a year earlier. Meanwhile, the six-week average price increased roughly 5K from a week earlier to hit $347,373. That is up about four thousand dollars from a year ago, and at a 21 week high.

For the first time in several weeks, we actually saw some overbid activity as three sellers accepted offers form more than their asking price. Those deals paid an average bonus of $767 with one seller running away with most of that cash ($2,100). On the flip side of the negotiating table, 46 of this week’s sales went for less than the asking price generating an average discount of $12,502.

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.

Norm Fisher
Royal LePage Vidorra

Saskatoon real estate week in review: January 21-27, 2018

Sales activity in the Saskatoon real estate market continued to edge upwards this past week as local agents reported 56 firm residential sales to our MLS®. That number puts us up by just six sales from the previous week and matches the number of firm trades reported during the same period a year ago.

New listing activity moved lower as 132 residential properties were added to the Saskatoon multiple listing service® for a weekly drop of eight and an annual decline of 11. This is the fourth consecutive weeks during which new listings fell on an annual basis.

The inventory of real estate listings on the local MLS® once again failed to gain much ground. Total residential listings within the city of Saskatoon sit at 1536 today, up just 11 units from the close of the previous week, and down by 91 when looking back at numbers recorded at the close of the same week last year. Today, there are 812 detached single-family homes for sale on the Saskatoon MLS®, roughly the same number as last week, but down from a year ago by 44. Condo inventory remains high at 631, up 18 from a week earlier, and ahead by four compared to numbers recorded a year ago.

The most significant “inventory” change can be seen in the new condominium construction numbers. Canada Mortgage and Housing Corporation (CMHC) prepares a detailed report of the residential construction each month. The most recent CMHC report provides a detailed overview of where we are at, as of November 30, 2017. There are two numbers that I find interesting to watch, and that provide a bit of insight into how inventory may shape up in the future. The first is the number of condominiums that are currently under construction. There were 497 such units at 11/30/17, down 30 percent from a year earlier when builders were working on 712 units. The second telling stat is the number of units that are already completed but not yet occupied. There are now 311 units which meet that criteria, down 25 percent from a year ago when there were 433. This inventory is clearly being absorbed. We may even be on the home stretch in finding some balance between supply and demand, given that the season of highest demand is now just around the corner.

The numbers for new single-family homes are virtually unchanged from a year ago. Meanwhile, new housing starts are up just a touch suggesting that a reasonably good balance between supply and demand already exists in this category.

With fewer sales in the mix during these early weeks of the year, prices continue to bounce around. This week, there were far fewer sales at the entry level and much more activity at the upper end. This change drove the weekly average sale price of a Saskatoon home sharply higher to $366,323. The weekly median went in the same direction closing the week at $339,500. The six-week average price edged up nearly five thousand dollars from the week before to reach $342,468 for an annual increase of roughly 2K. The four-week median price closed the period at $330,000 showing no weekly change and recording an annual decline of seven thousand dollars.

Once again, overbid sales were non-existent. On the other hand, 52 of this week’s closed deals were reported to have sold below the asking price with a hefty average discount of $15,990, one of the highest we’ve seen in awhile. This is at least partly attributable to a large number of expensive homes that traded. They often produce the largest discounts skewing that number higher.

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

Saskatoon real estate week in review: January 14-20, 2018

Saskatoon real estate sales grew for the third consecutive week as local REALTORS® reported 48 firm residential deals to the multiple listing service®. That amounts to a weekly gain of 16 sales and brings us the first year-over-year increase of this calendar year. There were 38 unconditional trades reported during the same period of 2017. This week’s gains go a long way in mitigating the annual losses recorded over the previous two weeks.

The number of new listings added to the MLS® system slipped lower on both a weekly and an annual basis. A total of 140 Saskatoon homes were added to the inventory this week, down from 156 last week, and well below the 167 listings that were offered for sale during the same week last year.

The total number of homes for sale on Saskatoon on the multiple listing service® was nearly unchanged from a week earlier. As of this morning, there are 1525 active Saskatoon real estate listings in the residential category, up just three from the previous week. That’s 93 fewer homes for sale than were available at the same time a year ago, the lowest number recorded for this week in three years, and the third consecutive year-over-year decline to the database. A closer look at the major housing categories shows that buyers have 813 single-family homes to choose from, down three from last week, and below levels recorded at this time last year by 37. Condo inventory saw some gains this week as the number of units for sale grew by six to reach 613 for an annual decrease of 13.

You may recall that our last weekly report included an impressive amount of activity at the upper end of the market. More than 25 percent of the week’s sales were reported to have sold above $500,000. This week, less than ten percent of sales reached that level. On top of that, 25 percent of this week’s sales were priced below $200,000. These factors brought the weekly median and the average price tumbling lower to $281,750 (down 90K from last week) and $313,121 (down almost 70K) respectively. Neither the six-week average price, not the four-week median price were spared, though those declines were much more modest. The former slipped six thousand dollars from last week to finish two thousand dollars higher than it did at this time last year, while the latter fell five thousand dollars for the week, to claim an annual increase of fourteen thousand dollars.

Sellers hoping for a sale above asking price were left out in the cold this week, while six sellers reposted a sale at full asking. The vast majority of this week’s sales required some give on the seller’s side. Those deals were reported to have sold below list price with an average discount of $13,422.

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

Canadian home sales surge in December, 2017: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of December 2017 this week.

Home sales via Canadian MLS® Systems posted their fifth consecutive monthly increase in December 2017, fully recovering from the slump last summer.

Highlights of CREA’s report

  • National home sales rose 4.5% from November to December.
  • Actual (not seasonally adjusted) activity was up 4.1% year-over-year.
  • The number of newly listed homes climbed 3.3% from November to December.
  • The MLS® Home Price Index (HPI) in December was up 9.1% year-over-year.
  • The national average sale price advanced by 5.7% year-over-year.

Read the entire report on Canadian MLS® sales for December of 2017.

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: January 7-13, 2018

The Saskatoon real estate market continued at a sluggish pace through the past week during which just 32 firm residential sales were reported to the multiple listing service®. While that’s four deals more than we saw the previous week, it’s a ten unit drop when compared to the same period of 2017, and the second year-over-year decline in as many weeks. A soft start, but one shouldn’t read much into these weeks when activity is simply weak. 32. 42. Weak.

New listings continued to make rapid headway as 156 residential properties were added to the system over the past seven days. That’s nearly 40 more than we saw enter the market during the previous week, and twelve fewer than were listed during the same week last year.

The number of Saskatoon homes for sale on the local MLS® grew by 52 from last week’s close finishing the week at 1522, which is down from 1570 a year ago. This is the second consecutive week in which active listing inventory fell from a year earlier, notable only because this has been a rare occurrence over the past two and a half years. Inventory numbers are at their lowest point for this particular week since 2015, and overall at their second lowest point since the closing week of 2015 (they were lower last week), but again, there are many weeks of growth to the MLS® database ahead of us this year and not much should be drawn from these numbers. Today, there are 817 detached houses (single-family homes) available to Saskatoon home buyers, down from 827 a year ago. Condo inventory saw the greatest growth this week as the total number available moved higher to 607 units, up just two annually.

With 25 percent of the week’s sales activity occurring in the over $500,000 price range, both the weekly average price and the median price took some solid gains to $381,665 and $371,500 respectively. The six-week average price grew by eight thousand dollars compared to last week to close this period at $343,719. That amounts to an annual gain of more than five thousand dollars. The four-week median price grew by a whopping seventeen thousand dollars from a week earlier to $335,000 and reached its highest point since September. This is also the first week in ten that the measure has been up from a year earlier. At the close of the second week of January last year, the four-week median price was lower than it is was this week by six thousand dollars.

One fortunate seller with a beautifully renovated home in area four found themselves looking at multiple offers that drove their closing price above the list price. A couple of others got what they were asking, while 29 of the week’s 32 sales required some give on the seller’s part. Those deals closed at an average discount of $17,049 with a handful of pretty big drops in the mix.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales.

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