Saskatoon real estate week in review: December 3-9, 2017

The Saskatoon real estate market rebounded as local agents reported 67 firm residential transactions to the multiple listing service® this week, up 20 units from the previous period and topping sales for the same week last year by 13. One could easily get the sense that “new mortgage rules” scheduled to take effect on January 1 are pushing an unseasonably strong sales run. Most of the deals I’ve looked at over the past six weeks have been high ratio mortgages that are unaffected by the changes.

The number of new listings that were added to the MLS® increased just slightly to 109 from 106 a week earlier, down eight from the same week last year.

Active listing inventory remained at record levels for the week, but just barely. This morning there are 1740 Saskatoon homes available on the multiple listing service®. At the close of the same week in 2015 there were 1739. That said, today’s levels are higher than they were last year at this time when 1687 homes were for sale on the MLS. As has been the case for the past few months, the largest gains are recorded in the single-family homes category which sits at 968 today, up from 899 a year ago. There are 655 condominiums for sale today, up from 638 at this time last year.

Strong sales activity for homes priced below $200,000 ushered the weekly median price of a Saskatoon home lower to $323,000. Still, with more than 15 percent of the weekly sales at or above the $500,000 mark the weekly average price moved higher by close to 20K as it reached $342,801. The six-week average grew again for the third week in a row to reach its highest point in two months, $343,009, to take an annual loss of less than two thousand dollars, the smallest year-over-year decline in three months time. The four-week median price grew by four thousand dollars from the previous week’s close and hit $320,000 which is still down by fifteen thousand dollars from levels recorded a year ago.

Sellers hoping for some serious competitive action that might drive their sale price above their asking price found no love this week, however, five did manage to close a full price deal, all of those new homes. Meanwhile 62 buyers ground themselves a discount that averaged $14,723. The highest average discount was seen in area two at $20,895 where a couple of high-end homes that closed 40-50K below list price skewed a fairly small number of sales. It seems to me that the month of December can pretty typically be counted on the produce the lowest percentage of overbid sales and some of the highest list to sale price spreads.

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

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is

A new listing at 111 Sherry Crescent, Parkridge, Saskatoon, SK

Welcome to 111 Sherry Crescent in the Parkridge area of Saskatoon.

Offered at $300,000 MLS®

View full listing detailshere.

Located on one of Parkridge’s most sought after crescents, this home is situated within a block of a great elementary school and just minutes from a multitude of shops and services. Circle Drive makes a trip to the north or south a breeze. This tidy two plus one bedroom four level split has received meticulous care over the years and shows very well, inside and out. Start with an exterior of vinyl siding, aluminum trim and brick accents for years of easy upkeep and terrific street appeal. The yard is well landscaped with generous lawn spaces and trees. The back yard is fully fenced and there’s plenty of off-street parking on the front concrete driveway. Inside, you’ll find a functional and open floor plan throughout this fully developed home. The kitchen features white European style cabinetry with a beautiful stone backsplash, and an upgraded stainless steel dishwasher. It also comes with a range and an over the range microwave oven. The third level family room provides a spacious and warm spot for entertaining guest or for family fun. Upgrades in recent years include lovely laminate floors on the main and upper levels, triple pane windows that keep the warmth in and the noise outside, a high-efficiency natural gas furnace for greater warmth and lower heating bills, central air conditioning for some relief from our hot Saskatchewan summers and a hot water tank. See it today as it may not be available tomorrow.

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.

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 $439,900 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: November 26 – December 2, 2017

As the final week of November drew to a close the Saskatoon real estate market showed signs of softening, to be expected at this time of the year. Local real estate agents reported just 47 firm sales, down from 66 a week earlier and falling even further when compared to the same week last year when 68 transactions were reported to the MLS®. In spite of the soft closing week, the month of November posted the first year-over-year increase we’ve seen in five months time as total residential sales rose seven percent from the same month last year.

The number of new listings that were added to the multiple listing service also fell lower. Over the course of the week, just 106 Saskatoon homes were placed on the market. That’s ten fewer than the previous week, a decline of 40 units compared to the same period last year. This is the ninth consecutive week in which new listings dropped on an annual basis.

Typical of the final week of the month, a good handful of listings expired from the market without a sale. This month saw 129 such listings leave the system having failed to attract a solid offer that would stick. By the close of the week, total active listings on the MLS had fallen by 78 from numbers recorded last Saturday bringing us to 1778 active residential listings and taking us back to record levels for this particular week. Today’s numbers are up by just 72 listings from levels recorded a year ago. The majority of the increases in available inventory can be counted in the single-family homes category which has grown from 915 a year ago to 1007 today. Condo inventory is marginally higher as it reaches 653, just 13 more than were available at this time last year.

On the heels of a week that showed sharply lower prices in all categories, the average sale price of a Saskatoon home rebounded by about 10K to reach $324,912. The median price for the week grew by a whopping forty thousand dollars to reach $330,000. That simply indicates that there were more high-end sales in the mix than there was the week before. Stronger sales at the upper end of the Saskatoon real estate market also brought the six-week average higher as it grew three thousand dollars to $339,235 for a year-over-year decline of five thousand dollars. Meanwhile, the four-week median price took another sharp slide to $316,000 for a weekly drop of nine thousand dollars and an annual loss of twenty-one thousand dollars.

One fortunate seller in area three got an early Christmas gift as competing buyers drove the offer price of their home above list price by $5100. A few more reported a sale price that was greater than the asking price but they were all new homes that had been on the market some time and almost certainly included improvements that were not included with the original asking price. Buyers did well at the gestating table this week as 41 of 47 made off with a discount averaging $14,984.

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

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is

Saskatoon homes sales rebound in November 2017 for year-over-year gains: SRAR

A media release from the Saskatoon Region Association of REALTORS® with an overview of residential MLS® sales and listing activity for the month of November 2017 follows.

Saskatoon home sales were up seven percent for the month compared to November of 2016 with a total of 257 residential sales. This increase could be attributed to ideal conditions for home buyers combined with impending mortgage rule changes slated for January that will affect conventional borrowers.

Year-to-date sales, however, show a six percent decline with 3,287 Saskatoon transactions. Homes that sold between $300,000 and $500,000, made up 1,606 of the year-to-date sales, or roughly half of the residential sales. Although homes in this price range are the most active segment of the marketplace, activity in this range has declined by nearly 12 percent compared to the first eleven months of 2016. Sales activity for homes that sold between $750,000 and $1,000,000 remained unchanged compared to last year with a total of 45 units trading. Homes that sold in excess of $1,000,000 were slightly lower with 14 sales compared to 16 last year.

The number of active residential listings that were on the market within the city of Saskatoon was 1,826, eight percent higher than last year. The number of new listings added to the market in November was 583 compared to 652 in the same month last year. The sales-to-listing ratio compares the number of sales for the month, relative to the number of new listings. The sales-to-listing ratio for Saskatoon in November was 44.4 percent.

In November, it took an average of 58 days for a home to sell in Saskatoon. “If you are looking for a home, this is an ideal time with plenty of selection in most price ranges and areas as well as low-interest rates,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®, “As for sellers who need to sell, they must have a true sense of the market and price accordingly to sell within the average number of days”, he adds.

The average price of a Saskatoon home continued to decline and slipped to $340,398 from $349,015 a year ago. The MLS® Composite Home Price Index (HPI) Benchmark Price continued to fall for the third consecutive month, now down by four percent, year-over-year. The Composite HPI measures the rate of change in a benchmark price for a typical home and is the most accurate indicator of pricing direction in a market.

Home sales in areas surrounding Saskatoon showed a significant bump in activity with 71 transactions, a 22 percent increase from November of 2016. Of these sales, 34 occurred in the cities of Martensville and Warman in November, compared to 26 last November. Inventory levels also continue to be elevated in these areas where there were 926 available properties for sale at the end of November.

For further information, please contact:
Jason Yochim CAE, CRAE
Chief Executive Officer
Saskatoon Region Association of REALTORS®