Saskatoon real estate week in review for July 29 – August 4, 2018

For those that may have missed the monthly update from the Saskatoon Region Association of REALTORS®, the Saskatoon real estate market experienced its largest year-over-year increase in at least five years as residential sales grew more than 25 percent in July, compared to the same month a year ago. This is interesting because we’ve now seen annual increases in three of seven months this year and this large increase brings us within three percentage points of matching 2017 sales, year-to-date. It also appears that there’s at least a bit of momentum built up.

Saskatoon home sales saw year-over-year gains for the seventh week in a row as local agents reported a total of 100 firm sales to the MLS® for a weekly increase of 16, and annual gains of 27 units. That’s our second largest sales week this year, just as the market is more typically falling lower.

New listing activity followed the same pattern it put down last year at this time. Saskatoon real estate agents brought 175 new listings to the multiple listing service® for a weekly increase of 27 homes, and an annual drop of 42 listings.

As the week drew to a close, the inventory of Saskatoon homes for sale fell below 2000 for the first time since since mid-June. Looking back, listing numbers exceeded 2000 for just seven weeks this year. In 2017 the inventory sat stubbornly in that range for 27 weeks, or just over half of the year. Slowly, but surely, supply is finding its way down. At this point, our inventory is lower than it was last year by nearly 11 percent, and once again at its lowest point for this particular week in four years time.

A closer look at the two major housing categories shows that Saskatoon home buyers have a selection of 769 condominiums to choose from, down from 867 at this time last year. Those numbers should bounce higher this week as a hefty number of listings that expired at the end of July come back on the market. Meanwhile, single-family homes inventory shows 1100 detached homes for sale in Saskatoon, down nearly 13 percent from a year ago when there were 1269 detached houses available.

Entry-level buyers showed up in droves this week as 37 Saskatoon homes sold for less that $250,000, many of them condos. That activity pushed the weekly median price lower for the second week in a row. That number came in at $305,750 while the weekly average price slipped a little less to $323,838. The longer-term measures showed more stability as the six-week average price of a Saskatoon homes slipped about eight hundred dollars from last week to $335,046 to finish the week lower by 12K on an annual basis. The four-week median price lost $1100 for the week to finish at $323,900 taking an annual decline of eleven thousand dollars.

Sellers hoping for an above list price offer were skunked for the first time in a couple of months. While a handful of buyers showed a willingness to pay asking price, 91 of this week’s 100 sales reported a final price that was below the seller’s listed price by an average of $12,707.

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 home sales increase significantly in July of 2018: SRAR

The month of July saw an increase of over 25 percent in Multiple Listing Service® (MLS®) sales activity, year-over-year (Norm’s note: that is the largest year-over-year increase for any month in the past five years). In July, a total of 390 Saskatoon homes were sold, up from 310 transactions in the same month of 2017. Year-to-date, MLS® transactions for Saskatoon were down 3.3 percent with 2,082 home sales compared to 2,152 to the end of July 2017. “Although one month does not constitute a trend, it is very encouraging to see such a significant increase in activity during a month when many buyers typically leave town on vacation,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®.

MLS® sales below $200,000 totaled 57 in July, 55 percent higher than in July of 2017. Year-to-date, sales in the same price range increased by 26 percent to 307 transactions. Homes that sold for between $300,000 and $400,000 showed an increase of 27 percent over the previous July. The number of sales year-to-date in this price range totaled 1,229 for a decline of five percent compared to sales by this time in 2017. Home sales at prices that exceeded $400,000 totaled 540 so far this year, a decline of 12 percent over the previous year.
Another positive indicator is a decline in the number of new MLS® listings coming on to the market. A total of 710 new MLS® listings were added to the system in July, a decrease of ten percent over the same period of last year, and well below the five-year average of 830 listings. Fewer new listings combined with an increase in sales reduced the number of active listings from 2,109 in June to 2,048 at the end of July. The five-year average for active MLS® listings at this time of year is 1,977 units. “Lower inventory levels will help move the market from a buyer’s market towards balance and stabilize home prices,” adds Yochim.


Year-to-date, the average sale price of a residential property in Saskatoon was $334,676, down 4.1 percent from the same period last year.

Average prices can be misleading as outlier sales can skew the average sale value one way or the other over a short period of time. This is why the median price of Home Price Index (HPI) benchmark value is a better indicator of the market. The HPI measures the change in value over time for a typical single family home with a standard set of attributes. This rate of change reports similar to the Consumer Price Index and is the most accurate indicator of home pricing.

The (HPI) benchmark value for Saskatoon single-family homes saw a slight decrease to $315,400 compared to $315,800 at the end of June (Norm’s note: a 1.3 percent annual decline).

The HPI benchmark value for townhouse style properties continued on an upward trend, increasing by 1.2 percent for the month to $234,400 (Norm’s note: down 6.4 percent, year-over-year).

Last month, Saskatoon homes took an average of 49 days to sell. The five-year average days to sell during July is 48.

For more information contact:

Jason Yochim
CEO of the Saskatoon Region Association of REALTORS®

A new listing at 218 Pichler Lane, Rosewood, Saskatoon, SK

Welcome to 218 Pichler Lane in the Rosewood area of Saskatoon.

Offered at $569,900 MLS®

View full listing detailshere.

Welcome to 218 Pichler Lane in Rosewood where your family will enjoy convenient access to a growing number of amenities from schools and parks, to restaurants and shopping. This fully developed Daytona built home shows exceptionally well, inside and out. A low maintenance exterior offers great street appeal and years of easy upkeep. It sits on a nicely landscaped lot with a fenced backyard that includes a spacious deck with an arbor to provide a little shade, a manageable garden area, a variety of trees and shrubs, and a place to cuddle up in front of a fire. There’s lots of off-street parking on the concrete drive but you’ll appreciate being able to escape the elements with the triple attached garage and direct entry to the main floor laundry/mud room. Greet your guests in the elegant front foyer that’s open through the second level. The open stairwell to the second floor makes a dramatic statement, The main floor offers a spacious and open living and entertaining space with a great room, a gorgeous kitchen and the eating area sharing one space. Rich, dark cabinets, granite countertops, a massive island with a breakfast bar and stainless steel appliances provide a kitchen that’s a joy to cook and entertain in. You’re sure to appreciate the additional storage the walk through pantry provides. The stone faced gas fireplace in the adjacent living room adds a nice touch of warmth on a cool prairie night, and a romantic spot to reconnect over a glass of your favourite wine. A second level bonus room creates a perfect evening retreat to watch tv or read a book as the kids settle down to sleep. The master suite is a definite highlight featuring a walk-in closet and a luxury ensuite with a full size shower and a corner tub that’s built for two. The lower level development was just recently completed, nicely expanding your living space including a family room with wet bar, a fourth bedroom, a den and a utility area.

Interested parties should contact Norm Fisher at 306-241-6676 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 July 22-28, 2018

For the sixth consecutive week, the number of Saskatoon real estate sales that were completed exceeded those recorded for the same period last year. Local agents processed a total of 84 Saskatoon home sales, down eight from last week, but up 13 when compared to sales over the same period last year.

New listing activity fell lower on a weekly basis but grew a bit annually. This week’s total came in at 148, three more than were listed during the same week of 2017, but down 28 homes compared to last week.

The total number of Saskatoon homes for sale on the multiple listing service® fell lower to 2049 by this morning, for a weekly drop of 21 and an annual decline of 161 listings. The number of single-family homes for sale in Saskatoon slipped lower to 1117, down just seven from last week’s close, and down from 1259 a year ago. Condo listings fell a bit more as they declined from 821 at last week’s close to just 805 today. At the close of the same week last year there were 855 Saskatoon condominiums for sale of the MLS®.

While there was no shortage of high end homes trading this week, strong activity in price ranges below $200,000 ushered the median sale price of a Saskatoon home down by nearly 20K to $321,500. The average price for the week was $335,851 which was lower than the previous week by around four thousand dollars. The four-week median price held steady at last week’s number, $325,000 to claim a rare annual gain of $100. The six-week average price grew by two thousand dollars from a week earlier to reach $335,851 losing just over 10K on an annual basis. These are the smallest annual price changes we’ve recorded in months.

Three lucky sellers found some love in an over list price offer. One of those overbids was good for a $20,000 bonus skewing the average to $8400. Meanwhile, 75 sellers had to give up some green at the negotiating table. They settled for a price that was, on average, $14,699 below their asking price.

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 for July 15-21, 2018

It was another solid week for Saskatoon real estate sales as the number of homes that traded exceeded that of the same period last year for the third consecutive week. This three-week winning streak is the longest run of annual gains that we’ve seen in 2018. After some significant decreases over the past couple of months, it appears that July will record some annual sales increases.

A total of 92 Saskatoon home sellers saw a sold sign go up this week. That’s modestly higher than the 88 sales recorded the week before, and a gain of 22 firm deals when compared against numbers for the same week last year.

New listing activity saw a modest uptick as 176 homes entered the MLS® system, up nine from the previous week, and well up from the 146 Saskatoon homes listed for sale over the same period a year earlier.

The MLS® inventory of active residential real estate listings failed to make any gains this week but saw no declines either. It closed the week with a total of 2070 homes for sale within the city of Saskatoon, precisely where it sat a week earlier, and significantly below the 2225 homes that were for sale at this time in 2017. It seems fairly likely to me that our inventory peak occurred in late June when the number of listings reached 2131. A closer look at the major categories shows that we have 821 active condominium listings today, about a dozen fewer than were available a year ago. In the single-family homes category, there are 1124 properties showing an active status, down from 1255 a year earlier.

A strong showing of Saskatoon home buyers who purchased above the $400,000 mark brought the median price of a Saskatoon home higher this week to $340,000 even as the average price for the period saw a small decline to $340,661. The six-week average price took a modest decline as it slipped about thirteen hundred dollars from last week to $333,529 and found itself down by about 15K on an annual basis. The four-week median price headed for higher ground and grew by five thousand dollars from last week to reach $325,000 which is exactly where it was at the close of the same week last year.

Once again, two fortunate sellers had buyers bidding more than their asking price, one paying a big bonus of $37,500. Meanwhile, 80 deals closed below the seller’s asking price netting buyers an average discount of $12,985.

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