Saskatoon real estate week in review for October 21-27, 2018

Saskatoon real estate sales saw a slight increase this week as local agents reported 64 firm residential transactions to the multiple listing service®, up from 58 for the previous week, but down 10 units when compared to sales for the same period last year.

The number of new listings added to the MLS® matched last week’s totals at 118. That number is lower than it was over the same week last year by 14.

The total number of Saskatoon homes available to home buyers through the local MLS® slipped lower again to 1813. That’s down just 21 from last week’s close, and lower than it was on the same day last year by 193 properties. Once again, the majority of the annual declines are counted in the single-family homes category which has fallen lower from 1179 at this time last year to 1004 today. Condo inventory is also down but to a lesser degree. Today, Saskatoon home buyers can find a selection of 695 condos on the MLS®, down from 712 a year ago.

On the heels of a week that was dominated by entry level sales, the average price of a Saskatoon home bounces higher by more than thirty grand to reach $336,056. The median price for the week saw a 42K gain as it climbed to more typical levels at $321,000. The six-week average price moved higher by about four thousand dollars compared to last week. It settled at just a thousand dollars below the number recorded for the same period last year. Meanwhile, the four-week median price lost four thousand dollars from a week earlier as it slipped to $316,000 for an annual decline of nine thousand dollars.

Sellers hoping to create a bidding war were shut out this week. No resale properties reported a sale price above the seller’s asking price. On the other hand, 60 Saskatoon homes traded after a negotiation that led to a discount for the buyer. The average drop from the list price was $13,055.

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 October 14-20, 2018

The number of Saskatoon real estate sales processed by the multiple listing service® grew by four this week to 58. That’s down just three from the same week last year. Meanwhile, new listings bounced slightly higher growing from 110 last week to 118 for this period. That number is sharply lower on an annual basis. Over the same week last year, 175 Saskatoon homes were added to the MLS®.

The MLS® inventory of Saskatoon homes available to buyers slipped lower for the fourth consecutive week. By Saturday morning the system showed 1836 residential properties, down 28 from the previous week’s close, and lower than levels recorded a year ago by 184. There are now 1023 single-family homes for sale within the city of Saskatoon, down about 14 percent from a year earlier when inventory in the category was at 1190. Condo numbers remain stubborn at 698, which is lower than it was a year ago, but only by 17.

Entry level activity dominated the Saskatoon real estate market this week taking the weekly median price down to just $281,000. That’s the lowest number we’ve seen since the first week of 2018. With just two sales over the $500,000 mark, the weekly average price fell sharply as well. It fell lower by 37K from the previous week to just $302,138.

The six-week average price of a Saskatoon home slipped two thousand dollars from the previous week to $319,363 which leaves it lower than it was a year earlier by roughly fifteen thousand dollars. The four-week median price lost nearly four thousand dollars on the week and settled at $320,000 for an annual increase of thirteen thousand dollars.

Buyers won the week negotiating a below list price sale in 53 of the week’s 58 sales with an average discount of $14,918. That number was skewed some by the area 3 sale that went $92,000 below asking price. One seller accepted an offer that exceeded their asking price by $1100.

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 October 7-13, 2018

Saskatoon real estate sales took a solid dive this week as local REALTORS® reported just 54 firm sales to the multiple listing service®, down from 77 last week, and falling short of sales recorded for the same period last year when 65 homes traded.

New listing numbers continued to fall as well. This week, just 110 Saskatoon homes hit the MLS®. That’s well down from the previous period which counted 171 residential listings, which is 32 fewer homes than we saw enter the system over the same week last year.

Active listing inventory continued to fall at a rate that seems appropriate for the season. By this morning, Saskatoon home buyers could find 1864 properties for sale within Saskatoon city limits. That number is down 34 from a week ago, and further down from 2037 a year ago. Buyers can find just 1045 single-family homes in the MLS® today. That’s down about 12 percent from a year ago when 1191 detached houses were available. Condo inventory fell to 704 today, a drop of 29 from this time last year.

The median sale price of a Saskatoon home jumped 30K compared to the week before, thanks to more upper end activity. The average price also rallied upwards to $339,715. The six-week average price managed a second consecutive weekly gain as it climbed to $321,442. That’s still about nineteen thousand dollars lower than it was a year ago, and clearly still towards its low point for the year. The four-week median price also gained some ground as it grew by sixty-seven hundred dollars this week to reach $323,950. That’s good for an annual gain of 17K.

When all was said and done, 48 of this week’s buyers stood in for a discount on the home they bought. Those drops averaged $15,199. No seller saw an overbid sale this week.

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 September 29 – October 6, 2018

It was a solid week for the Saskatoon real estate market. Local REALTORS® reported a total of 77 residential sales to the multiple listing service®. That number is down three from the previous week, and well up from the 61 Saskatoon homes that traded hands over the same period last year.

Meanwhile, the number of new listings processed through the MLS® grew to 171 as a slew of listings met the end of their term and re-entered the system for another go. While listings grew by 20 on a weekly basis, the numbers were substantially lower than they were over the same week last year when 219 Saskatoon homes were offered up for sale.

The total number of homes offered for sale on the Saskatoon MLS® system continued to fall lower, this week dipping below 1900 for the first time since the middle of May. The final tally, as of this morning was 1898, down 57 from a week ago, and 169 fewer homes than the number that could be found on the system a year ago. We are once again into that “lower than it has been for this week in four years time” area, but only marginally.

Single-family homes inventory has seen the greatest decline. There were 1264 of the available at the close of the same week last year. Today, there are just 1057. Condo inventory is also down. It’s now at 725, down from 735 a year earlier.

The median sale price of a Saskatoon home was $327,500 for the week. With fewer home sales above the $500,000 mark and nothing that sold for more than $635K, the average price for the week slipped lower to $316,925. The six-week average price broke a six-week losing streak as it edged up just under a thousand dollars from last week’s close reaching $320,271. That leaves it lower on an annual basis by roughly eighteen thousand dollars. The four-week median price also moved higher as it grew by $2250 from a week earlier and closed the period at $317,250. That’s actually higher than it was at the close of the same week last year when it had taken a wild dive to just $308,500.

Remarkably, two seller’s put a deal to bed with an overbid, both of them in the five-figure range. The buyer’s of those two homes coughed up an extra $15,100 in one case, and $10,100 in the other for an average overbid of $12,600. Buyers insisted on some give from the seller in 69 of this week’s 77 deals. Those went firm below the seller’s listed price by an average of $13,081.

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

Average home price in Saskatoon continues to fall through September, 2018:SRAR

Saskatoon, October 3, 2018.

In the month of September, there were 268 residential sales on the MLS®. This is similar to September of 2017. The total number of sales for the first three quarters of 2018 was 2,679, a five percent decline from last year. By comparison, in the first three months of 2016, there were 2,935 sales in the city of Saskatoon.

Active listings in Saskatoon continued to shrink with a year-over-year decline of seven percent. In Saskatoon, at the end of September there were 1,944 active listings compared to 2,082 a year ago. Active listings are higher in the region surrounding the city which includes the cities of Martensville and Warman. At the end of September there were 1,161 available properties compared to 1,086 for the surrounding area. The decline in available properties is mostly attributable to an overall decline in new listings coming on the market. Year-to-date, there have been 6,521 properties listed in the city of Saskatoon, a decline of 11 percent compared to 2017. In the month of September, there were 648 new listings in Saskatoon. By comparison, in September of 2017 there were 767 new listings and 779 in 2016.

“It seems that sellers who are not highly motivated are choosing to wait until conditions are more favourable to sell,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “Currently we are in a buyer’s market with elevated levels of inventory and downward trending prices for most properties,” he adds.

Year-to-date, the average price for a home in Saskatoon is $332,700 which represents a decline of four percent from a year ago. By comparison in the past three years, the third quarter average price was $347,165 in 2017 and $352,103 in 2016. Although much focus in real estate is on the average price, the average can be misleading and is easily skewed. A better indicator of what is happening with home prices is the Home Price Index.

The Home Price Index establishes attributes for a home with a base value in 2005. From that starting point, changes in value are recorded over time to get a better sense of what is happening to pricing and how prices are trending. The value for the typical single-family home in January of 2005 was $140,400. It reached its peak in May of 2015 at $329,500. Currently, this value is at $312,200 which is the highest level for 2018 and is virtually unchanged from a month earlier. The Benchmark price for a typical Townhouse style property in Saskatoon was $219,700 last month, this is the lowest point since April of 2007 when the value was $205,300. For apartment style properties, the Benchmark value of $176,200 in September was the first increase since December of 2017 when the value was at $190,600.

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