Saskatoon real estate week in review for September 23-29, 2018

The final week of September delivered strong sales numbers as Saskatoon real estate agents reported a total of 80 firms deals to the multiple listings service®, up from 69 last week, and ahead of sales for the same period last year by ten. The month will close with 272 residential sales to claim a small gain over September 2017 when 261 Saskatoon homes traded hands through the MLS®. This will be the third consecutive month in which sales came in at or above numbers recorded the previous year.

New listing numbers trailed lower this week at 151, down nine from the previous week and well below the 183 homes that were listed over the same period last year.

MLS® inventory slipped lower, but not by much. As of this morning, home buyers had a choice of 1955 properties, down from 1969 at last week’s close, and down further from 2117 a year ago. Looking closer at the major housing categories, I count 1087 single-family homes for sale, well below the number that could be found at the close of the same week last year, 1264. Condo inventory is steady at 745, exactly where it was both a week and a year ago.

Both the weekly median price and the average sale price of a Saskatoon home moved higher this week as more upper-end sales were recorded. Those measures came in at $332,773 and $320,000 respectively.

The six-week average price fell lower for the seventh week in a row to settle at $319,385. That’s down more than $23,000 in a year. This measure’s low point in the chart got me digging into historical numbers and I could not find a number this lower since the close of March 2012.

The four-week median price was stable at $315,000. That’s where it was at last week’s close, and down just $2,000 from the same week last year.

One lucky seller saw an above list price offer that earned them a bonus of $10,100 more than they had asked. On the other hand, 72 of this week’s deals closed below asking price and netted the buyers a hefty average discount of $14,199.

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 16-22, 2018

Saskatoon real estate sales remained stable this week on both a weekly and an annual basis. Local REALTORS® brought 69 firm residential sales to the multiple listing service®, down just three from last week, and up by two compared to the same week last year.

New listings continued to slip lower as they typically do at this time of the year. The total number of Saskatoon homes that showed up as new listings this week was 160, down from 167 the previous week. During the same period last year 189 homes entered the system.

The total number of homes available to buyers through the MLS® in Saskatoon inched higher to 1969 for a weekly increase of eight, and an annual drop of 179. A closer look at the major housing categories shows 1097 single-family detached houses, down from 1262 a year earlier, and 745 condominiums, down from 775 at the close of the same week last year.

The weekly average sale price of a Saskatoon home inched higher to $314,594. Meanwhile, the weekly median fell to $293,000 and reached its lowest point for the year.

The six-week average price took its sixth weekly decline to finish at $320,930. That’s down 30K from where it was a year ago. It’s the lowest number we’ve recorded for this price measure in the past year. The four-week median price broke a four-week losing streak to grow by $2,500 and finish the week at $315,000. That’s about $20,000 lower than it was a year ago.

Seller’s hoping for overbids were shut-out this week. On the other hand 64 of this week’s sales were reported to have sold for less than the asking price. They showed an average discount of $12,761.

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 9-15, 2018

The Saskatoon real estate market bounced back over the past week as local REALTORS® reported 72 home sales to the multiple listing service®. That’s up by 21 compared to the previous week, and tops sales for the same period last year by 19. That was enough of a gain to make up for sales declines recorded over the first week of the month September, bringing us about even for the month of September on an annual basis.

New listing numbers grew from 158 last week to reach 167 by the close of business Friday. That number is down when compared to the same week last year when local agents listed 182 Saskatoon homes for sale.

The number of Saskatoon homes available to buyers on the MLS® fell by just five this week to settle at 1961, down from 2127 at the close of the same week in 2017. Today, there are 1086 detached houses for sale, down from 1227 a year earlier. The condominium category shows 753 active listings, down from 788 a year earlier.

With just five sales above the $500K mark, and twice that below $200,000 both the weekly average sale price and the weekly median fell lower to $310,929 and $313,750 respectively. The six-week average price slipped lower for the fourth consecutive week. It finished the period at $325,933 which is lower than last week by two grand, and down annually by nineteen thousand dollars. The four-week median fell for the fifth week in a row to settle at $312,500. That number is down nearly two thousand dollars for the week and sixteen thousand annually.

One lucky seller had a pleasant negotiation that resulted in a deal for $100 more than the list price they selected. It was a good week for buyers, 66 of whom managed to grind a discount that averaged $12,350.

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 1-8, 2018

Saskatoon real estate sales took a downward turn as just 51 firm residential sales were reported to the multiple listing service®, well down from 73 the previous week and falling short of numbers generated during the same period a year ago when 56 homes traded hands.

Meanwhile, new listing numbers moved higher to 158, a gain of eight compared to the previous period, but down by nine on an annual basis.

The inventory of active MLS® listings in the residential category grew this week. By Saturday morning, our total number of Saskatoon homes offered for sale sat at 1966, which was 29 more than were available one week earlier. At the close of the same week last year active listings sat at 2104. There are currently 1089 single family homes for sales, compared to 1218 a year earlier. Condominium inventory is at 755, down from 788 at the close of the same week in 2017.

There was a shortage of upper end sales in this week’s numbers. Both the weekly average sale price and the median sale price of a Saskatoon home fell lower to $316,195 and $315,000 respectively. The six-week average price dropped for the third consecutive week to $327,836. That’s about three thousand dollars lower than it was the previous week, and down about $12,500 from a year earlier. The four-week median price finished the week at $314,400. That’s down just six hundred dollars from the previous week but nearly $26,000 lower than it was a year ago.

Sellers hoping for a bidding war to drive their price were largely disappointed this week as just one sale was reporting a sale price above list. Meanwhile, 46 of this week’s home buyers managed a discount averaging $11,924.

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 listings (MLS®) fall for 8th consecutive month: 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 August of 2018 follows.

For the seventh straight month, the number of active residential listings in the Saskatoon market was down year-over-year (it’s actually eight consecutive months, but who’s counting). At the end of August, there were 2,019 active residential listings in the city, a decline of eight percent from a year ago. Of the active listings, approximately 1,227 are single family homes while just over 780 are condominiums. The decline in active listings is largely due to a drop in the number of homes listed this year compared to last. To date, a total of 5,875 residential properties have been listed in Saskatoon on the Multiple Listing Service® (MLS®). That’s down 11 percent when compared to the end of August last year. “In a slower market, one typically sees fewer speculative sellers than in a hot market,” comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®. “It’s important to bear in mind that homes sell in all markets. If a seller needs to sell then they must be sure to have good advice and price to the current market conditions,” adds Yochim.

In the month of August, there were 329 residential sales through the MLS®. This is on par with August of 2018 and just slightly below the five year average of 352. Year-to-date, there have been 2,411 residential MLS® sales in Saskatoon. Of these 1,751 are single-family properties, unchanged compared to the first eight months of last year. On the other hand, 648 condominiums traded by the end of last month, 11 percent fewer than last year.

Year-to-date, MLS® sales of homes priced between $200,000 – 300,000 totaled 657 transactions, down from 707 last year. The number of homes that sold between $350,000-750,000 was also lower by just over 100 sales from 1,036 transactions in 2017. So far in 2018, a total of 41 properties have sold in excess of $750,000 in Saskatoon, on par with last year.

The Home Price Index (HPI) Value for a single-family home in Saskatoon increased slightly from July to $312,200. 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 value for townhouse style residences declined for the month to $225,200, down from $234,400 in July. Benchmark pricing for apartment style condominiums continues to decline for the eighth straight month. Year-to-date, the average sale price was $334,226, down four percent decrease from this time 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 HPI value is a better indicator of the market.

Last month, the average home in Saskatoon took 52 days to sell in Saskatoon. The five year average for the month of August is 50.4 days.

For further information, please contact:

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