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

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 real estate week in review: November 19-25, 2017

It was another decent week of sales for the Saskatoon real estate market, given the season. Local REALTORS® reported 66 firm deals to the multiple listing service®, up just one from the previous week, and topping sales for the same period last year by a dozen trades. Meanwhile, 116 new listings were added to the MLS®, up nine from the week before, and seven fewer than were placed on the system during the same week last year.

The inventory of Saskatoon homes for sale on the MLS® declined again, though just marginally. It fell lower by 12 listings when compared to last week’s close to settle at 1856. That number is out of record territory for this particular week for the fourth consecutive week, though just barely. At the close of the same week in 2015 the number was 1858. That said, the year-over-year increase in listings is at just 50 homes, the smallest annual increase since spring. However, where it ends up as this year closes is not nearly as important as where it goes when the new selling season gets underway. Clearly we have a ways to go before this market gets back to balance, particularly for condos. Today, we have 678 options for condominium buyers, up six from a year ago. Again, as I reported to you last week the number of new condos that are currently under construction is half of what it was a year ago, so that’s a marked improvement. Single-family inventory shows greater annual gains as it grew from 980 at the close of the same period last year to 1060 today.

This was one of those rare weeks that saw upward movement to all four price measures that we track. With the four highest priced home sales averaging more than $860,000 a piece the average sale price of a Saskatoon home moved up to $344,320 this week. We also saw our 14th sale this year of one million dollars or more. The four-week median price grew by five thousand dollars to reach $330,000 which is still lower than it was at the close of the same period last year by a little more than 10K. The six-week average price grew by just $600 from the week before to reach $336,135 to take an annual loss of eight thousand dollars.

One lucky seller in area four apparently had more than one buyer who wanted that house and it sold for $5,100 more than the asking price. On the other had, 62 of this week’s sales were reported to have sold below the seller’s asking price netting buyers an average discount of $12,991.

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 real estate week in review: November 12-18, 2017

Saskatoon real estate sales activity softened this week as just 65 homes were reported firmly sold to the multiple listing service®, down from 72 the previous week for an annual decline of four. New listing activity fell off even more significantly. Just 103 properties were added to the MLS®, down 58 from last week, and also well below numbers recorded for the same period last year when 155 homes were listed for sale.

Reasonably decent sales, fewer new listings and 51 properties that expired without a sale all contributed to a decline in the inventory of Saskatoon homes for sale on the MLS® system. The total fell to 1868 by this morning, the lowest number we’ve recorded since the end of March when inventory numbers were on their way up. This week’s number is up 38 from where it stood at this time last year, which is the smallest year-over-year increase in six months time, and also falls out of “record” territory for the third consecutive week. Today, there are 1071 single-family homes for sale on the MLS® in Saskatoon, 36 fewer than there were a week earlier, and 84 more than were available a year ago. Condominium inventory sits at 671 for a weekly decline of nine and an annual drop of 14 units.

Interesting to me is the change to the new condo numbers over the past year. These screenshots from the October edition of CMHC’s Residential Construction Digest show that the number of “complete and unabsorbed” homes in the multi-family housing category is down just 2.1 percent from where they stood a year ago…

New construction that is completed and unabsorbed in Saskatoon at 10/31/2017.

…but, the number of multi-family homes that are under construction has fallen by 53.6 percent from where they were at this time last year.

New homes under construction in Saskatoon at 10/31/2017

So, there have been a fairly significant number of these new units absorbed over the past 12 months, and with relatively few new starts happening this year, the inventory in this category should continue to move towards more manageable levels.

Moving on.

Very strong sales at entry levels of the Saskatoon real estate market brought the weekly median sale price sharply lower this week to $290,900. That’s down about 40K from last week. With just five sales above the $500,000 mark, the weekly average price also took a solid tumble, also slipping roughly 40K from last week to $314,318. After a two week recovery that brought the six-week average price up by 13K, it slipped lower by two thousand dollars to close the week at $335,513 for an annual loss of eleven thousand bucks. The four-week average price headed lower by twenty-five hundred dollars compared to last week’s close and setting at $325,000 for a year-over-year decline of 20K.

Overbid sales were non-existent this past week as buyers clearly won at the negotiating table. While three did agree to pay the seller’s price, 62 of this week’s 65 sales were reported to have closed below the listed price netting those buyers an average discount of $13,791.

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

List to sale price ration of homes sold through the Saskatoon MLS from November 12-18, 2017

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

Saskatoon real estate week in review: November 5-11, 2017

The number of local homes that traded hands through the Saskatoon multiple listing service® bounced back this week with 72 firm deals being processed, an increase of 23 from the previous week. That was enough to top sales for the same period last year by 27 units. The number of new Saskatoon real estate listings in the residential category slipped lower to 161 for a weekly decline of nine homes, matching numbers recorded for the same week last year.

Following six weeks of slow but steady declines, the active listing inventory of Saskatoon homes grew marginally this week to 1910, up seven from last week’s close for an annual gain of just 85 properties. That’s the smallest year-over-year increase to the MLS® since the end of June. The closing number was also low enough to keep it slightly below record levels for the second consecutive week, but just barely. At the close of the same week of 2015 total active residential listings sat at 1917. A closer look by major housing types shows condo inventory sitting at 685 today, up just 11 from a year earlier. The greatest annual gains can be counted in the single-family home category which swelled to 1107 from 984 a year ago.

Slightly softer buying activity at the upper end of the market brought the median sale price of a Saskatoon home lower to $330,000. The weekly average followed along and slipped to $355,511. Meanwhile, the six-week average price took its second consecutive gain, following a pretty solid losing streak that brought it to its lowest point in the past five years. That measure moved higher by seven thousand dollars to reach $337,734 to record an annual loss of roughly eleven thousand dollars. The four-week median price fell lower to $327,500 for a weekly drop of less than 5K. That’s just twenty-five hundred dollars lower than it was a year ago.

Sellers wishing for an overbid offer were disappointed this week and not a single sale was reported to have occurred above the asking price. On the flip side of the negotiating table, 68 of this week’s 72 buyers insisted on some give from the seller to close. Those buyers netted a hefty average discount of $14,046.

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 here. Please feel free to call or email.

Norm Fisher
Royal LePage Vidorra