Saskatoon real estate week in review: October 15-21, 2017

Saskatoon real estate sales in the residential category took a small weekly dip dropping to 61 from 65 the previous week. The year-over-year change in sales numbers was not so small. Local agents reported 103 sales for the same period last year, a week which stood out as a bit of an anomaly in comparison to the sales numbers that surrounded it. Following a seven day period that saw 181 listings expire from the system without a deal in place, new listings were very strong at 175, up 33 from last week and down two from the same week last year.

The number of residential listings showing an active status on the Saskatoon MLS® continued to decline for the fourth consecutive week and reached 2020 by this morning. That number is down just 17 from last week’s close, for an annual increase of 151 homes. A closer look at the major housing categories shows 715 Saskatoon condos for sale, down from 733 a week earlier, and up from 688 a year ago. There are now 1190 single-family detached homes on the Saskatoon multiple listing service®, down one from last week’s close for an annual increase of 168 properties.

Very soft activity for homes priced above the $400,000 mark brought the median and average prices for the week down to $296,900 and $307,215 respectively. The six-week average price fell six thousand dollars to $334,212 to reach its lowest point this year. In fact, that’s the lowest that it’s been during any week since early 2013. That number amounts to an annual decline of $18,558. After sliding steadily for three consecutive weeks to reach its lowest point in nearly five years, the four-week median price took a slight upward turn and grew by a bit more than $1500 to $307,450 to take a year-over-year loss of $27,550.

A couple of hot listings in “Area 2” saw some overbids this week netting those sellers an average bonus of $1,100 while three others found a buyer willing to pay their asking price. Meanwhile, 56 of this week’s 61 sales reported a price below the seller’s list price with an average discount shown of $12,500.

Here is a breakdown of what the sales to listing price ration looked like on each of those 61 deals.

Sale to list price ratio for Saskatoon homes sold through the MLS from October 15-21, 2017

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: October 8-14, 2017

Residential sales activity improved slightly on a weekly basis and fell modestly when compared to the same week a year ago as Saskatoon real estate agents reported 65 firm deals to the MLS®. That’s up four from last week and down three from the same period last year.

New listing activity fell significantly this week with just 142 Saskatoon homes being added to the multiple listing service®, putting the week among the softest listings weeks for the calendar year. That number marks a weekly decline of 78 and an annual drop of 35.

The inventory of MLS® listings available to Saskatoon home buyers moved lower for the third consecutive week to settle at 2037 by this morning for a weekly decline of 30 homes. Inventory remains up on a year-over-year basis showing gains of 134 from a year ago. Active listings levels are moderating at about the pact they did last year, but more quickly than they did in 2015. If the current trend continues for a couple of more weeks we’ll be out of that “highest inventory ever for this particular week” thing soon. Today’s totals show 1191 single-family homes for sale, down from 1220 last week and up from 1040 a year ago. There are currently 733 condominiums showing an active status on the MLS®, down just two from a week earlier and up from 690 at this time last year.

A good showing of home buyers purchasing above the $400,000 market drove the weekly median and the average sale price of a Saskatoon home higher this week. This weekly measures came in a $350,000 and $340,312 respectively. After falling thirteen thousand dollars over the previous two weeks the six-week average price turned upwards. It finished the week at $340,446 for a weekly increase of roughly 2K but it remains lower than it was a year ago by fifteen thousand dollars. The four-week median price took its fifth consecutive drop and fell to $305,900. I had to go way, way back to April of 2012 to find a week where it came in lower. It seems to me, that more than anything this sudden and sharp drop is attributable to a big decline in upper-end sales. In the past four weeks only 16 residential sales in Saskatoon have topped the $500,000 mark. These buyers are clearly standoffish.

For the second week in a row, not a single buyer offered to pay more than the seller’s asking price. On the other hand, 62 of 65 sales reported this week show a price below the listed price with an average discount of just $11,446.

We are clearly operating in a market where buyers have considerable advantages at the negotiating table. This does seem to be pushing prices lower, but by how much is a big question. The recent Royal LePage House Survey release shows declines of a few percentage points over the past year (in two very popular housing types), while the MLS® Home Price Index shows gains, a claim which seems remarkably unbelievable given the disparity between supply and demand. In any case, it’s interesting to note that regardless of the market, there rarely seems to be a big spread between asking prices and selling prices. You may have noticed that average discounts don’t change a whole lot from one week to the next. When prices do move lower, it almost always starts with the listing price. Buyers tend to respond with reasonable offers on the homes that they perceive to be priced for the market. Of course, there is the odd exception to that rule, but for the most part, we see this at play in both buyer’s markets and seller’s markets. I thought you might find it interesting to see an actual comparison of list prices from the past week and the sale prices that those same homes achieved. Here is this week’s list.

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: October 2-7, 2017

Saskatoon real estate sales activity fell from last week but managed to post some annual gains for the first time in eight weeks. Local REALTORS® reported a total of 61 firm residential sales, down from 70 the previous week, but up from 54 when compared to the same period last year. Meanwhile, the number of new listings added to the MLS® grew to 219, the highest number seen during any single week since mid-July. This high listing level can be largely attributed to renewals for some of the near 200 listings that expired without a sale over the closing days of September.

Total active residential listings available to Saskatoon home buyers through the multiple listing service® reached their lowest level since June as the number moderated to 2067. That’s 50 fewer homes than were available a week earlier, but still well ahead of the 1920 properties for sale a year earlier. Most of the weekly decline was in single-family homes category which fell from 1264 last week to 1220 by Saturday morning. That leaves us up from a year earlier by 171 houses. Condo inventory sits at 735 today, down from 745 last week and up from 703 at this time last year.

With decent sales activity in all price ranges below 500K the weekly median price grew by nearly $50,000 from a week earlier to $335,000 while the average price of a Saskatoon home increased to $327,258. Still, both of our longer term price measures fell lower this week. The six-week average price of a local home slipped to $338,287. That’s about $26,000 below its annual peak, and just a few thousand dollars above its lowest point for the year which was recorded in mid-February. Looking back a year ago, we see a six-week average price that was fourteen thousand dollars higher than it is today. A significant decline in high end real estate sales over several weeks has ushered the four-week median price lower for the fourth consecutive week to its lowest point this year, $308,500. That’s roughly ten percent lower than it was at the close of the same week last year.

Sellers dreaming of an above list price offer had their hopes dashed this week. Eight lucky sellers managed to close a deal at their asking price, while 53 of the week’s 61 sales were reported to have sold at a discount that averaged $12,700.

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: September 25-30, 2017

Sales activity came in at a seasonally appropriate level as Saskatoon real estate agents reported 70 firm sales to the multiple listing service®, up three from last week, and down two from the same period last year. New listings slipped lower with 183 properties being added to the MLS® for a weekly decline of six and an annual increase of 24 Saskatoon homes.

The total number of properties available on the multiple listing service edged lower to 2117, a decline of just over 30 homes when compared against last week’s close. Listing inventory remains well up from a year ago when the number of homes available had fallen to 1852. Today’s totals include 1264 single-family homes, up from 1004 a year ago. Condo inventory fell lower over the week to 745 but it remains up from a year ago when 695 units were for sale.

Sales at the lower end of the pricing spectrum were dominant enough this week to move the weekly median price way down to $285,000. With just three sales reported to have sold for more than $500,000 the average for the week also tumbled lower to just $307,291. The six-week average price lost nearly 10K this week as it fell to $341,730. That’s down nearly $11,000 from a year earlier. The four-week median price took a serious dive to $317,000 finding itself down $17,500 from a week ago, and $28,000 lower than it was at the close of the same week last year.

Three sellers managed to wrap up a deal above their asking price netting an average bonus of $1,100. As expected, buyers won the week as 63 of this week’s 70 deals were reported to have sold below the seller’s list price netting an average discount of $13,465. Area three showed the largest average discount of $22,540 as two of the five sales went more than ten percent below the asking price.

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: September 17-23, 2017

Saskatoon real estate sales gained some ground this week as local agents reported 67 firm residential deals to the Saskatoon MLS®, up from 53 a week earlier. That said, numbers failed to meet those generated over the same period in the previous year for the sixth consecutive week, this week’s shortfall being 14 homes.

New listings continue to flow onto the multiple listing service® as Saskatoon home sellers hoping to find a buyer before the snow flies take one last crack at the market. A total of 189 new listings were added for this period, about the same number that came on the previous week, but up annually by 21.

The inventory of active residential real estate listings available to buyers through the MLS® increased for the second week in a row as it grew to 2148 Saskatoon homes, up 21 from a week earlier. That’s 192 more listings than were available at the same day a year earlier. Included in those numbers are 1261 single-family homes, up from 1071 last year, and 775 condominium units, up 54 from a year earlier when a selection of 721 were displayed on the MLS®.

With nearly 20 sales reporting a sale price of less than $250,000 the weekly median price fell sharply lower ($50,000) this week to $290,000. The weekly average fell even more ($60,000) after reaching its highest point for at least two years the previous week. It came down to $335,765 in spite of a couple of large residential sales that collectively added more than $2 million to the total sales volume. The six-week average price took its third weekly increase to reach its highest point since June at $351,229. That increase left it ahead by about six thousand dollars compared to last week, and just as much when compared against numbers generated during the same week a year ago. Meanwhile, the four-week median price moved in the opposite direction falling about thirty-five hundred dollars from the week before. It came in a $334,550 which is about where it was at this time last year.

After a dry spell of a few weeks, three sellers managed to complete a sale above their asking price but the bonuses paid were small at just $133 each, on average. While three other sellers got their price, 59 of this week’s 67 sales were reported to have sold below asking price with an average discount of $13,687.

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