Saskatoon real estate week in review: April 15-21, 2018

The Saskatoon real estate market continued to move at a steady pace for the third week in a row as local agents reported 75 firm residential sales to the multiple listing service®, down just one from the previous week. That’s eleven fewer sales than were reported over the same period a year ago.

New listing activity fell lower as 175 Saskatoon homes hit the MLS®, for a weekly decline of 16 and an annual drop of 26.

MLS® inventory continued to gain ground as it almost always does at this time of year. By this morning, there were 1798 Saskatoon homes listed for sale on the service, an increase of 48 compared to last week’s close, but down from 1999 at the close of the same week last year. It’s certainly possible that things could change as the spring market heats up, but it’s beginning to look like inventory may continue at four-year lows like it has been for the past nine weeks. Most of the annual declines can be counted in the single-family home category which sits at 949 today, up just 14 from the week before, and down from 1073 (about 11 percent) a year ago. Condominium inventory is now at 755 as it grew by 35 units this week to come within four of where it stood at this point during 2017.

Some high-priced home sales pushed both the median price and the average price for the week considerably higher to $329,900 and $347,473 respectively. In spite of the weekly strength, the four-week median price barely budged as it moved just five hundred dollars higher to $320,000 which is about nineteen thousand dollars lower than it was a year earlier. The six-week average price gained some ground as it increased by more than five thousand dollars to close the week at $337,556 which is down nearly fifteen thousand dollars compared to the final numbers seems at the end of the same week last year.

Just one fortunate seller managed to get an offer above their asking price. That deal paid them a small $100 bonus. Another 68 sellers found themselves in a negotiation that wound up netting the buyers an average discount of $14,207. That number was skewed by some large discounts on the three highest priced sales for the period.

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: April 8-14, 2018

Saskatoon real estate sales in the residential category hit 76 this week, falling one from the previous period, to finish up on an annual basis for the first time since the final week of January. There were just 54 sales reported during the second week of April last year.

Meanwhile, new listing numbers saw a slight decline falling to 191 from 199 the week before. Just as sales numbers increased annually for the first time in a long while, this is the only week this year in which the number of new listings generated exceeded those recorded for the same period during the previous year. Over the same period of time in 2017, there were 13 fewer Saskatoon homes listed for sale on the multiple listing service®.

Active residential MLS® listings continued a slow trend of broadening annual declines, even as the database grew by 28 over the past seven days to reach 1750. That number is now down by 213 homes from where it stood a year ago. Once again, the numbers are at a four year low (for this particular week), now for the seventh consecutive week. A closer look at the major housing categories shows 935 single-family homes for sale in Saskatoon, up from 912 a week earlier, and down from 1054 at this time last year. Condo inventory grew by just six this week to reach 722, which represents a drop of 25 units from a year earlier.

A strong showing of home buyers at the market’s entry levels, combined with weaker sales at the upper end, brought both the weekly median price and the average sale price for the period lower to $314,450 and $314,056 respectively. The six-week average price dropped a bit more than two thousand dollars from last week’s close to $332,135. That’s roughly twelve thousand dollars below levels recorded at this time last year. The four-week median price also edged lower, falling by $500 on a weekly basis to settle at $319,500. That’s just over three thousand dollars lower than it was a year ago.

A few sellers found some buyer love this week as three deals closed above the asking price by an average of $12,767. That average was heavily skewed by one sale that went $38,000 above the seller’s list price. On the other hand, 68 of this week’s sales required some grinding to bring to a close. Those buyers saw an average discount of $12,268 but the time the dust had settled.

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: April 1-7, 2018

In a hopeful sign that a spring real estate market is on its way Saskatoon home sales and new residential listings both hit a weekly high for the year.

Local agents reported 77 firm sales, well up from the 55 that got a sold sign last week, and eleven fewer than we saw trade hands over the same week last year. This was the ninth consecutive week during which sales fell lower on an annual basis.

Meanwhile, new listings number spiked higher to 197 for a weekly increase of 67 Saskatoon homes. Still, that number is way down from the 253 local homes listed over the same period of 2017. Each week this year, new listings numbers have failed to match last year’s levels.

The inventory of active MLS® listings in the residential category grew by 46 to close the week at 1722, well below the 1931 properties that were available to buyers last year at this time. Once again, inventory is at a four year low for this particular week, now for six consecutive weeks. The number of single-family homes for sale on the Saskatoon MLS® system grew to 912, down from 1023 a year ago. Condo inventory sits higher by five percent this week as it increased from 682 at last week’s close to 716 today. That number is lower than it was a year earlier when 745 Saskatoon condos were for sale.

After nearly disappearing over the past few weeks, high-end home buyers returned to the market and drove all four prices measures we track higher. With three home sales averaging a sale price of nearly a million dollars each, the weekly average price of a Saskatoon home took the biggest jump as it grew by nearly $40,000 to reach $364,461. Meanwhile, the weekly median price was $15K higher than the previous week at $335,000. The four-week median price edged up $2500 from the previous week’s close hitting $320,000. That amounts to an annual increase of $3000. The six-week average price grew by ten thousand dollars to reach $344,457 to come short of levels recorded a year ago by eleven thousand dollars.

Two lucky sellers closed on offers that were above their asking price, one seeing a remarkable overbid of $90,000 on a property that was clearly underpriced, perhaps intentionally. Another 69 sellers found they had to be a bit more flexible and agreed to sell their home at an average discount of $13,983. That number was somewhat skewed by substantial discounts on the higher end sales, three of which contributed a quarter million dollars to the discount pool.

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: March 25-31, 2018

Residential sales continued to fall lower on an annual basis for the eighth consecutive week as Saskatoon real estate agents reported just 56 firm sales to the MLS® system, up from 50 last week, but down from 81 when compared to the same week last year. As the month of March draws to a close, the multiple listing service® shows just 234 sales in our city for the month. There were 310 sales last March.

Fortunately, new listing activity was also quite weak, perhaps an indication that a shortened work week was the primary culprit for both softer sales and listings. Local REALTORS® ushered 130 Saskatoon homes onto the system, down from 152 last week and way below the 200 properties that entered the system over the same period last year.

Even before month-end expired listings would draw MLS® inventory lower, the total number of homes for sale in Saskatoon took a very small dip falling to 1676 this morning, three fewer than we had a week ago, and down from 1854 a year earlier. The majority of the decline can be seen in the single-family housing category which fell from 999 at the close of the same week last year to 898 today. Condo inventory has also slipped lower to a lesser degree. Today there are 682 Saskatoon condos for sale, down 23 units from a year ago.

Sales activity above the $500,000 mark continued to show some weakness this week but one sale that approached the $900,000 mark helped nudge the average sale price of a Saskatoon home higher to $323,736 even as the weekly median price took a small dip to $320,000. Meanwhile, both of our longer-term price measures inched higher. The six-week average grew by roughly $800 from a week earlier to hit $324,466 for an annual decline of $17,000. The four-week median price moved to $317,500 after stalling at $310,000 for three consecutive weeks. It’s up about three thousand dollars from a year ago.

Once again, we see just one overbid sale this week. That deal netted the seller a $100 bonus. On the other hand, 54 of this week’s sales went for less than the asking price with an average discount of $11,692.

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: March 18-24, 2018

Saskatoon real estate sales activity fell lower on both a weekly and annual basis for this period. Local REALTORS® reported 50 firm residential trades for a decline of eight when compared to last week, which was well down from the 72 Saskatoon homes that sold during the same week last year.

New listing activity slipped lower by just one property compared to the previous week as 152 homes were offered for sale on the multiple listing service®, down from 162 for the same period of 2017.

The total number of Saskatoon homes listed for sale on the MLS® gained some ground reaching 1679 properties by today. That’s up 28 from last Saturday morning. At the close if this week last year there were 1864 homes showing an active status on the MLS. This is the fourth consecutive week during which active listings are at their lowest point for the end of March since 2014 when inventory began to grow significantly. A closer look at the major housing categories shows 900 single-family homes, up from 879 last week, and down from 988 a year ago. Condo inventory is now at 690, up ten listing from a week ago, and down 34 on an annual basis.

The weekly median sale price inched slightly higher ($1,250) to $321,250. With just three homes reported to have sold above $500,000 the average sale price for the week tumbled more than $30,000 to just $317,740. The four-week median price held steady at $310,000 for the third week in a row even as it came in shy of the number recorded a year earlier by nearly 20K. The six-week average price fell just over four thousand dollars from a week ago to finish this period at $323,680 for a year-over-year decline of roughly fifteen thousand dollars.

Only one seller managed to close a deal above asking price, and with a fairly modest overbid of just $100. Meanwhile, 46 of this week’s 50 sales reported a sale below the listed price with an average discount of $11,632 which is more than four thousand dollars lower that it was the week before.

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