Saskatoon real estate week in review for July 8-14, 2018

For the second week in a row, the Saskatoon real estate market recorded a higher level of residential sales than we experienced over the same weeks last year. Local agents reported a total of 88 Saskatoon homes having sold through the MLS®, up from 81 last week and topping sales for the same period in 2017 by 10.

Meanwhile, new listing activity slid lower for the fifth consecutive week. A total of 167 residential listings hit the multiple listing service® in Saskatoon, down just six from the week before, and 61 fewer homes than hit the system over the same period last year.

In spite of strong sales and weaker new listing activity, MLS® inventory continued to push higher making marginal weekly gains. As of this morning, there were 2070 Saskatoon homes offered for sale on the MLS®, up just 14 from the week before, and down from 2228 a year earlier. History would suggest that we have passed our active listing peak for 2018. In two of the three previous years, the inventory remained stubbornly high for a couple of more months but it really didn’t grow after we hit mid-July. The spring market is soon to be in the rearview mirror. A closer look at housing categories shows 827 Saskatoon condos for sale, up from 815 a year ago, and 1119 single-family homes, down from 1212 at this time last year.

Both the median and average sale prices for the week remained stable compared to last week. They came in at $318,750 and $344,890 respectively. The four-week median price was unchanged on a weekly basis as it came in at $320,000 for an annual decline of five thousand dollars. The six-week average price of a Saskatoon home took an upward bounce to grow by more than 12K compared to last week as it reached $334,539 for an annual decline of about eighteen thousand dollars.

This week’s sales included seven full price sales and two overbids. One deal closed at $25,100 more than the asking price driving the average overbid to $13,850. The remaining 79 sales went for less than the seller’s asking price and netted those buyers an average discount of $11,745.

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 July 1-7, 2018

The Saskatoon real estate market experienced a small downturn in sales on a weekly basis, even while sales numbers grew compared to the same week last year. Local agents reported 81 firm residential sales to the Saskatoon MLS®, down five from the previous week, but up by 11 from the same period of 2017.

The number of new listings added to the multiple listing service® was lower for the week, and year-over-year. By the close of the week, agents had brought an additional 173 Saskatoon homes to the MLS, down just three from last week, but well below the 200 that came on a year earlier.

The inventory of active MLS® listings fell lower as over 100 active listings met the end of their term without a sale when June came to a close. As of this morning, there were 2056 residential properties for sale on the MLS®, down from 2131 last week, and lower than it was at this time last year by 113 Saskatoon homes. Condo inventory bucked the trend as the selection grew to 816, up from 800 a year earlier. Single-family homes for sale slipped to 1116 from 1212 at the close of the same week last year.

The median sale price for the week saw modest gains from last week and reached $317,500 while the weekly average grew nearly 15K and reached $340,416. Still, a strong average this week was not enough to keep the six-week average price of a Saskatoon home from slipping to a new annual low. It slid lower by about 13K from last week to close down nearly thirty thousand dollars from levels seen at this time last year. The four-week median price also fell lower losing 5K from last week, for a more modest annual decline of nine thousand dollars.

Sellers looking to create a bidding war that might drive their contract price higher than their list were left wanting. On the other hand, 73 buyers took their seller’s price lower with an average discount of $11,210.

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 June 24-30, 2018

Saskatoon real estate sales in the residential category bounced back this week. By the close of business Friday, local agents had reported 86 firm residential sales for the period, up 13 from the previous week, but falling short of sales for the same week last year by four.

The number of new listings added to the MLS® system moved lower for the second week in a row. A total of 176 properties were introduced to Saskatoon home buyers, down from 205 last week, and lower than the 184 that came up for sale during the same period last year.

The total number of Saskatoon real estate listings on the MLS® in the residential category grew by 48 to reach 2131, the highest point this year, and just slightly lower than the numbers of homes that were available at this time last year, when there were 2153 active residential listings. For the past 16 weeks inventory has been sitting at its lowest point for each week in four years time. In the previous years, June’s expired listings had already come out of the inventory numbers before we took our measurement. That didn’t happen this year because June 30 fell on the Saturday. Next week we should see a bit of a reversal as last month’s expired listings will show up then. Today’s totals include 1155 single-family homes, down from 1193 last year and 847 condos, up from 804 at the close of the same week in 2017.

A little more activity at the entry level of the market ushered the median sale price for the week lower to $314,000. The average sale price inched higher growing by 2K from last week to reach $326,872. The six-week average price saw similar gains as it grew from $330,549 last week to $$332,311. That’s still sixteen thousand dollars below last year’s number. The four-week median price inched up nine hundred dollars from last week to $324,900 to finish the week down on an annual basis by eighty-five hundred dollars.

Four Saskatoon home buyers found themselves in a bidding war that led them to make an above list price offer, though all four were pretty modest overbids averaging just $175. Meanwhile, 78 sellers gave up some dough to close a deal with the average discount coming in at $11,047.

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 June 18-24, 2018

Coming off of the strongest sales week this year, the Saskatoon real estate market cooled considerably as the number of firm trades reported to the multiple listing service® slipped to just 73, a decline of 30 from the previous week, and down an equal amount when compared to the same week a year ago. New residential listings also fell lower as 205 Saskatoon homes were added to the MLS®, down from 222 the week before, but up from 197 from the same period the year before.

The number of residential listings available to Saskatoon home buyers through the multiple listing service® grew to 2083 before listing activity resumed on Saturday morning. That represents an increase of 60 units compared to the previous week’s close and a drop of 140 from the close of the same week last year. That’s the smallest year-over-year drop to the inventory since January. A closer look by major housing categories shows a total of 1114 single-family homes showing an active status, well up from 1071 at last week’s close, and down from 1224 a year ago. Available condo properties are at 838, unchanged from the previous week, and up 10 from a year ago.

A stable spread of sales activity between the upper and lower end of the Saskatoon real estate market kept the weekly median sale price of a Saskatoon home from moving much. It rose just 3K from the previous week to reach $323,000. The average sale price didn’t move much either. It came in at $324,710. The six-week average price edged slightly lower, dropping about two thousand dollars from the previous week’s close, finishing the week at $330,549. That’s close to eighteen thousand dollars lower than it was a year ago. The four-week median price dropped a thousand dollars from last week to settle at $324,000. That’s high enough to claim the first year-over-year increase ($2,000) we’ve seen on this measure since the first week of April.

Three sellers attracted offers for more than they were asking. One wild overbid of $60,000 on a City Park home skewed the average discount wildly high to $20,803. While 13 buyers agreed to pay the seller’s asking price, 87 insisted on a deal and ground themselves a discount averaging $12,253.

A full 64 of this week’s sales were reported to have sold below the seller’s asking price, and generating a pretty large average discount that amounted to $14,586. Just one lucky seller saw an overbid sale and their bonus came in at just $100.

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: June 10-17, 2018

The Saskatoon real estate market recorded its highest volume sales week for the year as local agents reported 103 residential sales for the period, up from 77 last week, and even topping sales for the same week a year earlier when 90 Saskatoon homes traded hands.

New listings also came on strong at 222 units but fell short of breaking any records for the year. Still, that number is up from 209 the week before and 203 for the same period last year.

The inventory of active MLS® listings grew by just 24 this week to reach 2023 by this morning. This is its first appearance above the 2K line this year. At the close of the same week last year buyers had a selection of 2251 active listings to chose from. That particular week saw inventory reach its highest level that I ever recall it reaching. Today’s totals include1071 single-family homes, down from 1243 at this time last year, and 828 condos, down 14 units from a year earlier.

With this week’s highest-priced sale falling below the 600K mark, the weekly average sale price of a Saskatoon home slipped about 27 grand to $322,890. A fairly stable mix of sales at both the upper and lower end of the market kept the weekly median from sliding nearly as much, though it fell about five thousand dollars to $320,000. Meanwhile, the six-week average price slipped four thousand dollars from last week to settle at $332,450 down just $2500 annually. The four-week median price went up to $325,000 for a weekly gain of five thousand dollars and an annual drop of $7,450.

Three sellers attracted offers for more than they were asking. One wild overbid of $60,000 on a City Park home skewed the average discount wildly high to $20,803. While 13 buyers agreed to pay the seller’s asking price, 87 insisted on a deal and ground themselves a discount averaging $12,253.

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