Saskatoon real estate week in review for March 2-8, 2019 (edition #626)

Full disclosure: this week’s sales included two mobile homes on rented land. Given the fairly low numbers of sale overall, they were really skewing prices, especially in area one. I removed these homes from the average and median price calculations for the week but left them for the longer term measures where they were distributed over a larger sample and had less of an impact.

Sales numbers followed a fairly predictable path, given the season, as Saskatoon real estate agents reported 50 firm residential sales to the multiple listing service®, down just one from the previous week, and down two when compared to the same week last year.

Meanwhile, new listing activity came on like a spring rush as 162 Saskatoon homes hit the MLS® system. That number exceeds listings for the previous week by 25 for an annual increase of seven.

The disparity between firm sales and new listings brought about the largest single-week gain to Saskatoon’s MLS® listings inventory that we’ve seen this year. Overall, available listings grew to 1506, up from 1427 at least week’s close, and down from the 1611 Saskatoon homes available to buyers at the same point of 2018.

Condominium inventory closed the week at 599, down roughly ten percent from levels recorded a year earlier. This morning there are 820 single-family homes for sale in Saskatoon, down from 864 a year ago.

A larger number of purchases toward the market’s entry-level brought the weekly median price sharply lower to $320,000. The average price of a Saskatoon home this week followed along to finish the week at $335,305.

The six-week average price was stable compared to the previous week. It came in at $334,638 which is up annually by a bit more than five thousand dollars. The four-week median price took its sixth consecutive weekly increase as it moved higher to $325,000, up from $310,000 at the close of the same week last year.

Once again, overbid sales were nowhere to be found, aside from a few new home sales that likely wrapped up with some negotiated extras driving up the price. Buyers won a bit of a discount in 45 of 50 sales this week. Those sales closed below the seller’s asking price by an average of $12,200.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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 February 23 – March 1, 2019 (edition #625)

Saskatoon real estate sales slipped lower this week, falling from 59 the previous period to 51. That total was short of numbers recorded for the same week last year by just five. This year’s market looks a lot like last year’s. As February closed, the MLS® system of the Saskatoon Region Association of REALTORS® had recorded 412 residential sales, year-to-date, exactly matching the production for the first two months of 2018.

The number of new listings that entered the MLS® system grew from 105 last week to 137 this week, which is down 20 units on an annual basis.

Active residential listings within the city of Saskatoon remained low in comparison to almost any point over the past five years. As business wrapped up for the week, inventory levels were at 1427, up just one unit from a week earlier. At the same time last year, buyers had an additional 130 Saskatoon homes to choose from. That’s far lower (300-400 homes) than it was in 2016 and 2017 when inventory levels were pushing towards new record highs.

The largest declines are seen in the condo category which has slipped to 567 from 650 a year ago. Today, there are 771 single-family homes for sale in Saskatoon, for an annual decline of 56 houses.

Even without any million dollar listings in the weekly mix, the average price of a Saskatoon home inched higher to $346,159. The weekly median jumped by 60K to reach $379,000 as upper-end home buyers showed up to get a deal done.

The longer-term price measures fell well below last year’s levels through January, but they have slowly been gaining ground through February.

The six-week average price took its third consecutive weekly increase to finish the period at $334,767 for a gain of close to six thousand dollars. That still comes up short of where it was a year earlier by just over three thousand dollars. The four-week median price grew for the fifth week in a row. It closed 12K higher than it did at the end of the previous period to finish with a ten thousand dollar annual gain. Still, sample sizes remain small and price data should be taken with a grain of salt.

Not a single sale reported a final price that was above asking price, except for a couple of brand new homes. Those exceptions very likely closed with additional improvements being negotiated into the over-list sale price. Meanwhile, 46 of the week’s 51 sales went below the asking price generating an average discount of $10,654.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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 February 16-22, 2019 (edition #624)

The Saskatoon real estate market recorded its strongest sales week for 2019 as 59 firm residential deals were reported to the MLS® system.

The total of new listings added to the multiple listing service® grew marginally to 105, up from 99 the previous week and down by one compared to the same period last year.

The number of Saskatoon homes for sale on the MLS® grew by eight this week to 1426, which is down from 1573 a year earlier. While active listing numbers are slow in making gains compared to most years, the line on our chart looks a lot like last year’s. In 2018, it wasn’t until close to the middle of March that listing inventory began to grow at a more typical pace. Still, with far fewer new condominiums for sale, I expect that this year’s active inventory will fall short of last year’s right through spring.

Included in the total inventory we have 770 single-family homes for sale, down from 836 a year earlier. The condo category has fallen to 567 from 653 a year ago.

The city’s first residential sale above the $1 million mark for 2019 was recorded this week. Even with that one in the mix, the average sale price for the week slipped lower to $338,230. Meanwhile, a bit more activity at the upper end pushed the weekly median price higher to $318,000.

The six-week average price took a jump of nearly 15K from where it was a week ago. It reached $329,015 which is just eight thousand dollars lower than it was at the close of the same week last year. That’s the smallest annual drop we’ve recorded in several months time. The four-week median price grew for the fourth consecutive week to reach its highest point since the opening week of 2019. It closed at $310,000. That’s up $2000 from a week ago, but down close to 20K annually.

Two sellers got a break that led to some overbidding on their home. One of the two homes sold for $20,000 more than the asking price, while the other went $200 over. On the flip side of the negotiating table, 52 buyers made off with a discount averaging a hefty $14,645.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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 February 9-15, 2019 (edition #623)

Saskatoon real estate agents firmed up 55 residential sales over the past week, up 11 compared to the previous week to match sales for the same period last year for the first time in four weeks.

The number of new listings that were added to the MLS® system over the same period fell lower, dropping by 36 compared to activity over the previous seven days, and declining annually by 14.

Active residential listings also slipped lower with the total settling at 1418 this morning, down just ten from last week’s close for an annual decline of 140 Saskatoon homes. That represents a ten percent drop to the number of homes for sale in Saskatoon from a year earlier. It’s anybody’s guess as to where it might go in the weeks ahead, but a much smaller supply of new condominiums (about half what it was last year) should keep things in check. Again, inventory numbers are at their lowest point for the week in more than four years and builders are producing far few homes, particularly in the multi-family category.

This morning’s totals include 557 condominiums, which is up marginally from last week but down 94 from a year ago. The single-family homes category now sits at 769. That number fell by 26 compared to last week, and is down nearly 60 from the close of the same week last year.

Pricing measures continue to be tricky to track, but there’s no doubt that things have changed from a year ago. In early 2018, the small samples of sales skewed prices in an upward direction as the six-week average price and the four-week median price pushed their peaks for the year over January and February. This year, they are registering much lower, and in fact posting some big dips from a year earlier, and even well down from last year’s closing numbers.The six-week average price for the week was $314,983. That’s up about seven grand from the previous week, but down a little more than twenty thousand dollars from a year earlier. The four-week median price grew by three thousand dollars this week to $308,000 which is about twenty eight thousand dollars lower than it was a year ago.

In 2018, those large spikes in these two measures came back down and prices cooled considerably as we moved towards spring. The reality of new mortgage qualification rules set in. By the close of the first quarter, home builders and consumers were also dealing with the addition of the provincial sales tax on new homes, which added at least 15K to the price of an entry level home.

This past week, two lucky sellers found themselves in the fortunate position of having at least two buyers bidding to buy their home. Those deals both generated strong overbids averaging just over four thousand dollars. Meanwhile, 51 of the week’s 55 sales closed at a discount that averaged $12,182.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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 (#622) for February 2-8, 2019

The Saskatoon real estate market saw a slight decline to residential sales as the total number of homes traded fell to 44 this week, down three from the week before, and a drop of seven when compared against the same period last year. This is the third consecutive during which sales fell short on a year-over-year basis. The weather is undoubtedly having a cooling effect on an already tepid real estate market as people are showing some reluctance to leave the house when they can avoid it.

New listing numbers moved higher in spite of the weather as a large number of home listings that had expired at the end of January came back to the MLS® system for another go. A total of 135 Saskatoon homes entered, or re-entered the system this week, up from 108 the previous week for an annual gain of four.

After taking a solid dip last week the number of Saskatoon homes listed for sale on the multiple listing service® rebounded. By the close of business Friday, total inventory in the residential category had grown by 37 from the previous week’s close reaching 1428. That’s 125 fewer listings than were available a year ago, and the lowest for “week six” of any of the past five years. Included in the mix are 795 single-family homes, down just 27 annually, and 552 condominiums, which represents an annual drop of 96 units.

Slightly more upper end activity moved the median sale price for the week higher to $314,500. With only a few sales above the $500,000 mark the average sale price for the week still managed to decline to $311,904. The six-week average price sipped lower to $307,920 losing about nine thousand dollars on the week to find itself down annually by close to 40K. The four-week median price re-bounded growing by almost fifteen thousand dollars this week and reaching $305,000. That’s good for an annual decline of about 28K.

Seller’s dreaming of multi-bid situations found themselves disappointed as none got more than their asking price. Meanwhile, Saskatoon home buyers found they could grind a bit of a deal as 36 made off with a discount that averaged $13,341.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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