Saskatoon real estate week in review: February 25 – March 3, 2018

Local REALTORS® reported a total of 56 firm residential trades within the city of Saskatoon, an increase of five from the previous week, but well below the 75 sales reported over the same week of last year. There have been a number of up weeks, and a handful of down weeks so far this year. As February closed, and wiped out most of the year-to-date sales gains that were recorded in January, we found ourselves roughly on par with sales generated over the first two months of 2017.

New listing activity, which had been declining over the past six weeks, took a big jump forward. Saskatoon real estate agents brought 156 Saskatoon homes to the MLS® database this past week, up from 106 last week. That said, this was the ninth consecutive week in which new listings fell on an annual basis, this week rather substantially. By the close of the same week in 2017, the multiple listing service® of Saskatoon had added 234 properties.

The total number of active listings for sale on the MLS® shrank this week to 1556, down 17 properties from last week’s close, for an annual decline of 188. That brings inventory to its lowest point for this particular week in four years. While we have many weeks of potential seasonal growth ahead of us, weekly gains have been unusually small so far in 2018. We opened the year with 1469 active listings so we are up fewer than 100 Saskatoon homes since the new year got underway. There are currently 827 single-family homes for sale in Saskatoon, down 70 from a year earlier. Condominium inventory is now at 650, down from 690 a year ago.

A strong measure of entry-level home sales kept the weekly median sales price of a Saskatoon home low at just $310,000 this week, even as the average price took some modest gains and grew to $320,873. The four-week median price tumbled lower by nearly 15K this week to settle at just $312,000. That represents an annual drop of fourteen thousand dollars. Meanwhile, the six-week average price inched higher, growing by less than a thousand dollars from last week to $338,163 and taking an annual loss of nearly six thousand dollars.

All but one Saskatoon home seller took an offer that was below their asking price. Those deals generated an average discount of $11,893. That’s well down from the unusually large average discount of $16,102 that we saw the previous week.

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: February 18-24, 2018

Saskatoon real estate agents reported 51 firm residential sales to the multiple listing service® this week, down four from the previous week, to fall short of numbers recorded for the same period last year by just one. As of today, total residential sales for the calendar year are roughly on par with where they were at this time in 2017. Where January had produced some healthy increases in the number of homes that traded (compared to the previous January), some momentum has been lost in February and it appears that we may see modest year-over-year declines by the time the dust settles at month end.

Meanwhile, the number of new listings added to the MLS® fell lower on an annual basis for the eighth consecutive week. A total of just 106 Saskatoon homes hit the market this week, a decline of seven from last week, and down from 133 for the same period a year ago.

As of this morning, the total number of active MLS® listings for Saskatoon in the residential category sits at 1573, up just 14 from last week’s close, and down by 148 (about an 8.5% decline) from the close of the same week last year. While still very early in the year, this is definitely the slowest early-year growth that we’ve seen in a few years. Buyers have just 836 single-family homes to choose from, down from 894 at this time last year. Condo inventory is also lower than it was a year ago, by 30 units. Today there are 653 Saskatoon condos for sale on the multiple listing service®.

With far fewer trades reporting a sale price exceeding $500K, and a good measure of Saskatoon homes selling at price points below $250,000 both the weekly median price and the weekly average fell lower to just $307,000 and $316,675 respectively. Coming off of a strong drop last week, the six-week average price grew by nearly $2,500 from last week to finish at $337,436 and claiming an annual increase of roughly $1,600. The four-week median price slipped more than six thousand dollars from the previous week to $329,500. That was up 13K from where it sat at the close of the same week last year.

Buyers largely won at the negotiating table this week as not a single seller saw an offer come in above their asking price. In fact, 48 of the week’s 51 firm sales were reported to have sold below list price netting the buyer an average discount of $16,102.

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: February 11-17, 2018

While the number of Saskatoon real estate sales grew from 51 last week to 55 this week, they fell lower on an annual basis. During the same period last year, 66 residential trades were reported to the multiple listing service®.

New listing activity dropped more sharply on both a weekly and an annual basis. Local REALTORS® submitted 113 Saskatoon homes to the MLS® over the past week, down from 131 the previous week, and well below the 156 that were added over the same period of 2017.

Active MLS® inventory once again failed to gain much traction over the past seven days as total listings in the residential category grew by just six to reach 1559, down from 1707 at the close of the same week last year. That’s a near nine percent annual decline. Total active residential listing numbers have only been lower at the close of one week (the first of 2017) in the past two years. If the current trend continues, the 2018 active listings line on our chart could easily find itself intersecting with the 2015 line soon. Still, it’s too early to develop a clear picture of where these numbers may go. Typically, new listings numbers just begin to gather some serious steam through the month of March. Today’s tallies show we have 828 single-family homes for sale in Saskatoon, down from 874 a year ago. Available condominium units are at 651, down from 682 at this time last year.

Strengthened activity for home sales below $250,000 brought both the weekly median sale price and the average sale price lower to $335,000 and $320,023 respectively. Consequently, the six-week average sale price of a Saskatoon home fell lower by nearly fourteen thousand dollars compared to last week and settled at $335,000. That’s its lowest point this year, and roughly 5K below where it was a year ago. Meanwhile, the four-week median sale price took some small gains rising to $335,700 to claim a year-over-year gain of a bit more than thirteen thousand dollars.

Once again, just one seller managed to close a deal for more money than they had asked, but they scored big with a bonus paid of $10,100, easily the highest overbid we’ve seen in months. Most buyers refused to pay the asking price this week as 49 trades were reported to have sold at an average discount of $15,949.

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 available here. Please feel free to call or email.

Norm Fisher
Royal LePage Vidorra

Saskatoon real estate week in review: February 4-10, 2018

Saskatoon real estate sales fell lower this week with a total of 51 firm residential sales being reported to the local MLS®, a weekly drop of five, and down just one when compared against the same week last year.

New listing activity also came down with 131 Saskatoon homes being added to the multiple listing service, down three from the previous week, for an annual decline of 26 units. This is the sixth consecutive week in which new listings fell short of meeting last year’s numbers.

With a decent year-over-year increase in the number of homes that have sold, and weaker new listing numbers, inventory growth has been slower than what we’ve seen in recent years. The database of active residential listings within the city of Saskatoon grew by 35 this week to reach 1553, which leaves us shy of numbers recorded at this time last year by 116 homes. The number of single-family homes that are currently on the MLS grew by 28 from last week’s close to reach 822, down nearly 40 units from levels recorded a year earlier. Condo inventory moved higher by 13 this week to settle at 648 for an annual drop of just eight. The balance of the losses to total inventory is in the smaller categories like lots, semi-detached homes, duplexes, mobiles, etc.

Fewer high end sales contributed to a decline in the weekly median sale price and the weekly average which slid to $325,000 and $345,300 respectively. The six-week average price still managed to make some gains as it grew about five hundred dollars from the previous week’s close to reach $347,808 and finishing ahead of last year by just under ten thousand dollars. Meanwhile, the four-week median price softened and lost about 6K on the week while still maintaining an annual increase similar in size to that seen in the six-week average price.

One lucky seller found themselves dealing with multiple offers that led to some overbid activity. They wrapped up a deal at $5,100 more than their asking price. Buyers largely won at the negotiating table at 46 of this week’s 51 sales were reported to have sold below the seller’s asking price netting a decent discount which averaged $14,418.

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 available here. Please feel free to call or email.

Norm Fisher
Royal LePage Vidorra

Saskatoon real estate week in review: January 28 – February 3, 2018

Coming off of the strongest January since 2014, Saskatoon real estate sales numbers continued to show a solid weekly performance. Over the past week, local REALTORS® reported 56 firm residential sales to the multiple listing service®, enough to match last week’s numbers, and beating sales for the same period last year by 12.

Meanwhile, the number of new listings added to the MLS® was moderate, compared to recent years. This week, 134 Saskatoon homes were offered for sale on the system, up just two from the previous week, 21 fewer than we saw during the same week last year.

The inventory of active MLS® listings in the residential category had been growing very slowly over the first month of the year. This week, we see the first drop of the calendar year as total listings fell to 1518, down from 1536 at the previous week’s close. That’s 112 fewer homes than we had for sale at this time in 2017. A closer look at the two major categories of Saskatoon housing shows 794 single-family homes for sale, a decline of 18 from a week earlier, and down 55 from a year ago. Condominium inventory is at 635 today, precisely where it stood at the close of the same period last year.

A slight increase in upper-end real estate sales activity pushed the median sale price for the week slightly higher to $346,000 even as the average sale price of a Saskatoon home (for the week) edged lower to $358,265. The longer-term measures showed some interesting changes. The four-week median price grew by close to ten thousand dollars as compared to last week’s close, hitting $339,450 and reaching its highest point in 19 weeks. That number is up nearly twenty thousand dollars from a year earlier. Meanwhile, the six-week average price increased roughly 5K from a week earlier to hit $347,373. That is up about four thousand dollars from a year ago, and at a 21 week high.

For the first time in several weeks, we actually saw some overbid activity as three sellers accepted offers form more than their asking price. Those deals paid an average bonus of $767 with one seller running away with most of that cash ($2,100). On the flip side of the negotiating table, 46 of this week’s sales went for less than the asking price generating an average discount of $12,502.

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.

Norm Fisher
Royal LePage Vidorra