Saskatoon real estate week in review: June 3-9, 2018

Before we get started on this week’s activity I just want to point out that statistical overview of Saskatoon home sales provided by the Saskatoon Region Association of REALTORS® has been posted here.

It was one of those rare weeks in which sales increased on an annual basis. Saskatoon real estate agents processed a total of 77 firm home sales through our local MLS®, down nine from the previous week, but topping sales for the same period last year, also by nine.

The number of new residential listings that were added to the multiple listing service® database remained steady at 209 to match last week’s numbers. That falls well short of the 260 Saskatoon homes that came up for sale during the same week in 2017.

For the 15th consecutive week, the number of residential properties offered for sale through the MLS® remained at four-year lows (comparing year-over-year numbers) even as they pushed higher from the previous week to close the period at 1999. That represents an increase of 44 listings from last week and an annual decline of 231 homes for sale. As usual, the majority of those inventory declines can be counted in the single-family homes category where total listings now sit at just 1061, down from 1243 a year ago. Condominium listings total 816 as of Saturday morning, down just slightly from 825 a year earlier.

There was some solid upper-end activity this week, included a sale that approached the $1.5 million dollar mark. However, with 31 sales reporting a price of less than $300,000 the weekly median price fell lower to $324,900 even as the average sale price for the period spiked higher and grew by more than 20K to reach $349,988. The upper end activity was enough to move the six-week average price higher. It grew by four thousand dollars compared against last week’s number to finish the week down on an annual basis by just fourteen thousand dollars. That’s the smallest year-over-year decline we’ve seen in nearly two months time. Meanwhile, the four-week median price gave up last week’s gains and came back down to $320,000 which is now just thirteen thousand dollars below where it was a year ago, and also showing the smallest annual declines in a couple of months.

A little bit of competitive action led to three overbid sales this week, one paying the seller a $2100 bonus, and the other two coming in at just $100 over the list price. Some solid activity in new homes led to 10 sales being reported at the asking price. On the flip side of the negotiating table, 64 Saskatoon home buyers made off with a discount that averaged $14,560.

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: May 27 – June 2, 2018

The number of Saskatoon home sales grew to 86 this week, up from 70 for the previous week, but fell well short of matching numbers generated during the same period of 2017 when 102 local properties traded. New listings also grew as Saskatoon real estate agents added 209 residential listings to the MLS® system, way up from 170 the week before, but significantly down from the 247 homes that were listed during the same week last year.

As the month of May closed, 80 residential listings came to the end of their term without a sale. Another 81 home listings were either canceled or withdrawn this week. While a good number of these failed listings would have come back to be counted a second time as a “new listing”, more listings came out than went in over the period, and consequently, the number of Saskatoon homes listed for sale on the multiple listing service® fell lower to 1955, down from 1997 at last week’s close, and down just more than 200 on a year-over-year basis. At just 1038, there are close to 150 fewer single-family homes for sale than there were a year ago. Available condominium options sit at 791, down from 818 a year earlier.

A fairly consistent distribution of sales across various price ranges kept both the weekly average sale price and the weekly median price pretty stable at $338,360 and $327,000 respectively. The longer-term measures also changed little. The six-week average price inched slightly lower as it slipped just over thirteen hundred dollars to $332,680. That’s about eighteen thousand dollars lower than it was a year ago. The four-week median price took a small increase as it grew by two thousand dollars from last week’s close to reach $322,000. That measure is at it’s highest point since the middle of March but is still down eighteen thousand dollars annually. If there’s any notable change in these longer-term price measures, it’s more about what happened last year at this time, than what’s going on now. You can see that both the six-week average and the four-week median price took a huge jump through the early spring weeks of 2017. By this point of last year, those large gains were starting to fall off. With more stable pricing this year, we are seeing the massive year-over-year declines in these two measures begin to moderate quite a bit now, due to last year’s declines through this period.

Once again, two Saskatoon home sellers found some love in the market and ended up selling for more than they were asking, those sale prices were most likely driven up by a little competition amongst buyers. One of those two deals closed nearly 13K above list, while the other got a bonus of around five thousand. Another 75 deals were reported to have sold for less than the asking price. In those cases, buyers netted an average discount of $13.944.

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: May 20-26, 2018

The Saskatoon real estate market saw modest declines in both sales and new listings this past week. Local REALTORS® reported 70 firm residential transactions, a drop of 16 from the previous week, which is down the same amount from numbers generated during the same time period last year. New listings took a larger slide from 204 last week to just 170, down from 203 last year.

That large gap between sales and new listings, combined with fewer expired and canceled listings served to drive inventory higher for the third consecutive week. That’s not particularly unusual at this time of the year, but as the black line on the active listing chart indicates, we’re making some quick, large gains that might move us out of the “four-year historical lows” area that we’ve been in for the past thirteen weeks. By early Saturday morning, the number of Saskatoon homes for sale on the multiple listing service® had grown to 1997, up from 1953 at the previous week’s close but still well down from the 2174 listings that could be found on the MLS® at this time last year. Taking a closer look at the two major categories of housing shows 1055 active single-family homes listings, down from 1194 a year ago, and 817 condominiums for sale, also down from 823.

Fewer entry-level sales over the past seven days brought the weekly median price and the week average sharply higher to $333,250 and $333,905 respectively. The longer-term measures that we follow both moved in the same direction. The six-week average price of a Saskatoon home hit $333,827 for a weekly increase of about three grand, and a hefty annual decline of 24K. The four-week median price grew even more and reached $320,000 for a weekly increase approaching $10,000. It posted an even larger annual decline as it fell from $357,806 at the close of the same week a year ago.

Two Saskatoon home sellers got a lucky break and received offers exceeding their asking price with an average overbid of $2100. Meanwhile, 65 of the week’s sales were reported a price below the seller’s offering with an average discount of $13,135 being reported.

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: May 13-19, 2018

Home sales grew and new listings fell lower this week. Both fell short of meeting numbers recorded during the same week last year. Saskatoon real estate agents reported 86 firm residential sales to the MLS® system, up 16 from the previous week, but down 13 when compared to last year’s numbers. Meanwhile, new listings declined to 204, down from 236 a week earlier, and 16 fewer than were listed during the same week of 2017.

Even as the market showed some sales improvements, the large disparity between closed sales and new listings caused inventory to spike higher for the second week in a row. As of this morning, there were 1953 Saskatoon homes for sale on the multiple listing service®, up 65 from last Saturday. That looks to be the sharpest two-week increase to MLS® listings over the past several years, but we are still well down from levels that we’ve become accustomed to seeing at this time of the spring real estate season. Last year at this time there were 2135 Saskatoon homes listed for sale. A closer look at the inventory by major housing types shows that we have 1032 single-family homes for sale, down from 1169 a year ago. Condo inventory sits at 794, down just 14 from the close of the same week last year.

On the heels of a week that produced a good number of high-end real estate sales, entry level home trades stole the show this week. With 17 transactions recorded below the $200,000 mark, both the weekly average sale price and the weekly median fell sharply lower to $315,109 and $301,000 respectively. The longer-term measures both took a dip as well. The four-week median price slipped to $310,500 losing nearly 10K from a week earlier and down almost $38,000 from the same week last year. The six-week average price fell eight thousand dollars from a week earlier to hit $333,699 taking a loss of $34,000 from a year earlier.

The vast majority of deals closed below the seller’s asking price netting buyers an average discount of $10,140. Just one buyer showed a willingness to pay more than list price. That deal reported a sale price that exceeded the seller’s asking price by $1200.

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: May 6-12, 2018

Saskatoon real estate sales fell for the second consecutive week as local agents brought 70 firm deals to the MLS® system, down 15 from last week, and falling short of sales for the same period last year by 20.

New listings, on the other hand, spiked higher to reach their largest volume for any week this year as many of the listings that expired at the end of April began to reappear on the multiple listing service®. A total of 236 new residential listings were added to the MLS® over the past seven days, a gain of 25 compared to the previous week, and up 12 from the same period of 2017.

Following three weeks of stability, the inventory of Saskatoon homes for sale on the MLS® took its largest single week gain for the year as it grew by 95 listings to reach 1888, which is still well below the 2115 homes that were available a year ago. As has been the case since inventory started to fall to four-year lows, the declines can all be attributed to the single-family category. Today there are 986 detached houses for sale, down from 1106 at this time last year. Condo numbers were at 793 this morning, up from 785 on a year-over-year basis.

A bit more activity at the upper end of the Saskatoon real estate market pushed the weekly median price sharply higher too $333,500 but a near absence of luxury home sales brought the average price for the week lower to $337,794. Meanwhile, both of the longer term price measures took some modest gains. The six-week average price of a Saskatoon home grew by about sixteen hundred dollars to $338,863 to find itself well down from last year when it closed this week at $359,834. The four-week median price gained 5K to return to $320,000 down from its peak week for 2017 when it reached $352,500 a year earlier.

Three lucky sellers found themselves accepted offers above their asking price, which I believe is the largest number for any week this year. Those deals closed paying an average bonus of $5,233 which was seriously skewed by an area two sale that reported a sale price that exceeded the asking price by more than thirteen thousand dollars. On the opposite side of the negotiating table, 63 Saskatoon home buyers made off with a discount that averaged $11,647.

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