TeamFisher, Royal LePage Saskatoon Real Estate : Archived blog posts for : July 2011

Saskatoon real estate week in review: July 25-29, 2011

Posted on July 31, 2011 by Norm Fisher, Royal Saskatoon Real Estate

Posted in Market News

Saskatoon real estate week in review: July 25-29, 2011

Saskatoon real estate sales slipped lower again compared to last week but remained fairly strong for the last week of July. Local agents reported one hundred and one firm house and condo sales to the local MLS, five fewer than last week but ahead of the same week last yearby sixteen units. New MLS® listings spiked higher gaining twenty units from last week to one hundred and thirteen. That trumped new listings during the same period last year by a dozen units. Click the image for a larger version of the graph.

The total inventory of Saskatoon MLS listings slid slightly lower, declining just five units from the close of the previous week to 1417 for a year over year gain of roughly five percent. As of this morning, there are 818 single-family homes and 508 condominiums located within city limits, which are displaying an active status on our system. That compares with 803 and 468 respectively at the close of the same week in 2010. Click the image for a larger version of the graph.

Cancelled and withdrawn listings fell twenty-one. Seventeen of those immediately returned to the system, offered up with a new MLS number, and in most cases a new price. An additional forty-six Saskatoon sellers adjusted their asking price. The median sale price of a Saskatoon home pushed higher again for the fourth consecutive week and finished above the $300K ($310,000) mark for the first time during that climb. The average sale price of a Saskatoon home bounced back and finished the week at $308,616. The six-week average broke an eight-week losing streak to claim a small gain over the previous week finishing at $305,919. That’s ahead of last year’s number by a little more than fourteen thousand dollars, one of the smaller year-over-year gains that we’ve seen in some time. The four-week average followed all of the other price measures and finished up nearly four thousand dollars on the week at $299,900 for an annual gain of nearly twenty thousand dollars. Click the image for a larger version of the graph. Eighty-five of this week’s one hundred and one sales recorded a sale price that was below the asking price, by an average of $8,471. Another thirteen Saskatoon home buyers came to the table with everything the seller was asking. Three stepped up and overbid to get the home they wanted. On average, they offered up an additional $2,400 to seal their deal. Click the image for a larger version of the chart.

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

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Saskatoon real estate week in review: July 18-22, 2011

Posted on July 23, 2011 by Norm Fisher, Royal Saskatoon Real Estate

Posted in Market News

Saskatoon real estate week in review: July 18-22, 2011

Saskatoon real estate sales softened some compared to last week but continued at levels above the average for the past few months. A total of ninety-three single-family homes and condominiums were reported sold through the multiple listing service®, ten fewer than last week and five more than were sold during the same week last year. New MLS® listings remained steady at one hundred and six homes, for a week-over-week drop just two and down four from the same period a year ago. Click the image for a larger version of the graph.

The inventory of active Saskatoon MLS® listings continued to show some stubbornness posting modest growth on a weekly basis and climbing twelve units to 1422, up from a year ago when 1368 residential properties were for sale. As of this morning, there were 814 houses and 512 condos showing an active status. Last year at this time, those numbers stood at 808 and 479 respectively. Click the image for a larger version of the graph.

Cancelled and withdrawn listings fell to just thirty homes with roughly two thirds of those immediately returning to the MLS® system as a new listing, most with a new price. An additional fifty-four property owners adjusted the asking price of their home. The median sale price of a Saskatoon home moved higher again but managed to stay just below the $300K mark at $299,900. The average sale price for the week moved in the opposite direction falling a little more than ten thousand dollars to $297,261. The six-week average sale price continued downward on an eight-week trend, this time taking its largest drop during that time and slipping nearly four thousand dollars to $305,108. Still, it sits roughly fifteen thousand dollars higher than it was at the same time in 2010. The four-week median price also dropped for the third week in a row finishing at $296,000 for a weekly decline of almost three thousand dollars and an annual gain of twenty one thousand dollars. Click the image for a larger version of the graph.

Seventy-nine of ninety-three sellers sharpened their pencil to make a deal with an average discount of $9,486. Eleven others managed to get their asking price. Just three sellers completed a deal at a price that exceeded their asking price by an average of just $1,766. Click the image for a larger version of the chart.

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 Saskatoon Real Estate

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Saskatoon real estate week in review: July 11-15, 2011

Posted on July 17, 2011 by Norm Fisher, Royal Saskatoon Real Estate

Posted in Market news

Saskatoon real estate week in review: July 11-15, 2011

Saskatoon real estate sales activity showed gains for a third consecutive week as local agents reported one hundred and three firm single-family home and condominium sales to the multiple listing service. That number represents a gain of nine units over the previous week, and thirteen more sales than were recorded for the same week last year. New listings softened and fell to just one hundred and eight for a drop of eighteen units compared to the previous week, and down seven from the one hundred and fifteen Saskatoon homes that were offered for sale on the MLS during the same period of time in 2010. Click the image for a larger version of the graph.

The inventory of active Saskatoon MLS listings in the residential category fell back this week dropping twenty-one units from the close of the previous week to 1410 properties, thirty-six more than could be found on the system at the same time last year. Today’s inventory shows 801 single-family homes and 518 condos, both down from last week when we had 819 and 524 respectively. At this time last year, there were 810 single-family homes and just 484 condominiums showing an active status on the Saskatoon multiple listing service. While there’s nothing alarming about today’s inventory levels, we are still about two hundred units above the five-year average. On the other hand, strong units sales are keeping the current level of listed Saskatoon homes manageable and within balanced territory with roughly three and one half months of housing supply. Click the image for a larger version of the graph.

This week saw forty-nine cancelled and withdrawn MLS listings. Thirty of those made another appearance on the system as a “new listing” the same day that they came off, most offered up at a lower price. Another sixty-eight home sellers took the more direct route and adjusted their asking price on their existing listing. The median sale price of a Saskatoon home took an upward bounce and climbed just over eight thousand dollars to $297K this week. The average selling price followed along and showed a gain of just a bit more than eight thousand, closing the week at $308,017. The six-week average price continued to fall for the seventh consecutive week, dropping by just over a thousand dollars from last week to $309,853 while maintaining year-over-year gains of just over fourteen thousand dollars. The four-week average slipped $750 dollars on the week to $298,750 and held nearly nineteen thousand dollars in gains compared to the numbers we posted a just a year ago. Click the image for a larger version of the graph.

Ninety of one hundred and three sales reported a sale price that was less than the asking price by an average of $9,782. Seven deals closed at the full asking price. Just six sellers managed to create a bidding war finding a buyer willing to pay more than their asking price by an average of $7,173. Click the image for a larger version of the chart.

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 Saskatoon Real Estate

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Canadian homes sales pick up in June: CREA

Posted on July 17, 2011 by Norm Fisher, Royal Saskatoon Real Estate

Posted in CREA, Market News

CREA economist Gregory Klump reports on MLS® sales and listings for the Canadian real estate market for June, 2011.

Highlights from CREA's release.

Sales activity climbed from May to June, with a big year-over-year gain reflecting falling demand in June 2010.
Year-to-date sales remain in line with the ten-year average.
The number of newly listed homes also rose from May to June.
National housing market remains firmly entrenched in balanced territory.
National average price still being skewed upward by the value of sales in expensive Vancouver neighbourhoods, with price gains in other markets providing additional loft.

Read the full release here.

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.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Vidorra

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Canada’s housing market set for modest correction: TD

Posted on July 13, 2011 by Norm Fisher, Royal Saskatoon Real Estate

Posted in Market News, Saskatoon

Subdued job and income growth, rising interest rates, the recent tightening in borrowing rules for insured mortgages and fewer first time buyers will set the stage for a decline in housing unit sales in most regions of Canada through 2012 and 2013, according to a report released by TD Economics today. TD is predicting a 15.2 percent decline in resale activity over the two-year period and a 10.2 percent decline in average prices.

Citing an economy that “stumbled” through 2010 and deterioration of affordability that is worse than other regions of the province, the report calls for a slightly higher rate of price declines in Saskatoon than may be experienced nationally. TD is forecasting an 11.5 percent decline in unit sales and an 11.1 percent decline in the average sale price for Saskatoon.

Interested in learning more about the TD report? Read it here. 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

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Saskatoon home prices remain steady: Royal LePage

Posted on July 10, 2011 by Norm Fisher, Royal Saskatoon Real Estate

Posted in Market News

The Royal LePage House Price Survey for the second quarter of 2011 has just been released. Here is the media release for the Saskatoon area.

Second-quarter house prices in Saskatoon experienced little change over the same period last year, according to the Royal LePage House Price Survey released today. Second quarter sales volumes remain stable because of increases in higher end single-family home sales and healthy competition for buyers in other categories.

Detached bungalow prices showed no change, selling for a second quarter average of $331,250. Standard condominiums sold for an average price of $242,000 – a year-over-year gain of 3.9 per cent. Prices for standard two-storey homes fell slightly by 0.5 per cent, selling for a second quarter average of $353,750.

Overall, Saskatoon’s flat price changes conceal a varied market performance for some housing types. As entry-level properties reached an affordability ceiling, upper-end properties witnessed a surge in the number of sales recorded.

“Saskatoon saw a 46 per cent increase in sales of single-family homes in the $500,000 plus market while other housing types such as standard condominiums witnessed a considerable drop in sales,” says Norm Fisher, Royal LePage Saskatoon Real Estate.

Inventories remain higher than normal across all housing categories and an increase in competition to attract buyers is helping to maintain price stability overall.

“We’re seeing a drop-off in the entry-level buyers as a result of new mortgage rules and affordability though more executives and expanding families are keeping the market strong,” explained Fisher.

Nationally, the residential real estate market saw sizable year-over-year price increases in the second quarter of 2011, but high house prices are concealing early signs of a moderating market. The market has seen its near-term peak in house price appreciation, and a slower second half of the year is expected. Still, by the end of 2011, the national average house price is expected to be 7.7 per cent higher than it was at the end of 2010.

“In many of Canada’s regional markets, we saw house prices appreciate at a significantly faster rate than wages and salaries, and this trend cannot continue indefinitely,” observed Phil Soper, president and chief executive, Royal LePage Real Estate Services. “We expect price gains to moderate considerably in the latter half of 2011, which should reduce the stress associated with purchasing a new home,” Soper said.

Average house prices in Canada continued to rise in the second quarter across housing types surveyed. The national average price of a detached bungalow rose 7.5 per cent year-over-year to $356,625; the price of a standard two-storey home rose 6.1 per cent to $390,163; and the price of a standard condominium rose 3.5 per cent to $238,064.

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

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Saskatoon real estate week in review: July 4-8, 2011

Posted on July 10, 2011 by Norm Fisher, Royal Saskatoon Real Estate

Posted in Market News

Saskatoon real estate week in review: July 4-8, 2011

Sales activity for Saskatoon homes continued at a spring like pace this week as local real estate agents reported ninety-four firm house and condo deals to the MLS system. That marks a gain of eight units compared against last week, and four more than we saw during the same week last year. New listings were also quite strong as many of the properties that expired at the close of June found their way back onto the system. Saskatoon Realtors listed one hundred and twenty-six houses and condominiums this week, twenty more than last week, but on par with the number listed during the same period in 2010. Click the image for a larger version of the graph.

The active inventory of Saskatoon MLS® listings in the residential category took a sudden turn in an upward direction, growing by forty-one properties to 1431, to show some significant year-over-year gains for the first time in weeks. At the close of the same week last year, there were 1373 residential properties for sale in Saskatoon. Today, we see 819 single-family homes and 524 condos showing an active status on the multiple listing service®. At the close of the same week last year, totals in those two categories stood at 828 and 470 respectively, so all of the gains can be counted on the condominium side. Click the image for a larger version of the graph.

This week, there were forty-three cancelled and withdrawn listings. Twenty-eight of those were relisted on the same day that they were cancelled, most with a lowered asking price. Asking prices on an additional seventy-four homes were adjusted over the course of the week. More activity at the entry-level of the market caused the median selling price of a Saskatoon home to slide lower for the third consecutive week. It slipped more than ten thousand dollars to $288,750 and reached its lowest level since late May. The average sale price fell just a bit more from last week but managed to stay above $300K, closing at $300,755. The six-week average sale price continued to trend lower for the sixth week in a row as it slipped just about a thousand dollars from last week to $310,937. It finished the week nearly thirteen thousand dollars higher than it was at this time last year, but roughly eight thousand dollars lower than its peak in late May. The four-week median price fell below the three hundred thousand dollar mark as it slid thirty-seven hundred dollars from the previous week to close about fifteen thousand dollars higher, on a year-over-year basis. Click the image for a larger version of the graph.

Eighty-seven of ninety-four residential sales recorded a price below the asking price by an average of $8,946. Three lucky sellers managed to complete a deal averaging $2,433 more than they were asking as multiple buyers bid up the price. Another four received and accepted a full price offer. Click the image for a larger version of the chart.

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

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Second quarter Saskatoon home sale numbers up from 2010: SRAR

Posted on July 4, 2011 by Norm Fisher, Royal Saskatoon Real Estate

Posted in Market News

The Saskatoon Region Association of REALTORS® (SRAR) released the residential real estate statistics for June, 2011 today, accompanied by this release. REALTORS® were kept very busy in June selling 422 Saskatoon homes. That number was up 16% from June of 2010 when 364 properties were sold. The greatest sales activity remained in the $300,000 to $350,000 price range. The average number of days to sell in the month of June was 36 pointing to an active steady market environment.

The average residential selling price in June was $310,643. This number was up 5% from June of 2010 when it was $295,963. The increase in the average selling price indicates strong sales activity in the mid to upper price range. Year-to-date, the average selling price date stands at $305,829 or 5% higher from last year at this time when it was $290,588.

Inventory levels continued to correct in the month of June. Home buyers had 1430 homes to select from at the end of the month, up slightly from June of 2010 when 1412 homes were on the market. REALTORS® listed 770 homes in June. That number was up 14% from June of 2010 when 677 properties were listed for sale. Year to date, 3,934 properties have been listed, up 2% from this time last year when 3,839 had been placed on the market for sale. Inventory levels remain steady providing home buyers with a reasonable number of homes to choose from.

In areas surrounding Saskatoon, home sale activity remained strong with 118 sales compared to 100 in the same month last year. REALTORS® listed 251 properties in these areas in the month of June. That number is up 2% from June of 2010 when 247 properties were listed. The average number of days to sell in the areas around Saskatoon during the month of June was 55. Saskatoon’s economy remains strong. Consumer optimism in the economy is shown by their willingness to invest both in residential and commercial real estate. Many renters are looking to purchase, many current home owners are looking to move up in house and many REALTORS® are working with clients wanting to move to Saskatoon from out of province. An important factor of a strong housing market is the activity experienced in new home sales. Saskatoon’s new home market remains strong with steady city lot sales taking place. Interest rates are favorable to purchase that next home and job creation in the Saskatoon area remains steady. The forecast for the remainder of 2011 is for listing and sales numbers to continue to balance and for resale prices to move up slightly due to demand.

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

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Saskatoon real estate week in review: June 27-30, 2011

Posted on July 3, 2011 by Norm Fisher, Royal Saskatoon Real Estate

Posted in Market News, Market News

Saskatoon real estate week in review: June 27-30, 2011

Following one of just a handful of weeks in which sales fell short of last year’s numbers, Saskatoon real estate sales bounced back. Agents reported eighty-six firm and completed deals for a weekly gain of twelve, and a year-over year gain of thirty, according to stats pulled from the multiple listing service® today. New listings of Saskatoon houses and condos softened compared to last week, falling five units to one hundred and six, well ahead of the same period in 2010 when just eighty-six new listings were offered for sale on the MLS®. Click the image for a larger version of the graph.

Total active listings in the residential category slid sharply this week falling seventy-three units to just thirteen hundred and ninety properties reaching its lowest level in seven weeks. It remained modestly higher than it was at this time last year by eighteen units. The inventory of single-family homes declined thirty-four this week to settle at eight hundred and twenty, just eight fewer than were available at the same time last year. Condo numbers slipped by thirty-four units to four hundred and eighty-nine and maintained a gain of nineteen units compared against last year’s numbers. This is about the time when we would expect inventory and sales to have passed their peak weeks for the year, gradually declining through the balance of the year. Click the image for a larger version of the graph. This week, there were forty-four cancelled and withdrawn listings. Twenty of those were reintroduced to the multiple listing service® as a new listing, most with a lower price. An additional forty Saskatoon home sellers changed their pricing strategy by simply reducing their asking price on their current MLS® listing. The median selling price of a Saskatoon home dropped more than twelve thousand dollars this week, settling just below the three hundred thousand dollar mark at $299,250. The average sale price of a Saskatoon home also slipped lower dropping roughly five thousand dollars on the week to $311,974. The six-week average sale price continued to trend lower for the fourth consecutive week falling about two thousand dollars from last week to $311,829 for a year-over-year gain of nearly sixteen thousand dollars. The four-week median sale price bucked the trend seen in other price measures gaining thirty-two hundred dollars to finish the week at $303,200 or about twenty-eight thousand dollars higher than it was during the same week last year. Click the image for a larger version of the graph. Overbid activity continued to be soft with just three of eighty-six sales being recorded at a price that exceeded the list price. The average overbid was just two hundred and sixty-six dollars. Another nine sellers reported a sale at their full list price. Seventy-four buyers managed to grind themselves a bit of a deal with an average discount of $9,513 or just under three percent of the asking price. Click the image for a larger version of the chart.

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

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