Saskatoon real estate agents reported a total of 91 house and condo sales to the Saskatoon MLS® system this week, down eight from the previous week and just marginally lower than recorded activity for the same week a year agowhen 94 homes traded.

On the heels of a very busy week for listings, new MLS® listingsslipped lower this week falling 33 units from the previous week to 145 houses and condos, still well above numbers generated over the same period of 2011 when just 118 properties were offered up for sale.

Total active MLS® listings in the residential category continued to advance at a slower rate than we would hope for at this time of the year. By the close of the week, the residential inventory had inched up just twelve units from the previous week to 1120 homes. That’s down 15 percent from the previous year’s numbers, which stood at 1310 at this point in the year. A search of the agent MLS® today shows 662 single-family homes (detached houses) and 381 condominiums that display “active” as their status. Last year at this time, those two Saskatoon housing categories stood at 753 and 489 respectively.

With active inventory down 15 percent and units sales showing a year-to-date increase of 12 percent, Saskatoon housing prices are seeing some upward pressure. There seems to be some general consensus that the nine percent increase we see in average prices is somewhat skewed by a growing number of transactions at the upper end of the market, there’s little doubt that buyers who are purchasing homes priced below $450K are paying more than they might have a few months ago.

The average price of a home sold in Saskatoon last week was $353,256. The median climbed nearly twenty-three thousand dollars to $344,900. Both of our longer-term measures reached new record highs as the six-week average gained five thousand dollars on a weekly basis and reached $342,732. That’s up about thirty-two thousand dollars from the same week last year. The four-week median price saw a weekly gain of just over two thousand dollars and hit $339,900 for a year-over-year gain of thirty-one thousand dollars.

While there are clearly a growing number of situations where multiple offers are being generated on homes, particularly those priced below $400K, buyers are rarely making offers above the asking price. Only four such sales were recorded this week. When it happened, the overbids were fairly strong averaging $8,600. Another 16 lucky sellers managed to close a deal for the full asking price while 71 of this week’s 91 sales required some pencil sharpening on the seller’s part, to the tune of $10,117 on average.

Other notable activity on the Saskatoon multiple listing service® this week included 36 cancelled or withdrawn listings, 11 expired listings and 41 price changes.

Highlights from the news this past week

CMHC set to be under OSFI supervision? – Financial Post
Government fixes mortgage market, but will it work? – Financial Post
Flaherty moves to tighten CMHC oversight – CBC News
CMHC could be pulled out of mortgage insurance business: Flaherty – Financial Post
Home prices move higher in March – Globe and Mail
Canadian home price gains slow – Financial Post
Flaherty on why Ottawa is increasing oversight on CMHC: Video – Globe and Mail
Ottawa trains its sights on hot housing market – Globe and Mail
A housing crisis of global proportions – Globe and Mail
Sask. GDP up 4.8 percent - Star Phoenix
Saskatoon home prices rise - Star Phoenix

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

For the past nine weeks Saskatoon real estate sales have been up one week and down the next. For the first time since the middle of February we’re seeing two consecutive weeks of sales growth with this week’s house and condo sale numbers at 98 units.  That represents a gain of just seven units compared to the previous week and annual growth of 15 homes when compared to MLS sales for the same week last year.

New listingstook a substantial jump as Saskatoon real estate agents brought 178 homes to the market, up by 40 from the previous week and well above what we saw during the same period of 2011 when just 108 houses and condos hit the market.

At the same time, total active MLS listings in the residential category failed to gain any traction moving higher by just one unit compared to the close of last week. They finished the week at 1108, down from 1298 at the end of the same week a year ago. Today, Saskatoon home buyers have a selection of 646 single-family homes and 392 condominiums to choose from. Last year at this time, those numbers sat at 758 and 469 respectively.

The average selling price of a Saskatoon home slipped about six thousand dollars this week but still managed to stand pretty tall at $345,518. One sale at $1.25 million dollars skews that number about 12K higher than it would have been without it. There was more activity in lower end homes as the weekly median sale price slipped more than twenty thousand dollars to $322,000. The six-week average price pushed higher by seventy-five hundred dollars compared to last week and finished at $337,784 up a full thirty-three thousand dollars from the same week a year ago. The four-week median moved sharply higher gaining $17,500 on the week to finish at $337,450 claiming an annual gain of more than twenty-eight thousand dollars.

Once again, just six lucky sellers managed to complete a sale above their asking price and those overbids were fairly conservative, averaging just $1567. Another 16 Saskatoon home sellers found a buyer willing to pay the full asking price while 76 of this week’s 98 sales saw a seller giving up about $11,601 on average to put up a sold sign.

Other notable activity this week included 48 cancelled or withdrawn listings, 30 expired listings and 48 price changes.

Highlights from the news this past week

Canadian real estate market a tale of two cities – Globe and Mail 16
Saskatoon to continue growing on east and west side – NewsTalk 650 16
Mortgage market tiptoes toward subprime – CBC News 16
Saskatoon home sales above national average: CREA - Star Phoenix 16
House prices in Canada declined in March – CBC News 16
Canadian home sales rise 2.5% in March, prices edge lower – Financial Post 16
A reality test for would-be home buyers – Globe and Mail 16
CREA says sales up 8% from 2011 – Star Phoenix 16
Household debt is ‘biggest domestic risk:’ Bank of Canada – Globe and Mail 17
Big debt the downside of loading up on real estate – Financial Post 17
Bank of Canada warns on home equity lines of credit – Globe and Mail 18
Mortgage wars backfire – Financial Post 18
Buy Herself matches self-sufficient women with the perfect home – National Post 18
How much over asking would you bid on a house? – Globe and Mail 19
Most Canadians would balk at a bidding war – Financial Post 19
Finding the right home, with or without Mr. Right – Globe and Mail 19
Are home prices headed for ‘correction’ when rates rise? – Globe and Mail 20
Canada’s big banks flee nonprime market amid signs of downturn– Financial Post 20

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

Saskatoon real estate managed a week of sales that looked more like spring than fall. Over the course of the week, 91 house and condominium sales were reported to the Saskatoon MLS, up nearly 30 units from the previous week and ahead of the same week a year agoby 15.

New listingsalso slipped lower falling into range of the seasonal norms. House and condo listings came in at 138, this week, down 54 properties from the previous week but still ahead of last year’s weekly total of 130.

Meanwhile, the total number of active MLS listings in the residential category made its largest weekly gain since the first week of February and cracked the 1100 mark for the first time this year. The inventory of active listings grew by 47 units to reach 1107 but still closed the week short of levels seen at this time last year by close to 200 units. A closer look at the sub-categories within the broader “residential” category shows 631 single-family homes and 384 condos showing an active status. Last year at this time, those two housing types displayed 717 and 475 available units respectively.

A whack of sales in the $400,000-500,000 range, and a pretty good handful above $500K, including Saskatoon’s third sale of the year worth more than $1 million, kept the weekly median price and the average sale price of a Saskatoon home fairly high. Those numbers came in at $351,420 (average) and $343,000 (median). The six-week average gained about $2500 over the previous week to reach $330,209. That’s its highest point since November of last year. It’s a full ten percent higher than it was at this time last year when it sat just below $300K. The four-week median price reached levels not seen since 2010 finishing the week higher by nearly seven thousand dollars and closing just below $320,000 for an annual gain of nearly $25K.

Homes priced $50,000 on either side of the average are getting snapped up pretty quickly. Saskatoon real estate agents continue to encounter situations where multiple offers exist on properties that show well and are priced competitively, but for the most part, buyers are proceeding somewhat cautiously in these situations. Only six of this week’s firm sales recorded a selling price that was greater than the asking price. In those instances, the average overbid was just $4,366. Another 15 home sellers completed a deal at their full asking price. Meanwhile, 70 of this week’s 91 house and condo sales concluded with a negotiation that resulted in an average discount of $9,283 from the asking price.

Other notable activity this week included 22 cancelled or withdrawn listings, five expired listings and 35 price changes.

Highlights from the news this past week

800 jobs created in Saskatoon in March – CTV News
The hidden threat of home ownership – Globe and Mail
How to make your house picture-perfect for sale – Globe and Mail
Canadians ready to tackle debt – Globe and Mail
Construction activity up 16% in February - Star Phoenix
Get your debt under control: Rate hikes may come sooner – Globe and Mail
EGADZ home receives $1 million - Star Phoenix
Sask. housing starts jump more than 50% - Govt. of Saskatchewan
Subprime lending, the crisis catalyst, making a comeback – Globe and Mail
Flaherty sees softening in Canadian housing market – Globe and Mail
Regina housing starts soar - Star Phoenix
New house prices advance 0.3% - Globe and Mail
Confidence reigns among Canadian home owners – BMO Spring Housing Report
Debate on banning foreign buyers resurfaces – CanadainRealEstateMagazine.com
What will make the housing boom go bust? ‘Greed’ – Globe and Mail
The return of the assumable mortgage– Financial Post

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

Saskatoon real estate sales continued to bounce for the eighth week in a row. This was a down week as sales of house and condos fell fifty units compared to the previous week. Local agents reported just 63 firm sales to the multiple listing service®, about even with numbers recorded during the same week a year ago.

New listings, on the other hand, moved in the opposite direction with the Saskatoon real estate market recording one of its busiest periods since May of 2009. Over the past six days, 192 houses and condos were added to the MLS® system, up nearly 80 units from last week, and well above the 148 Saskatoon homes that hit the market over the same period a year ago.

After a brief retreat last week, the total inventory of residential listings on the Saskatoon multiple listing service® began to move higher again, but at a slower pace than you might have expected given the large difference between new listings and sales. A total of 56 cancelled and withdrawn listings, combined with 42 listings that expired at the end of March kept the numbers from advancing very much. MLS® inventory advanced by just 29 properties from the close of the previous week to reach 1060, falling short of numbers available at the same time last year by a full 200 units. The largest declines continue to be seen in the condominium category that has declined by 113 units in a year’s time to just 356 available units. Single family-home inventory fell by 93 properties during the same period of time and reached just 624 homes by the end of the week.

In spite of last week’s lofty prices, the median sale price of a Saskatoon home managed to advance another seventy five hundred dollars this week when it reached $339,900. At the same time, the weekly average fell nearly thirty-five thousand dollars to $330,663. This week’s numbers were driven more by an absence of low-end sales than it was impacted by an abundance of high-end sales. There were only 11 sales recorded below the $250,000 mark. Meanwhile, the six-week average price fell about thirty-five hundred dollars from a week ago to $327,735 recording a year-over-year gain of almost 28K. The four-week median price inched up just nine hundred dollars compared to last week and closed at $312,900 for an annual increase of roughly twenty-six thousand dollars.

Sales occurring at levels exceeding the asking price remained fairly conservative at just five properties. The average overbid was quite strong at almost fifteen thousand dollars, but much of that can be attributed to one Nutana areabungalow that sold for an amazing $72,000 above the asking price. Units that traded at the full asking price did come in pretty strong. A total of 18 sellers (28 percent of all sales) received offers of their full list price. Another 40 sellers accepted less than they had hoped for with an average underbid of $9,135.

Highlights from the news this past week

Royal LePage targets ‘mid-market’ in commercial real estate push – Financial Post
Flaherty calls on banks to’fix’ mortgage market – Financial Post
Canadians putting off buying homes: RBC – Financial Post
Despite low rates, many Canadians holding off home purchases – Globe and Mail
Building permits rebound in February – Globe and Mail
Canadian homebuyers more talk than action – Canadian Real Estate Magazine
Dead end could be in sight for cul-de-sacs – Star Phoenix
Prairie resident cautious about home buying – Star Phoenix

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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

The Saskatoon Region Association of RealtorsÒ (SRAR) released the MLSÒ residential real estate statistics for March of 2012today, accompanied by the following release.

“The Saskatoon marketplace experienced a 14 percent increase in the number of sales, year-to-date, when compared to the first quarter of 2011,” reports Jason Yochim, Executive Officer of the Saskatoon Region Association of REALTORS® (SRAR) today.  At the same time, the number of new listings was down 2 percent year-to-date when compared to 2011. “The total number of listings available in Saskatoon at the end of March was 1053, a decrease of 166 units from the same time a year ago.”

“Sales in all price ranges were strong with the greatest activity occurring in homes priced over $350,000 where sales were up 140 percent year-to-date over 2011. Sales in the $450,000 to $500,000 price range increased 243 percent compared to last March,” said Yochim. “The average year-to-date sale price in Saskatoon continues to rise, increasing by 9 percent to $318,946 while the median sale price was $309,900.”

The market continues to remain in balanced territory in Saskatoon with a sales-to-listing ratio of 54 percent, according to Yochim, “Although the market is in balanced territory, the strong demand for housing is putting upward pressure on pricing. This increase in the average sale price should remain in the 5 – 10 percent range as we approach spring when we traditionally see an increase in the number of listings,” Yochim summarized.

Jason Yochim

Executive Officer

Saskatoon Region Association of REALTORS®

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

Norm Fisher
Royal LePage Saskatoon Real Estate