New listings, on the other hand, came in well above last week at 209 houses and condominiums to top last year’s numbers by 64 and reach what could be a record number for this particular week. Click the image for a larger version of the graph.

The inventory of residential listings posted for sale on the Saskatoon multiple listing service® pushed higher for the third week in a row reaching 1573 listings, the precise number that it peaked at the week of June 14. That marks a gain of 31 listings compared to the close of the previous week to leave us up on inventory recorded last year at this time by 264 homes. Most of those gains can be counted in the single-family homes category which has grown from 765 listings last year to 984 homes today. Condos are also up from where they sat a year ago but only marginally, from 455 to 473.

Market activity trended away from the entry level just a bit and the median sale price of a Saskatoon home edged higher to come in roughly 20K higher than it did last week at $355,000. The average price, buoyed by 11 sales exceeding $500,000 and one at close to 900, moved up handily to $364,640. Meanwhile, the longer term measures held pretty steady as the six-week average inched up just nine hundred dollars to $363,710 for an annual increase of less than ten thousand dollars. The four-week median price of a Saskatoon home stayed flat on a weekly basis at $350,000 even to finish ahead by 24K on an annual basis.

The number of homes that sold for more than list price fell by fifty percent to just three, but those sellers made off with a healthy bonus averaging $13,400. Another 13 buyers made a full price offer while 67 made off with a discount averaging $9,073.

Other notable real estate activity this past week included 81 cancelled and withdrawn listings, 6 expired listings and 54 price changes.

Highlights from the news this week

Is momentum shifting in Saskatoon’s real estate market? - Global News
Three reasons you should have sympathy for Canada’s housing doomsters- 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

New listingsslipped lower this week as agents added 177 house and condo listings to the Saskatoon multiple listing service®, a drop of 21 compared to last week but enough to keep them at elevated levels for the season as they have been for most weeks this year. Over the same period of time last year just 156 new listings were added to the inventory.

It’s not entirely unheard-of to see inventory levels move higher after they’ve reached their annual peak. This week it did just that, as it did last week. By the close of business Friday the total number of properties listed for sale in the residential category of the Saskatoon MLS® system reached 1542 for a weekly gain of 16 homes, leaving it higher than it was at this point last year by 225 properties. It seems unlikely that we’ll see that trend continue, but stranger things have happened, and they’ve happened fairly recently, in fact. Just last year, inventory levels appeared to peak around mid-June. After falling for a few weeks, total active listings began to trend higher and reached their highest point in October setting the stage for a fairly stable pricing market through the first half of this year. It will be interesting to see how that unfolds in the weeks ahead.

I noted in last week’s report that fewer entry level buyers had shown up to buy. We saw the exact opposite this week as a strong handful of sales below the $200K mark were reported and sellers with homes prices above $650,000 were completely shut out. Consequently, both the median price and the average price of the Saskatoon homes traded this week fell lower to $307,000 and $335,043 respectively. The longer term price measures did not escape without a bit of a trim either. This week, the six-week average price a home fell nearly four thousand dollars to $362,875 to hold onto an annual gain of about ten thousand dollars. The four week median tumbled further losing fourteen thousand on the week as it came in at $350,000 and held onto to year-over-year increases of roughly $20K.

Overbid sales activity made a bit of a comeback as six buyers paid more than asking price handing their respective seller a bonus that averaged $6,553. On the flip side, 76 sellers found themselves at the table with a buyer who would not close without a discount that averaged $9,690. The remaining eight Saskatoon real estate sales closed at the full asking price.

Other notable real estate activity this past week included 89 cancelled and withdrawn listings, 17 expired listings and 58 price changes.

Highlights from the news this week

Bank of Canada signals low rates for longer - CREA News
Sask house prices in stable territory - Star Phoenix

Housing market skewed by handful of hot cities: Canada Guaranty CEO - Financial Post
Canadian home sales beat expectations - Globe and Mail
Fitch calls on government for action on overvalued market - Financial Post
As prices rise, Fitch warns Canada may have to act again - Globe and Mail
Saskatchewan’s newest city: Warman is growing and open for business - Star Phoenix

Why most Canadians should be begging for a real estate correction - Financial Post
Why Fitch is sticking to its 20% Canadian real estate overvaluation- Globe and Mail

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 number of new listings added to the MLS®moved in the opposite direction as nearly 200 house and condo listings were added to the system, up 31 from the previous week for a year-over year increase of about the same number.

Following three consecutive weeks of declines, the total inventory of residential properties listed for sale on the Saskatoon multiple listing service® inched higher to close the week at 1526. That’s 11 homes more than were available at the close of the previous week and about 220 more than buyers could find a year ago. Today’s inventory shows a selection of 932 houses, up from 763 at this time last year, and 472 condos up from 456 a year ago.

A quick look at the weekly housing stats makes it obvious who didn’t show up to buy last week. Fewer entry level sales and steady activity at the upper end of the Saskatoon real estate market pushed the median sale price of a local home sharply higher to $386,450. The weekly average price continued it’s roller coaster ride, this week hitting a new peak that required an axis adjustment on my chart as it soared to $392,361.  The six-week average price moved higher by about two thousand dollars over the week to finish ahead of where it was a year ago by about 20K at $366,723. The four-week median price followed the other price measures higher to grow by nine thousand dollars in a week to claim an annual gain of $34,000 when it reached $364,000.

There were still a few buyers who showed up willing to make an offer that exceeded the seller’s asking price. Four such transactions were reported this week with an average overbid of $1,350. The majority of this week’s closed deals came in below list price as 60 buyers netted a discount averaging $12,071 for our first occurrence above 10K in several weeks. The other six sales closed with the buyer agreeing to pay the seller’s full asking price.

Other notable real estate activity this week included 73 cancelled and withdrawn listings (a contributing factor to the week’s high new listing numbers as many of these did an about face and immediately re-listed), 28 homes that expired from the MLS® without a sale and 61 price reductions by motivated sellers hoping to entice a buyer their way.

Highlights from the news this week

Is there a “boom” in the $1 million plus real estate market in Saskatoon? - GlobalNews
Saskatoon home prices edge up: Royal LePage - Star Phoenix
Royal LePage expects house prices to rise through 2014 - Canadian Business
Big city housing continues to boom as small centres are left behind - Financial Post
Local real estate boards give hints of surging markets - Globe and Mail
Regina house prices to rise 2.1% in 2014: Royal LePage - Leader Post
Housing market defies forecasts - GlobeAdvisor
Canadian housing starts rise unexpectedly in June - Financial Post
Canada’s housing markets see widening affordability gap- Huff Post Business

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

On the heels of a two week retreat in numbers, new listings added to the MLS®moved higher this past week to 167, up 13 from the week before and ahead of the same week last year by eight.

The total inventory of residential properties listed for sale on the Saskatoon multiple listing service® trended lower for the third consecutive week, the longest downward trend since late last year. By the close of the week, inventory sat at 1515 having slipped by 37 properties from the close of the previous week. While that number is well above numbers recorded at the end of June in 2013 when just 1269 active Saskatoon real estate listings could be found on the MLS®, and up on the five year average for this particular week which sits at 1358 homes, sellers have been fairly lucky to experience a market with robust sales as that is what has brought some balance. As we leave the month of June, sales have been high enough that our total “months of available inventory” is just three. So while the overall listing numbers seem high, very strong demand has kept things fairly stable.

At the close of the week there were 918 single-family homes being offered for sale on the Saskatoon multiple listing service®. That’s ahead of the number recorded at this time last year by 159 homes. Condo numbers finished the week at 474, up from 432 a year ago.

The average sale price of a Saskatoon home sat at one of its lowest points for the past several weeks at $363,390 while a good mix of sales across all price ranges kept the median price pretty solid at $348,500. The six-week average price managed to inch higher by about sixteen hundred dollars to finish the week at $364,882. That’s 15K higher than it was at the same point in 2013. Meanwhile, the four-week median price moved up by thirty four hundred dollars from the week before to claim a remarkable year-over-year increase of twenty seven thousand dollars. This is an indication that in recent weeks fewer first time buyers have been active.

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Overbid sales continued to be low as just four sellers accepted offers above their asking price, but the average overbid amount was pretty hefty at $5,500. On the flip said, 88 buyers made off with a discount averaging $9,098 while the remaining seven buyers made a full price offer.

Other notable activity through the Saskatoon multiple listing service® included 125 cancelled and withdrawn listings, just 3 expired listings and 58 price changes.

Highlights from the news this week

‘HGTV effect’ pushes home reno spending above $6 billion in Canada - Financial Post
Can you afford a home in these cities? - GlobeAdvisor
Home sales, price up in first six months of 2014 - Star Phoenix
Home prices expected to increase - Star Phoenix
Economists continue to be surprised by Canada’s housing market- 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