For the second consecutive week, the Saskatoon real estate market recorded sales in the triple digits. Over the past week 104 residential sales were reported to the multiple listing service®, down 13 from the previous week, and lower than the number reported during the same week last yearby seven homes.

New listings continued to flow on to the market in strong numbers. Local REALTORS® brought 214 properties to the MLS®, down by 48 compared to last week, for a year-over-year increase of 58 Saskatoon homes when compared against the same period last year.

The inventory of active MLS® listings available to buyers crossed the 1900 mark for the first time ever as business would done on Friday. Today we’re sitting at 1901, up 32 units from the previous week’s close for a 510 until year-over-year expansion of the database. The number of available detached houses closed to week at 1062 up from 847 a year ago. The number of available condos is at 641, up from 434 at the close of the same week last year.

Just a slightly greater level of upper end sales pushed the weekly median price up nearly six thousand to $348,250 even as the average sale price for the week slipped lower to $346,000. The longer terms measures took some gains. The six-week average grew by about $2,600 from last week to reach $346,621 for an annual decrease of four thousand dollars. Meanwhile, the four-week median price took it’s third consecutive increase as it reached $337,000 to find itself down by 4K from a year ago.

Eight lucky sellers found themselves dealing with a buyer willing to pay more than their asking price with an average bonus of $9,013. On the other side of the negotiating table 87 buyers made a below list offer and closed the deal with an average discount of $9,418. The remaining nine deals closed at the seller’s asking price.

Other notable real estate activity this past week included 82 cancelled and withdrawn listings (75 and seven respectively), 17 expired listings and 91 price changes.

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 Vidorra

And kaboom!

Suddenly, like it came out of nowhere, the Saskatoon residential real estate market recorded an exceptionally strong sales week with a total of 117 home sales firming up delivering the highest volume sales week since late June of 2014. This is the first week during which sales exceeded 100 units this year, leaving some feeling hopeful that April sales might come around and that the dismal sales numbers recorded over the first half of the month are now in the rear view mirror. This week’s sales are up by 51 units over last week and exceed sales reported during the same week last yearby 26.

Saskatoon real estate agents were not just kept busy selling homes. They listed up a storm over the week as well adding 262 Saskatoon homes to the multiple listing service® to produce what appears to be a new high for weekly listing. I see a 253 in last year’s numbers but no other weeks that reached 262 in the past five years. That number is higher than listings brought in last week by 49 and up on the same week a year ago by 73.

The total inventory of Saskatoon homes listed for sale on the MLS® continued to grow as it climbed from 1827 last week to 1869 by the close of business Friday leaving us up on numbers recorded at this time last year by 463. A closer look by category shows 1067 single-family homes, up about 22 percent from a year ago when 860 houses were offered for sale in Saskatoon. Condos, on the other hand, show a 44 percent annual increase with 628 units being offered for sale, up from 427 at this time last year.

Prices were up this week as three of the four measures that we look at made gains. A little more activity at the lower end of the market brought the median price paid for a Saskatoon home down about 5K to $342,500 while the average price made some gains to $361,874. After six consecutive weeks of declines, the six-week average price took its first upward movement to grow by four thousand dollars from last week reaching $344,050 to find itself down about ten thousand dollars from where it sat a year ago. The four-week median price edged up to $335,000 for a weekly increase of two thousand dollars and an annual loss of $12,500.

Some signs of a bit of spring heat can be seen in the weekly overbid numbers which came in at 13 this week, the highest number we’ve seen in months. The average overbid was $20,944 which was impacted by new home sales that included after market extras not included in the asking price. On the flip side, 93 Saskatoon home buyers managed to finish their deal with a discount averaging $10,498. The remaining ten transactions closed at the seller’s asking price.

Other notable real estate activity this past week included 72 cancelled and withdrawn listings (64 and eight respectively), 24 expired listings and 59 price changes.

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 Vidorra

The promising signs that March sales brought us are starting to look like a distant memory as the second week of April failed to ignite the market. Saskatoon real estate agents reported a total of just 66 residential sales, down from 100 units when comparing against the same week last year, and even lower than the four day week that just passed when 74 Saskatoon homes traded hands.

The number of new listings added to the multiple listing service® moved in the opposite direction as 213 homes came to the market, somewhat inflated by a rash of renewed listings that had expired the week before, and a healthy dose of canceled listings that were brought back in hopes that some inattentive buyer might actually think it was “new.”

Active residential MLS® inventory pushed to a new record high of 1827 homes, well up from 1760 at last week’s close, and significantly ahead of the 1369 homes that were available at this time last year. Again, history would suggest that we have ten to twelve weeks of upward growth ahead of us. Today’s supply of single-family homes is at 1,030 properties, up from 824 a year ago. Condo inventory now sits at 600 units, up from 435 at the close of the same week a year ago.

Lack of selection is certainly not a problem. It’s going to be a challenging year for home sellers. The smartest of them will expect fussy buyers at home showings and they will prepare accordingly. This is a time when even small problems mean big discounts, or no offers. Your preparation time will go a long way towards making your life easier. More importantly, your price is going to need to be attractive. Being “in-line” with the price of other active listings basically draws a “who cares” response from buyers. Fix it up, price a few thousand dollars below your competition, hire a good REALTOR® who understands the market, and marketing (we are available), and you will still draw decent offers in a reasonable period of time. Greed will cost a seller equity right now. This is a time when the details matter, both in how you present your home and in how it’s marketed.

Following a week of unusual softness in the average sale price of a Saskatoon home, that number bounced back to reach $349,337. A fair bit more upper end activity also caused the median sale price to recover from just $309,000 a week earlier to $347,250 this week. Higher sale prices over the course of the week couldn’t stop the six-week trend of a softening six-week average price which slipped to its lowest point this year, $338,999. That number is roughly sixteen thousand dollars lower than it was a year ago. The four -week median price took a small upward turn to increase three thousand dollars from last week. At the close of business Friday, it was at $333,000 for a near seventeen thousand dollar year-over-year decline.

In spite of growing listings and softer sales, a couple of sellers us showed us that buyers will still pay more than asking price for a well prepared, well priced home. Two deals were reported to have close above the asking price by an average of $2,800. This week’s activity saw another eight sales close at the full asking price. Meanwhile, 56 others sold below the listed price with a historically modest discount averaging $8,925.

Other notable real estate activity this past week included 73 cancelled and withdrawn listings (68 and five respectively), 11 expired listings and 64 price changes.

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 Vidorra

A short work week  brought fewer reported sales this week. Saskatoon real estate agents reported just 74 firm house and condominium sales to the multiple listing service®, a drop of 20 units from the week before to finish down when compared against the same week last yearby 25 sales.

Even with one less day to process new listings, those managed to increase from the previous week. 188 Saskatoon homes were submitted to the MLS® this week, up nine from last week, but well below the 217 home listings processed during the same period of 2014. That’s the first and only week this year where weekly listings didn’t exceed the previous year’s numbers.

The total inventory of MLS® listings continued to push higher but still finished the week below record levels seen in 2008. At the close of business this week 1760 active residential listings could be found on the system, up 35 units from the close of the previous week, and ahead of levels seen at this time last year by 424 homes. Today’s totals show 981 single-family homes and 590 condos, well up on last year when they sat at 824 and 426 respectively.

Some strong activity below the $200,000 mark, and far fewer sales at the upper end of the market brought the average and the median sale price of a Saskatoon home lower. The average price fell to just $320,000 to reach its lowest point since January. The median price slipped to $309,250. The six-week average sale price continued to trend lower as it fell for the fifth consecutive week and reached its lowest point this year at $341,295 for a weekly decline of eight thousand dollars and an annual loss of more than seventeen thousand dollars. The four-week median price dropped twenty-five hundred from last week to finish at $330,000 giving up a 20K drop when compared against the same week last year.

Nine buyers made an offer above the asking price but the overbids were largely driven by extras added in on new home purchases. Another 65 buyers ground themselves a discount averaging $9,595. There were no sales recorded at the asking price this week.

Other notable real estate activity this past week included 45 cancelled and withdrawn listings (44 and one respectively), 50 expired listings and 64 price changes.

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 Vidorra