Posted on February 28, 2016 by Norm Fisher, Royal Saskatoon Real Estate
The inaugural meeting of 100 Men Who Give a Damn - Saskatoon went off without a hitch last Monday evening at Fionn McCool’s. The group launched successfully with 72 members, all having committed to the concept of donating $100 each to a local charity selected by the group, once each quarter.
The group heard presentations from three very important local charities. Representatives from AIDS Saskatoon, The Bridge, and the YWCA Crisis Shelterall told powerful and touching stories of the needs that their organizations are striving to meet in the Saskatoon community. In the end, the group voted and $7200 was given to the YWCA Crisis Shelter.
100 Men Who Give a Damn defines the group's mission like this.
Nathan Willick (right) and Norm Fisher of 100 Men Who Give a Damn - Saskatoon present a $7200 gift from the group to Barb MacPherson of the YWCA.
"We are simply a group of men that want to make a positive impact on local charities in Saskatoon. By coming together we know that we can change small individual contributions into a very large one that will make a powerful difference. Every three months we will get together to hear about the great work three local charities are undertaking, and then we'll choose one. Our mandate is 100+ men donating $100 per meeting – that can be $10,000 or more to one charity per quarter! That is powerful."
Interested in joining this group? You can sign up here. If you have questions, feel free to reach out to me privately through email. I’d be happy to share my experience.
Saskatoon real estate sales and listing activity both picked up over the past week. Local agents reported a total of 54 firm residential sales to the Saskatoon multiple listing service® for a weekly increase of six, to fall short of sales recorded for the same week last year by two properties. That’s five consecutive weeks during which sales fell short of those generated over the same period a year ago. It’s a small decline, but down just the same. With just one more business day remaining in February, month-to date sales are at 214, with 242 being the number recorded for the whole month last year.
New Saskatoon real estate listings surged higher as REALTORS brought 181 new listings to the MLS® for a weekly increase of 51, and topping numbers posted for the same week last year by 25.
The database of available MLS® listings moved higher again reaching 1,750 homes by this morning to record growth of 35 units from last week, up by 198 homes a year ago. Looking to specific housing categories we can see that there are now 918 singe family homes offered for sale on the system. That’s up from 839 at this time last year. Condo inventory is up more sharply having reached 676 today, for an annual increase of 142 units.
Even with seven sales above the $500,000 mark, a fairly active market for entry level homes helped usher the weekly average lower to $317, 750 while the average sale price of a Saskatoon home edged higher to reach $336,330. The longer measures that we follow both slipped lower. The six-week average fell just over a thousand dollars from last week to $340,796 to find itself down on an annual basis by roughly twenty thousand dollars. Meanwhile, the four-week median price slipped more losing about five thousand dollars from last week to settle at $324,750. That’s roughly thirteen thousand dollars lower than it was a year ago.
There was one overbid sale this week which occurred in area 4 and resulted in a $2,200 bonus being paid to the seller. On the other hand, 45 buyers closed a deal that involved a discount averaging $15,619 (the largest I recall seeing this year) and another eight buyers paid full asking price.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info ishere. Please feel free to call or email.
Posted on February 21, 2016 by Norm Fisher, Royal Saskatoon Real Estate
A team of 14 walkers participated in Saturday's Coldest Night of the Year walk as part of Team Royal LePage.
It was hardly the "coldest night of the year" but it was certainly a crisp one that produced some rosy cheeks by the time the walk wrapped up around 5:30 pm yesterday.
At the current time, the fundraiser's total is inching toward the goal number of $50,000. Team Royal LePage raised $3,470 for the hungry and homeless in Saskatoon through the generosity of some of our agents and many of our friends. On behalf of all who participated, our sincere thanks to those who helped with this very worthy fundraiser.
Homelessness is still a serious issue in Saskatoon. These two charities are vital in the ongoing fight to eliminate homelessness here.
If you'd like to make a contribution to the Lighthouse and the Bridge, you can do so here.
For the fourth consecutive week, Saskatoon real estate sales fell short of meeting numbers generated during the same week last year. Local agents reported just 48 firm deals to the Saskatoon MLS® this week, down from 56 last week, to finish below numbers recorded during the same week last year by two dozen. A look back at the holiday calendar confirms that Saskatchewan’s “Family Day” fell within the same week in 2015, so we can’t use the short work week as an excuse.
The number of new residential real estate listings added to the Saskatoon multiple listing service® also fell lower on both a weekly basis, and year-over-year. A total of 130 Saskatoon homes hit the MLS® system this week, down from 186 a week ago, and 20 off of last year’s totals.
The number of homes available in the inventory of MLS® listings moved higher and reached 1715 by this morning. That’s up 31 from a week ago, and ahead of levels recorded on this date last year by 201 properties. Today’s totals show 911 singe-family homes displaying an active status. That’s up from 824 a year ago. Condominium inventory started the day at 647, an increase of 129 units from where we sat a year ago.
With just one sale recorded above $500,000 and three falling below $100,000 both the weekly median and the weekly average sale price tumbled to $323,500 and $323,957 respectively. The longer term measures followed along, both falling pretty significantly for a one week period. The six-week average moved nearly 12K to finish the week at $341,859 down almost eighteen thousand dollars from the same week last year. Meanwhile, the four-week median fell four thousand dollars to settle at $323,500 for an annual loss on $11,500.
Sellers didn’t find a whole lot of love this week. Not a single buyer offered to pay more than list, in spite of the known bidding activity that I reported in last week’s post. There were five buyers who stepped up and made a full price offer, while the remaining 43 insisted on a deal negotiating an average discount of $14,830.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info ishere. Please feel free to call or email.
Posted on February 20, 2016 by Norm Fisher, Royal Saskatoon Real Estate
I had never seen him before, and haven’t seen him since.
It was a chilly evening, one of the few we’ve had this winter, when a stranger walked into the Lighthouse. I was assisting at the Community Kitchen where a free hot meal is served twice a week to anyone who wants to attend.
Most who come in head straight for the food line. They’re hungry. Buddy just took a seat by himself, prompting me to approach him and offer a bowl of soup. “No thanks,” he said with a forced smile. I’m just warming up.
“Can I get you a coffee, at least?”, I offered.
“No, thank you very much, but I’m good”, he said, obviously reluctant to take a freebie.
When several minutes passed, I approached him again. “Are you sure you wouldn’t like something to eat, my man?”
Looking up from his seat, he said, “No, but I could sure use someone to talk to. Would you sit with me for a few minutes?”
I took a seat and listened as Buddy opened up, clearly feeling like he needed to explain how someone like him had come to be here. He told me how he had never been unemployed a day in his life, until recently, when the economy took a sudden downturn and jobs in his line of work began to dry up. He had worked hard all of his life. He’d raised a beautiful daughter whom he had supported through university. She was on the home stretch to earning her undergrad degree. He had come here by bus to visit her and while he was here he left the last dollar he had with his daughter. Here he was, tired, broke, with no way to get home. The man had hit his rock bottom. I couldn’t offer much other than the opportunity to connect with another human being during a difficult time, and some encouragement about the future Buddy had helped his daughter create. Fortunately, the Lighthouse could offer him a warm meal (which he eventually accepted) and a place to lay his head. That’s not a bad place to start when one is at their rock bottom.
Places like the Lighthouse, and the Bridge specialize in helping people make a fresh start at a healthy life. There are many reasons people might find themselves there and it’s important that they get the help they need when they arrive. I’m glad they’re here helping people in our community.
That’s why we’re participating in the “Coldest Night of the Year” walk to raise funds for this much needed organization. If you have a few bucks that you’d like to contribute, I’d appreciate it, and so would men and women like Buddy who just happen to have hit a rough spot.
If you'd like to throw a little cash toward this much needed fundraiser, please click hereand donate.
The Canadian Real Estate Association (CREA), released national sales statistics for the month of January, 2016 this week. According to the CREA, “The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations edged up by 0.5 percent in January 2016 compared to December of last year. The monthly increase lifted national sales activity to the highest level since late 2009.”
Highlights of CREA's report
National home sales edged up by 0.5% from December to January.
Actual (not seasonally adjusted) activity was up 8% compared to January 2015.
The number of newly listed homes retreated by 4.9% from December to January.
The Canadian housing market has tightened but remains balanced overall.
The MLS® Home Price Index (HPI) rose 7.7% year-over-year in January.
The national average sale price rose 17% on a year-over-year basis in January; however, excluding British Columbia and Ontario, it edged down 0.3%.
Saskatoon real estate sales remained flat on a week-over week basis as local agents reported just 56 firm residential sales to the multiple listing service®, down from 63 for the same week last year. Meanwhile, the number of new listings added to the MLS® surged higher. A total of 186 residential properties were offered for sale, up nine from last week and well exceeding the numbers recorded during the same period last year by 26 homes.
After a few weeks of very slow movement including one unanticipated drop, the database of active MLS® listings made up for lost ground as it spiked higher to 1684 Saskatoon homes. That amounts to a weekly increase of 65 units, up on an annual basis by 184. Today’s totals include 910 singe-family homes, up from 883 last week. That’s enough for an annual increase of 53 properties. Condo inventory currently sits at 616, up from 576 at last week’s close for a year-over-year gain of 106 units.
A reasonable mix of sales between the entry level and the upper end kept the median sale price of a Saskatoon home fairly stable this week at $327,500 even while a good handful of sales above the $500K mark pushed the weekly average sale price higher to $342,667. One “mobile home” sale at $12,000 kept it from shooting even higher. In longer term measures, this week saw the six-week average grow by four thousand dollars to reach $353,585 which is down nearly seven thousand dollars from levels recorded at this time last years. Meanwhile, the four-week median price made some modest gains increasing by three thousand dollars from last week to reach $338,000 to finish precisely where it had a year earlier.
This week brought some stories of multiple offers on a few hot listings. I can attest to two such scenarios that happened with agents in my office. Still, only one buyer made an offer above the seller’s asking price, that one paying a bonus of just $1000 to the lucky recipient. Another five sellers did manage to wrap up a deal for their full asking price while 49 of this week’s 56 deals dealt the buyer a discount that averaged a solid $14,308.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info ishere. Please feel free to call or email.
The number of Saskatoon homes that traded through the multiple listings service® grew again, though very modestly, for the sixth consecutive week. Saskatoon real estate agents brought 56 firm deals to the MLS®, up three from the previous week, to fall just one sale short of the total recorded for the same week last year.
New listings added to the MLS® saw strong weekly growth as it often does during the first week of the month when many of the listings that had expired at the previous month end come back to the market for another run. This past week, 177 residential properties were placed onto the system, for a weekly increase of 21 homes, and an annual gain of just one. So far this year, the number of new listings added to the MLS® has fallen short of last year’s numbers by about 45.
The number of homes available to Saskatoon home buyers took an unusual but very small downturn this week as the total residential inventory slipped to 1619. That’s down just five units from the close of last week, certainly nothing to write home about, but compared against the unrelenting and consistent growth of inventory at this time last year it may provide a small bit of hope for sellers who are feeling the toughness of this market. Next week’s activity will almost certainly put that to rest. In any case, today’s levels are up just 150 homes from the same time last year. That’s the smallest year-over-year increase in well over a year. Today, buyers can find 883 single-family homes showing an active status on the system, up from 817 a year ago. Condo inventory sits at 576 for a larger annual increase of 81 homes.
More entry level activity ushered the median sale price of a Saskatoon home down by 30K to $324,500 this week while the average sale price moved in the same direction, though far more modestly. It slid lower by eighty-five hundred dollars to settle at $344,980. The six-week average price took a four thousand dollar drop from last week as it slipped to $349,542 to find itself down about nine thousand dollars from where it sat a year ago. Meanwhile, the four-week median price fell lower by three thousand dollars on the week to $335,000 finishing down just over a thousand dollars from levels recorded at the end of the same week a year ago.
Sellers found little love this week as absolutely no scenarios were created under which a buyer felt compelled to pay more than list. Two oliging buyers did pay full asking price. On the other side of the negotiating table, 54 buyers broke away with a discount averaging $14,124. This week’s discount numbers were skewed a bit by an area 4 property that took a $100,000 haircut to close a deal. Apparently, the property was discovered to have environmental contaminants that led to a final assessment well below the asking price.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info ishere. Please feel free to call or email.
Posted on February 6, 2016 by Norm Fisher, Royal Saskatoon Real Estate
If you ask your real estate agent if it's "a good time to buy, or sell" and they simply say "yes," you may be getting bad advice.
It's interesting how markets that highly favour sellers are almost always characterized as "a good real estate market" while those that favour buyers are commonly referred to as a "bad market". In fact, there are three kinds of real estate markets; those that favour sellers, those that favour buyers and those that are more balanced with neither the buyer or the seller having a distinct advantage, one over the other. Given that buyers and sellers have divergent interests, a good market for sellers is a bad market for buyers. The reverse is true when market conditions favour buyers. Crocodile tears for sellers (I wanted to use 'dog lips' here, but a quick look at Urban Dictionary said, "no!" Yikes! I am getting old and the meaning of things keep changing).
Often you can find more than one of these markets at play in a specific geographic region. For instance, through much of last year, small condos were in abundant supply, and as demand softened this created a buyer's market for small condos. Buyers found a greater selection of properties to choose from and seller's became more flexible in negotiations. Upper end condos (larger, finer finishes, underground parking, etc.) saw a better balance between supply and demand leading to more balanced conditions. A seller asking a fair price could expect reasonable offers. Finally, single-family homes valued at $350,000 to $400,000 (a bit on either side of the average for this area) were still in short supply and seller's had more clout at the bargaining table, at some points, still experiencing a seller's market. Let's call these different markets, micro-markets.
For those of you inclined to buy or sell it's imperative that you understand what kind of micro-market you're operating in and how you can best leverage that knowledge. More importantly, you should understand that perceptions of a micro-market are often completely false, and you can use those false impressions to your advantage as well. For instance, a seller who owns a home that would still fit the "balanced market" supply/demand test might assume it's a bad market for all sellers and agree to sell to you for less than he/she should (His or her agent may fall under the same false impressions due to a sudden reduction of caloric intake due to falling sales). Conversely, a seller who does an amazing job of preparing their home for sale can sometimes create a feeling of scarcity around their property by presenting it in a manner that makes it look better than all of the others for sale. You don't need to have the only house for sale if you have what's perceived to be the nicest, or the best one for sale.
Understand the micro-market that you're operating in by learning exactly how much supply exists, relative to demand. Total available inventory, divided by sales in the most recent 30 days will produce a number known in the business as "months of supply". If the months of supply are fewer than four, this is generally considered a seller's market. You won't find many seller's markets in Saskatoon right now, though that could change as we move towards spring. If months of supply are between four and six, you have balanced market conditions. Finally, if months of supply is greater than six months, buyers are in the driver's seat.
Got it?
I’m always happy to answer your Saskatoon real estate questions. All of my contact info ishere. Please feel free to call or email.
February 2, 2016: Media release of the Saskatoon Region Association of REALTORS® regarding activity on the multiple listing service® for the previous month.
January home sales held steady in the face of some recent gloomy economic reports with 174 properties changing hands in Saskatoon. This is comparable to results a year ago and only 17 percent below the five-year average for January. The market experienced a decline in the number of homes added to the MLS® in January with a 5.5 percent decrease, for a total 683 new listings. A decline in new building permits coupled with home sellers deciding to wait until spring to go to market, has helped to relax inventory levels.
The average selling price of a Saskatoon home was virtually unchanged year-over-year at $354,000, down 1.2 percent. "Focusing on the average price can be very misleading," according to Jason Yochim, CEO with the Saskatoon Region Association of REALTORS®. "An average is just that, it can be skewed based on a change in the number of homes selling in a particular price range." A more accurate barometer of pricing than the average is the composite Home Price Index, (HPI) which was $305,400 at month end, a 1.4 percent decrease over the same time last year. This is the first levelling of the HPI since a steady decline started in September. This is a positive sign when it comes to the trend in home prices. According to a recent survey by Praxis Analytics, Saskatchewan residents remain optimistic about the economy in spite of economic challenges.
Although there are currently 1,612 active listings, the decline in new listings so far this year coupled with steady demand will help ensure that inventory levels remain below the overall 2015 average of 1,856 active listings. Condominiums in Saskatoon accounted for roughly 40 percent of the active properties with 634 units currently on the market. Of these active condos, it is estimated that about 20 percent are new units. By comparison, less than a third of the single-family homes available on the market are new construction.
On average it takes 50 days to sell a home in Saskatoon at approximately 97 percent of the asking price. This is a typical exposure period for this time of year. "The seller is really the deciding factor in determining how long a home will sit on the market. The higher they choose to price above market the longer the home will sit," he cautions. "It is important to keep in mind that every property is unique, every situation is unique and every micro market is unique. It only makes sense to have a professional REALTOR® provide sound advice when it comes to pricing competitively in this market."
Sound pricing and timing advice can be provided by one of the 640 professionally licensed and trained REALTOR® members of The Saskatoon Region Association of REALTORS®. REALTORS® also subscribe to a strict code of ethics and are dedicated to developing professional standards and continuing education in the real estate profession.
For further information, please contact:
Jason Yochim CAE, CRAE Chief Executive Officer - Saskatoon Region Association of REALTORS®
End of release.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info ishere. Please feel free to call or email.
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