Saskatoon real estate agents saw another spring-like week with firm sales of residential properties hitting 102, up just one from the previous week for an annual increase of seven home sales. As the month of April came to a close, total residential sales came in at 382, down from 397 last year. New MLS® listings moved higher as they increased to 220 units, up from 202 last week for a year-over-year increase of 20 units.

As is the case at a typical month end, a slew of active listings came to the end of their listing term without a sale this week and expired from the system. The total number of active MLS® listings in the residential category slid lower by 37 units compared to last week’s close to settle at 1925 for an annual increase of just 20 homes, the smallest year-over-year gain to the inventory in almost three years. It will be interesting to watch active listings over the next few weeks. Will we see our first year-over-year inventory decline soon? Stay tuned. The number of options that buyers could find in the single-family home category is now at 1026, down from 1052 at this time a year ago. Condo inventory is at 732 units today, up from 647 a year ago.

A lot more activity at the market’s entry level brought the median sale price and the average sale price of a Saskatoon home lower this week to $308,000 and $337,655 respectively. The six-week average price slipped about seven thousand dollars this week to settle at $341,456 recording an annual decrease of about 5K. The four-week median price fell a bit more coming in at $331,000 for a weekly decline of nine grand, and a year-over year drop of six thousand dollars.

Sellers found a bit of love this week as 18 buyers made a full price offer to firm up their deal. Another five bid even more than asking price to pay their seller a bonus averaging $1,980. Meanwhile, 79 sales closed below the asking price netting the buyer an average discount of $11,882.

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

Saskatoon real estate sales gained some ground this week as the multiple listing service® saw residential sales hit the three-figure mark for the first time this year to record its strongest sales week since late July of last year. Local agents closed 101 transactions, up from 82 last week to fall just slightly short of numbers recorded over the same week a year ago when 104 Saskatoon homes traded hands.

The number of new listings offered up for sale on the multiple listing service® this weekslipped lower to 202 properties, for a weekly decline of 18 homes and an annual drop of 12.

Strong sales and weaker listing activity couldn’t stop the total inventory of residential MLS® listings from climbing higher. Total residential listings grew by 17 this week to 1962 and finished up on levels recorded a year ago by 61 homes, an annual increase of three percent. We start the new week with 1024 single-family homes showing a “for sale” status on the system, which is down 3.5 percent from where it stood a year ago when 1062 detached dwellings were available to buyers. On the other hand, condo inventory climbed nearly 21 percent on an annual basis as the total number of units available to buyers climbed from 641 at this time last year to 774 today.

Both the weekly average and the weekly median price of a Saskatoon home slipped lower this week to $349,508 and $325,000 respectively as significantly more action in entry level housing skewed the numbers downward. The six-week average price inched down to $348,719 for a weekly loss of under one thousand dollars to claim an annual increase of about 5K. Meanwhile, the four-week median price took its fourth consecutive weekly increase to find itself back at its peak for the calendar year at $340,000. That’s up $2,500 from last week for an annual increase of the same amount.

Overbid activity came in slightly lower this week as just three sellers signed a deal above their asking price but the average overbid was strong at $15,030. On the flip side of the negotiating table, 92 of this week’s sales netted the buyer a discount that averaged $12,092. The remaining five sales closed at the full asking price.

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

SASKATOON, April 7, 2016 – The aggregate price* of a home in Saskatoon remained relatively flat in the first quarter of 2016, slipping 0.3 percent year-over-year to $373,658, according to the Royal LePage House Price Survey**released today.

When broken out by housing type, the median price of a two-storey home increased 1.5 percent to $464,630 while the median price of a bungalow rose 0.7 percent year-over-year to $366,113.  During the same period, condominium prices fell 10.1 percent year-over-year to $226,186.

“The number of completed and unabsorbed condos is up 35 percent over last year. New units resulting from condominium development projects that started two years ago are now coming onto the market and generating a spike in inventory in this segment,” said Norm Fisher, owner and broker, Royal LePage Vidorra. “This is leading to some price softness in the condominium segment and creating a window of opportunity for buyers.”

Nationally, Canada’s residential real estate market showed strong year-over-year price increases in the first quarter of 2016.  The Greater Vancouver and Greater Toronto Area (GTA) real estate markets continue to lead the country in home price appreciation, with Canada’s economic landscape supporting robust housing demand in these metropolitan areas.  Additionally, an emerging trend of inter-provincial migration to British Columbia and Ontario from commodity-focused economic regions such as Alberta is expected to put further upward pressure on home prices in these areas in the coming months.

The price of a home in Canada increased 7.9 percent year-over-year to $512,621 in the first quarter of 2016.  The price of a two-storey home rose 9.2 percent year-over-year to $629,177, and the price of a bungalow increased 6.8 percent to $426,216.  During the same period, the price of a condominium increased 4.0 percent to $344,491.

“A glance at our national house price composite points to a very strong Canadian real estate market, yet the findings contain extreme regional disparities of the kind we haven’t seen in over a decade,” said Phil Soper, president and CEO, Royal LePage. “Like an economic triumvirate, the impact of rock-bottom interest rates, the low Canadian dollar and a rapidly expanding U.S. workforce are stimulating economic growth and housing demand in our largest metropolitan areas. Conversely, in cities like Calgary, the ongoing drags in depressed energy prices and worrisome employment trends have taken a material bite out of sales volumes. As a lagging indicator, home prices in Alberta and Newfoundland are just beginning to adjust to the lower demand.”

“Redistribution of labour across the country is further reinforcing disparities among housing markets, as the broader impacts of the oil recession on Alberta’s economy take hold.  For the first time in many years, we are witnessing an out-migration trend in the province, as economic conditions and employment prospects dim,” continued Soper. “We expect British Columbia, followed by Ontario, to be the top recipients of new household inflows in the coming year, which will further fuel housing demand and price appreciation in Greater Vancouver and the GTA.  This is in sharp contrast to the situation from 2011 to 2014, and in the mid 2000’s, when a booming energy sector attracted families from all over Canada to Alberta.”

Read also: Global News - Increased inventory drives down Saskatoon condo prices