Saskatoon real estate sales continued at a steady pace this past week as local REALTORS® reported 102 firm residential trades to our multiple listing service® to match last week’s numbers. Sales for the week were up annually as they have been during 11 of the past 12 weeks. Over the same period last year, the Saskatoon MLS® saw 86 firm trades.

New listing activity cooled, but only slightly as the weekly tally fell to 167, down eight from last week, and a drop of nine from the same week last year.

The total number of Saskatoon homes offered for sale on the multiple listing service slipped slightly from 1977 a week earlier to 1966. That’s the second consecutive weekly decline, and perhaps a signal that the listing inventory has reached its peak for 2019. Numbers will most likely fall again next week as the calendar turns the page and a number of expired listings leave the system. This is about the time of year that we expect listing numbers to begin to decline, and if I’m correct, it will be the first year in five when inventory peaked at fewer than 2000 listings.

A closer look at the major categories of Saskatoon housing shows available single-family homes at 1122, down 20 from a week ago and up just eight annually. Condo numbers grew this week from 714 to 727 but closed the week lower on a year-over-year basis by 111 units.

Very strong sales activity for homes priced above $500,000 drove the weekly median price and the weekly average price sharply higher. Those measures came in at $341,000 and $365,139 respectively. 

The longer-term measures we track stayed pretty stable in comparison. The six-week average price inched up about two thousand dollars from last week’s number and reached $336,282. That’s up about four thousand dollars from the close of the same week last year. The four-week median price edged slightly lower slipping about sixteen hundred dollars to $320K to finish down annually by five thousand dollars.

In spite of the brisk buying activity that occurred across the week, buyers showed little enthusiasm for bidding up prices. Only one resale transaction reported a sale price that exceeded the list price, and that one only went $100 over. Meanwhile, 93 of the week’s sales were reported to have sold below the listed price with an average discount of $13,235 going to those buyers.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them. 

Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

After taking a bit of a breather last week, the Saskatoon real estate market saw residential sales spike into the three-digit territory, something that’s happened just twice this year. Local agents reported 102 firm sales, up 20 from last week,  beating sales for the same period last year by 29.

New listings fell lower as 175 Saskatoon homes were offered up for sale on the multiple listing service®, down seven from last week, a decline of 30 units annually.

Active MLS® listings remained about even this week at 1977, which is down just one from last week’s close. That marks a drop of 115 units when compared to levels recorded at the close of the same week last year.

A closer look at the major categories of Saskatoon housing shows condominium inventory falling to 714, or 124 units lighter than it was a year ago. The number of single-family homes for sale in the city rose to 1142 which is up 28 from this time last year.

Entry-level condominiums continued to be a popular choice amongst first-time buyers. That activity pushed the median price of a Saskatoon home for the week lower again to $303,750. In spite of two residential sales that topped the one million dollar mark, the average sale price of a local home was also lower this week to $321,638.

Both of the longer-term price measures that we track also headed modestly lower. The six-week average price slipped less than two thousand dollars from the week before to close at $334,455. That was high enough to finish up annually by roughly four thousand dollars. The four-week median price dropped eight thousand dollars from last week to settle at $321,000. That number is lower than it was a year ago by three thousand dollars.

Four Saskatoon homes were reported to have sold for more than the asking price this week. The average overbid was high at $16,163 but two of the four sales closed more than $30,000 higher than the listed price, an indication that a queue of buyers wanted to call those places home. Meanwhile, 95 buyers held their ground and negotiated some sweet discounts. For homes that sold below asking price, the average discount was nearly fifteen thousand dollars.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

The Canadian Real Estate Association (CREA), recently released national sales statistics for May of 2019.

According to the report, "Home sales recorded via Canadian MLS® Systems rose by 1.9% in May 2019. Together with monthly gains in March and April, activity in May reached the highest level since January 2018. While sales stood 8.9% above the six-year low reached in February 2019, this latest increase has only just returned levels to their historical average. "

Housing market balance varies significantly by region. The number of months of inventory has swollen far beyond long-term averages in Prairie provinces and Newfoundland & Labrador, giving homebuyers in those parts of the country ample choice. By contrast, the measure remains well below long-term averages for Ontario and Maritime provinces, resulting in increased competition among buyers for listings and fertile ground for price gains."

Highlights of CREA's report

• National home sales rose 1.9% month-over-month (m-o-m) in May.
• Actual (not seasonally adjusted) activity was up 6.7% year-over-year (y-o-y).
• The number of newly listed homes edged back by 1.2% m-o-m.
• The MLS® Home Price Index (HPI) fell 0.2% m-o-m in May, the fifth straight decline.

• The actual (not seasonally adjusted) MLS® HPI stood 0.6% below May 2018.

• The actual (not seasonally adjusted) national average sale price was up 1.8% y-o-y.

Read the entire report on Canadian MLS® sales for May 2019.

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 home sales slipped lower for the second week in a row to end a nine-week streak of year-over-year unit sales increases. Local REALTORS® processed 82 firm deals this week, down just seven from the previous period but lower than numbers recorded last year by 31.  

New listings took a solid dip falling from 240 last week to 187 for the current week. Those numbers are down 35 units compared to activity reported last year.

The inventory of active Saskatoon real estate listings moved higher and closed the week at 1978 for a weekly increase of 32 and an annual decline of 55 homes. A quick audit of available listings this morning shows 1128 single-family homes for sale, up from 1071 at this time last year. Condo inventory has slipped lower to 720 for an annual decline of 108.

Condo buyers remained active this week while home sales above $500,000 cooled. Those factors combined to cause both the weekly median and the average sale price of a Saskatoon home to fall lower. Those measures came in at $314,200 and $329,421 respectively.

The six-week median price grew almost three thousand dollars this week and reached $336,324 for an annual increase of almost four thousand dollars. The four-week median price fell a couple of hundred dollars from last week and settled at $329,000 for a year-over-year increase of four thousand dollars.

Three Saskatoon home sellers closed a sale for more than their asking price, all three netting a $5100 bonus. Meanwhile, 73 sales were reported to have sold for less than list price with an average discount of $11,712.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

Saskatoon real estate sales cooled considerably compared to last week as the number of residential trades fell to 89, down from 114. That was, however, enough to maintain what is now a nine-week trend of annual sales increases. During the same period last year, local agents reported 77 Saskatoon homes sold to the MLS system®.

New listings spiked to their highest level for any week this year as 240 property owners looking to take advantage of the strongest spring market in years listed their homes. That number is up from 188 last week, and higher than it was during the same period last year by 31 homes. It appears to be the highest number of Saskatoon homes listed during any single week since mid-May of 2017.

The disparity between sales and listings drove the total number of active listings available to buyers through the multiple listing service® to its highest level this year. This morning there are 1946 residential properties in various categories available on the system, up 67 from last week’s close, but down just 53 from levels recorded last year at this time.

The number of single-family homes for sale fell lower annually from 1155 to 1100. Condo inventory also softened on a year-over-year basis. Buyers have 718 to choose from today, down 130 from a year earlier.

An increasing number of entry-level buyers showed up this week and lower-end sales pushed the median sale price for the week lower to $321,000. Meanwhile, two sales that topped the $800,000 mark, and one that exceeded $900K caused the weekly average to grow to $334,825.

The six-week average price fell lower by about $2500 to $333,379 which is down about three grand from the same week last year. The four-week median price fell by seven hundred dollars from last week to settle at $329,250 to close up annually by just over nine grand.

There was little enthusiasm for overbidding this week. Just one seller got more than their asking price as the buyer of their home paid an $1100 bonus to beat another buyer to a deal. On the other hand, 82 buyers left the negotiating table having ground their seller for a discount that averaged $12,013.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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

Sales rise 16 percent over the same month of last year

A hot, dry May brought a warmer market for Saskatoon home sellers as sales rose 16 percent over the same month of 2018.

City sales came in at 422 units, up from 363 last May and 420 the year before, the Saskatoon Region Association of REALTORS® (SRAR) reported Monday. Sales are also up 10 percent year-to-date at 1,469, up from 1,342 last year.

“Sales have rebounded significantly this year, in large part due to an increase in condo sales,” said Jason Yochim, CEO of SRAR. “Condo sales are up almost 21 percent over

a year ago. Prices have been coming down, and they are very affordable compared to most housing types.”

Year-to-date, 449 condos have sold, as compared to 372 last year. Over the same period, single-family home sales rose six percent to 1,292, up from 1,215 last year. In May, single-family home sales were up 13 percent from last May.

As sales rose, unit listings fell three percent to 911 in May, down from 942 in 2018 and 1,031 the previous year. Year-to-date listings are also down three percent; so far, 3,422 homes have been listed to the Multiple Listing Service (MLS) as compared to 3,536 last year and 4,055 in 2017.

As of the end of May, buyers had 3,164 listings to choose from in Saskatoon and area, unchanged from last year. Of those, 1,938 are in the city proper (down from 2,001 last May) and 1,126 are in surrounding towns and regions (down from last year’s 1,164). “We’re finally seeing some stabilization in the housing market, which has been in buyers’ market territory for some time due to oversupply and lower consumer confidence,”

“I suspect first-time home buyers have been very active this spring based on the condo sales,” Yochim said. “When lower-priced homes sell, it has a downward effect on the average price.”

The higher sales resulted in a 17 percent dollar volume increase over last May to $140.7 million, up from $120.5 million. That’s despite a two percent drop in the average selling price, which fell to $329,595 from $334,651.

In the Saskatoon and region, including communities such as Warman, Martensville, and Dalmeny, sales rose 14 percent in May to a three-year high of 561 units. Listings fell seven percent to 1,386, down from 1,485 and 1,553 in the previous two years. Dollar volume rose 12 percent to $181.3 million from $162.3 million last year. Yochim said, “The sales to listing ratio was 46 percent in May, which is approaching a balanced market.”

In the surrounding region excluding the city, dollar volume was down 13 percent to $31.5 million from $36.3 million. Listings fell 20 percent to 317, after two years at about 390, and sales rose eight percent to 113, up from 105 last May. The average selling price fell 19 percent, however, to $279,095, after posting $346,130 last May.

Year-to-date, the surrounding region has seen a three percent decrease in dollar volume at $120 million; a three percent drop in listings, to 1,344; and unit sales of 421, up by nine percent from last year.

Jason Yochin

CEO of the Saskatoon Region Association of REALTORS®

Saskatoon home sales reached their highest level for any single week since the spring of 2015. Local real estate agents firmed up 114 residential transactions, well ahead of the 73 deals that were recorded last week. For the eighth consecutive week, home sale numbers topped those recorded during the same period of 2018. Looking back to last year, this particular week saw 86 home sales reported to the multiple listing service®.

As the week drew to a close, so did the month of May. Today, the Saskatoon MLS® shows 423 homes sales within the city, up from 364 last May, and the highest number of residential sales for any month since July 2015. May will mark the fourth consecutive month of growing demand leaving us up roughly ten percent compared to the same period last year.

Meanwhile, new listing numbers fell lower on an annual basis. Saskatoon real estate agents produced 188 new MLS® listings, down from 209 for the same week last year, but up from 147 for the previous period.

Sales and listing image

The total number of Saskatoon homes for sale on the multiple listing service slipped lower as it often does at month end. As May closed, 76 property listings came to the end of their term with no success. A robust sales week also helped bring the inventory lower. This morning there were 1879 active residential listings, down from 1910 at last week’s close, and further down from the 1953 homes that were for sale at this time last year.

Single-family homes inventory fell 11 from last week to 1068 to record an annual increase of 13 units. The number of Saskatoon condos for sale slipped from 709 last week to 691 today. That’s 126 fewer units than were available a year ago.

Active listings image

Strong sales numbers at price points just above the average brought the median price of a Saskatoon home higher to $347,000 this week. The weekly average price took more modest gains and grew to $334,083.

The six-week average price slipped close to five thousand dollars from last week to settle at $336,161. However, that’s up about thirty five hundred dollars when compared against numbers from the same week last year. The four-week median price grew by close to ten grand from last week’s close and reached $329,950 for an annual increase of roughly eight thousand dollars.

Sale Prices

Four lucky sellers closed a deal for more than their asking price this week. Those multiple bid situations netted those sellers an average bonus of $7,913. Meanwhile, 95 buyers came away from the negotiating table with a sale price that delivered an average discount of $11,419 off of the list price.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

List of sales

More weekly stats and numbers for those who love them.

General stats

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

I’m always happy to answer your Saskatoon real estate questions.  

Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra