Saskatoon home sales bounced back this week as they grew to 81 from 50 the week before. That increase was not enough to beat sales for the same period last year when 87 firm residential transactions were reported to the local MLS®.

New listing activity fell slightly lower from 166 last week to 158 for this period, and down 13 from the same week a year ago.

Active listing inventory broke away from seasonal norms and grew for the third consecutive week. As of this morning, there are 1940 Saskatoon homes for sale on the multiple listing service®, up from 1916 at last week’s close, and down from 2037 a year earlier.

A closer look at the major housing categories shows 1156 single-family homes for sale, up 20 from a week ago, and higher by nearly twice that from the close of the same week last year. Today, there are 673 Saskatoon condos for sale on the MLS® up three from last week, but down 116 from a year earlier.

This past week, 27 condos priced below $250,000 changed hands as entry-level buyers enthusiastically entered the market. The weekly median price plummetted to just $279,000 and the weekly average price fell more to $309,283.

The long-term measures that we track moved in the same direction. The six-week average price slipped about seven thousand dollars from last week to $325,670. That’s its lowest point since early May and down nine thousand dollars annually. The four-week median price fell eleven thousand dollars this week to $298,000 reaching its lowest point since early February to close the week down eighteen thousand dollars, year-over-year.

Two Saskatoon home sellers found themselves dealing with multiple offers that pushed their closing price above their asking price by an average of $4,350. Meanwhile, 71 of the week’s 81 sales closed below list price netting those buyers an average discount of $11,317.

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 Saskatoon real estate market produced fewer residential sales for the second week in a row. Local agents reported just 50 firm trades to the multiple listings service®, well down from 71 the week before. During the same period last year sales had fallen to 51.

New listing activity remained strong as 166 Saskatoon homes were added to the MLS®, up just one from the previous week but down by 16 on an annual basis.

The total number of active residential properties for sale in Saskatoon grew for the second consecutive week as sellers looked to the coming fall market in hopes of finding a buyer. As of the morning, there were 1916 active listings, up 16 from the week before, but down from 2045 a year ago.

The number of detached houses for sale grew by 19 from last week’s close finishing the week about even with levels recorded at the close of the same week last year. Condo inventory dropped by two this week. There are now 670 Saskatoon condos for sale, down from 783 a year ago.

The weekly median sale price grew again, this week by close to 15K as it reached $324,750. The average sale price for the week increased $22,000 from the previous week to reach $350,614.

Meanwhile, the six-week average price moved modestly higher. It grew by about seventeen hundred dollars compared to the previous week to finish lower an annual basis by six thousand dollars. The four-week median price took its fourth consecutive weekly decline to close the week at $309,000. That’s down 12K from a year ago and at its lowest level since February of this year. The median price is the point at which 50 percent of sales are above, and 50 percent are below. Much greater activity at the lower end of the market and a renewed interest in condos seems to be driving that decline.

Sellers hoping for some activity that would lead to overbidding were disappointed this week. Two homes were reported to have sold at the seller’s asking price, both new houses. The other 48 deals closed below the asking price and netted those buyers an average discount of $11,888.

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 July of 2019.

According to the report, "Home sales recorded via Canadian MLS® Systems rose for the fifth consecutive month in July, putting them about 15% above the six-year low reached in February 2019 but still more than 10% below the highs reached in 2016 and 2017."

Seasonally adjusted MLS® Home Price Index readings in July were up from the previous month in 11 of the 18 markets tracked by the index. July’s trends were generally in line with June’s, with virtually all of the gains recorded in housing markets east of the Prairie region. Prices were flat on a month-over-month basis across the Prairies, with the only material declines posted in the GVA (-0.6%) and Fraser Valley (-0.4%), where declines were smaller than those posted in June.

Highlights of CREA's report

• National home sales rose 3.5% month-over-month in July.
• The actual (not seasonally adjusted) activity was up 12.6% year-over-year.
• The number of newly listed homes edged back 0.4% month-over-month.
• The MLS® Home Price Index (HPI) climbed 0.6% month-over-month and 0.2% year-over-year.

• The actual (not seasonally adjusted) national average sale price was up 3.9% year-over-year.

Read the entire report on Canadian MLS® sales for July 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

Local home sales softened a bit this week as Saskatoon real estate agents reported 71 firm residential trades to the multiple listing service®. That amounts to a weekly decline of 16 units, but a year-over-year increase of six.

A total of 165 Saskatoon homes hit the MLS® this week, down three from the previous week, but significantly higher when compared against the same period last year when just 137 listings entered the system.

MLS inventory crept higher, which is not unexpected during the opening week of a new month when activity is often bolstered by the previous month’s expired listings coming back to the system. 

The week closed with a total of 1900 Saskatoon homes showing an active status on the MLS®, up 23 from a week ago, and down 122 listings compared to levels recorded at the close of the same week last year.

Condo inventory is at 672 today, up 13 from last week, and down from 774 a year ago. Today, there are 1115 single-family homes offered for sale on the system. That’s five more than last week, and three fewer than a year earlier.

Strong market activity for homes in the $300,000 - $400,000 range helped lift the weekly median sale price of a Saskatoon home off of its annual low to reach $310,000. Meanwhile, nearly ten percent of the week’s sales reported a price exceeding $500,000 which gave a hefty boost to the average sale price for the week which grew about $26K t0 $329,276.

The six-week average price fell close to six thousand dollars from last week to settle at $331,012. This measure is lower than it was at this time last year by roughly six thousand dollars. The four-week median price edged lower for the third consecutive week. It slipped just a thousand dollars from last week to $314,000 finishing the week down annually by $11,000.

Two buyers offered more than list price to beat out others who were looking to buy the same home. One of those trades paid a $5100 bonus to the seller, the other a more modest $1100. On the other hand, 64 of the week’s 71 sales closed below the listed price generating an average discount of $12,528.

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 activity remained stable on a week-over-week basis while it took a bit of a dive annually. Local agents reported 87 firm residential trades, down just one from the previous week. That’s 13 fewer home sales than were recorded through the MLS® the same week last year.

The number of Saskatoon homes listed for sale on the multiple listing service® spiked higher. They often do so in the first week of the month, as the previous month’s expired listings return for another go at the market. This week, 168 residential properties hit the MLS®, up 30 from the last week, and down seven from the same period last year.

The database of Saskatoon MLS® listings took its largest single week drop this year as the number of homes for sale slipped lower from 1931 last week to 1877 this morning. That’s 122 fewer homes than were available on the MLS at this time in 2018.

The number of single-family homes for sale closed the week at 1100, down 40 from a week earlier and finished even with levels recorded last year. That’s the first time in several months that the inventory of detached homes was not higher than it was last year. Condo numbers fell from 680 a week ago to 665 today. At the close of the same week last year this category showed 769 active listings.

In last week’s report, we saw a surge of entry-level buyers push the median sale price of a Saskatoon home sharply lower. That happened again as it fell by another forty-seven thousand dollars to reach its lowest point for the year at $276,000. Where the lion’s share of entry-level activity the previous week was with condos priced below $200K, the more popular choice this week was the $200,000-$250,000 range which accounted for a full 25 percent of the week’s sales. Again, condos won the day.

The four-week median price of a Saskatoon home fell three thousand dollars from last week’s close to settle at $315,000. That’s its lowest point since it started to climb in early April. It’s lower than it was at this time last year by about nine thousand dollars, the result of growing confidence among first time home buyers who have been buying up condo inventory to get their start in the market.

The six-week average price slipped by twenty-five hundred dollars from last week to finish at $337,903. That is up annually by three thousand dollars. It’s the eighth consecutive that the measure showed growth on a year-over-year basis.

Buyers may have shown up to buy but nobody showed any desire to pay more than the seller’s asking price this week. Rather, 82 of 87 Saskatoon home buyers stood firm and demanded the seller sharpen their pencil to close a deal. The average discount this week was $11,808.

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