It may be “the most wonderful time of the year” for family time, goodwill, and amazing food, but it’s not much of a week for real estate sales. I’m grateful for that. It’s been nice to have a little downtime to relax and reflect. I hope the holidays have been equally nice to you.

Even though the numbers are small, I’m pleased to bring you my final weekly review for 2019, and the last week in review for this decade! I look forward to continuing to keep you updated with the latest sales, listings, and pricing trends as we move forward.

Saskatoon real estate sales fell to their lowest level for the calendar year this past week with just 18 residential trades being reported to the MLS® system, down handily from the 66 units that sold the previous week, but enough to match sales for the same week last year.

New listings came in at 28, down from 76 last week, and up by three compared to activity recorded over the final week of 2018.

The inventory of Saskatoon homes for sale stayed pretty stable as we approached the close of the year. As of this morning, there are 1347 active residential listings for sale on the multiple listing service®, down just six from last week’s close, but well below the 1498 properties that were for sale on the MLS® a year ago. This is the smallest number of active listings for any week since mid-January of 2015 when inventory numbers were beginning to ramp up to break the 2000 mark for the first time.

Single-family homes inventory is at 791 this week, down just one from the previous week’s close, for an annual decline of 45 units. Condo inventory sits at 489 for a weekly drop of seven and an annual decline of 79.

Given current demand (sales over the past 30 days) which appears to have some momentum, and the total number of available MLS® listings, the “sales to listing ratio” shows the Saskatoon real estate market as having a supply of listings that would take 6.2 months to exhaust. A four to six month supply is considered to be a balanced market in which neither buyers nor sellers have a distinct advantage. A supply greater than six months is considered to be a buyer’s market, while a supply that would take less than four months to exhaust is a seller’s market.

Just like averages, this particular metric, while useful, can be misleading if we fail to remember that buyers and sellers aren’t buying an index fund. They aren’t buying or selling “the market”. They are always trading a product that fits within a much narrower market niche. It’s important to understand how the supply and demand dynamic is affecting the specific property they wish to buy or sell.

To make the point, let’s look at supply and demand for the two major housing categories, single-family homes, and condominiums.

There are currently 791 single-family homes for sale in Saskatoon. Over the past 30 days, 146 homes in this category have traded. 

791 listings / 146 sales = 5.4 month supply = balanced market

Meanwhile, there are 489 active condo listings. Over the past 30 days, there have been 59 sales.

489 listings / 59 sales = 8.3 month supply = buyer’s market.

Buyers and sellers should drill much deeper than this to fully understand how the supply-demand equation affects them. There will be significant differences across areas and price ranges so be sure to ask your agent for the specifics that relate to the area, price range, and housing category that applies to you. 

Let’s do one more bit of math to make the point crystal clear.

There are currently 202 single-family homes for sale in Saskatoon with a price of between $300,000 and $400,000. Over the past 30 days, 51 of these homes have traded.

202 listings / 51 sales = 4 month supply = balanced market (just barely).

So, a seller of a single-family home that is priced between $300,000 and $400,000 is in a much better position than the broader market would suggest. That’s useful information for both the buyer and seller in this transaction to understand going into the negotiation. People who are armed with the right information can come to an agreement much easier than those who are operating with bad information.

Reality versus fantasy.

Saskatoon home prices were higher this week on every measure we track. The weekly median price grew by nearly 30K to close at $350,750 as entry-level buyers pulled a disappearing act. There were no sales below 200K and only two below $250,000. The weekly average price grew just as much as it jumped to $373,480. Again, with just 18 sales in the mix, it’s easy to see how just a few big sales or small sales can skew the numbers.

The six-week average price took a jump to $331,773 for a weekly increase of about nine thousand dollars and an annual loss of six thousand dollars. The four-week median price was least moved as it inched up just a few hundred dollars from last week to reach $316,635 for an annual decline of more than eleven thousand dollars.

As is often the case, Christmas week produced the largest average discount of the year as 17 of the week’s sales reported a sale price below the asking price. Those buyers saw an average price drop of $18,751 from the seller’s listed price. That number was sharply skewed by one upper-end sale that went 70K below the asking price. There were no overbids at all this week.

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 again for reading the week in review. I appreciate you and wish you the very best for 2020.

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

Another solid sales week continued to drive December sales in the Saskatoon real estate market, continuing on the momentum that’s been building over this final quarter. At the close of business yesterday, 185 sales were on the books for the month, now 45 units ahead of sales for the entire month last year.

A total of 66 residential sales were processed through the multiple listing service® this week, up 20 units from the previous week, and ahead of sales for the same period last year by 14.

New listing numbers were stronger than I might have guessed they’d be. Saskatoon real estate agents added 70 residential properties to the MLS®, down three from last week, to exceed last year’s number by one.

The inventory of active listings fell to its lowest point for any week since January of 2015. As of this morning, there are 1353 Saskatoon homes offered for sale on the MLS® system, down by 49 from a week earlier, and lower annually by 180 properties for an annual decline of about 12 percent.

There are currently 792 single-family homes for sale in the city, down from 867 at this time last year. Condominium numbers have fallen to 496 from 570 last year for an annual decline of roughly 14 percent.

A strong week of sales for apartments edged the median sale price for the week lower to $323,450 while ten sales that posted prices greater than 500K pushed the weekly average sale price higher to $342,459.

The six-week average price fell for the second week in a row to settle at $322,540. That is the lowest it’s been since early April, and down about twelve thousand dollars annually. The four-week median price took its fourth consecutive decline to end the week at $316,068 for an annual drop of about thirty-five hundred dollars. 

One Saskatoon home seller had the good fortune of an above list sale price that paid them a bonus of $2500. Meanwhile, 60 of the week’s 66 sales closed below the seller’s asking price to net those buyers an average discount of $14,918.

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. 

Though the numbers will be small, there will be a report next weekend. No sense messing up a 667-week roll, right?

Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review. If you do celebrate, my team would like to extend our best wishes to you and your family for a lovely Christmas.

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 November of 2019.

According to the report, "Home sales recorded via Canadian MLS® Systems inched up by 0.6% November 2019. Notching its ninth straight monthly gain, activity stands 20% above the six-year low reached in February 2019 but 6% to 7% below heights recorded in 2016 and 2017."

"National measures of market balance continue to mask significant and increasing regional variations. The number of months of inventory has swollen far beyond long-term averages in Prairie provinces and Newfoundland & Labrador, giving homebuyers ample choice in these regions. By contrast, the measure is running well below long-term averages in Ontario, Quebec and Maritime provinces, resulting in increased competition among buyers for listings and providing fertile ground for price gains. The measure is still within a balanced market territory in the Lower Mainland of British Columbia but is becoming increasingly tilted in favour of sellers."

Highlights of CREA's report

• National home sales rose 0.6% month-over-month (m-o-m) basis in November.
• Actual (not seasonally adjusted) activity was up 11.3% year-over-year (y-o-y).
• The number of newly listed properties dropped by 2.7% m-o-m.
• The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 2.6% y-o-y.
• The actual (not seasonally adjusted) national average sale price climbed 8.4% y-o-y.

Read the entire report on Canadian MLS® sales for November 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 real estate sales fell sharply this week. As we pushed towards mid-December it appears that people were more likely to be buying Christmas gifts than homes. Local REALTORS® reported just 46 firm residential sales to the multiple listing service®, down from 73 the previous week, for an increase of two when compared against sales for the same week last year.

New listing activity, which had already tumbled last week slipped a bit lower to 70, down just three from a week ago for an annual decline of 16. Listing activity will remain low through the balance of December. Most people aren’t looking for extra traffic through their home over the holidays.

The number of Saskatoon homes showing an active status on the MLS® system fell to its lowest point since early February. By this morning, home buyers have 1402 options to choose from, down 39 from last week’s close, and lower than it was at this time last year by close to 200 units. I believe that to be the largest annual decline recorded this year, but like the other measures (sales, new listings, and even prices) these numbers should be taken with a grain of salt. Motivations swing wildly at this time of the year. That said, there’s no question that the trend is towards lower supply and higher demand which should mean continued balance in the market, at least for a while.

A closer look at housing categories shows 829 active single-family homes for sale in Saskatoon, down from 858 last week, and 896 a year ago. Condo inventory is sitting at 507, down just four from a week ago, and lower than last year by 91.

Buyers seeking homes below the $200,000 mark pretty much disappeared this week to drive the median sale price for the period higher to $327,500. The average sale price for the week slipped lower to $321,764. 

Meanwhile, the six-week average price softened modestly. It dropped to $329,482 for a weekly decline of about seven thousand dollars, which is about 10K shy of where it stood at this time last year. The four-week median price of a Saskatoon home fell for the third week in a row, this time by close to four thousand dollars to leave it down annually by seven thousand dollars.

Two sellers got an early Christmas surprise as competing buyers drove the selling price of their home above the asking price, one by $5,100 and the other by $16,100. Buyers had a good week as 39 managed to close a deal below the asking price with a hefty average discount of $14,232.

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