Merry Christmas to all who celebrate!

Home sales fell lower this week, as they typically do at this time of year. Saskatoon real estate agents reported 53 firm residential trades, down from 70 last week, but well up from just 18 over the same week last year.

New listings took an even bigger dive. Across the week, 39 Saskatoon home sellers put up a for sale sign. That’s fewer than we saw last week by 31, but higher than the same week last year by 11.

Active MLS® listings continued the trend that began in September and fell lower to 1038. That’s down 32 units from last week’s close, and below levels recorded at this time last year by 309.

Today’s totals include 503 condominiums, down 11 from last week, but up 14 when compared against numbers recorded at the end of the same week last year. Available single-family homes fell lower by 23 compared to the previous weekend settled at 471. That’s 320 fewer houses than could be found on the multiple listing service® a year ago.

Overall supply, relative to demand, improved slightly this week, even with 30-day sales at a low point since the market hit the COVID tank in April. This week, that number came in at just 294 which leaves us with a 3.5 month supply of homes, up from 3.4 last week.

1036 active listings / 294 sales = 3.5 months. This is up from 3.4 months last week.

Sales activity at the entry-level of the Saskatoon real estate market remained strong and brought both the average price for the week and the weekly median price lower to $321,053 and $310,000 respectively.

The six-week average price slipped lower by about two thousand dollars this week and finished the period at $336,984. That’s higher than it was at this time last year by just over five thousand dollars. The four-week median price came in at $333,000 for a weekly drop of five thousand dollars and an annual increase of more than 16K.

Two lucky Saskatoon home sellers saw a deal firm up for more money than they had asked. Those deals paid a bonus of $5,100 and $10,100 for an average of $7,600. On the flip side of the negotiating table, 43 of the week’s 53 deals closed below the asking price to net those buyers an average discount of $11,809.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over list price sales, even when I have reported the number as 0. Those sales are typically new properties that spent some period of time on the market, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells at a price of $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing 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. 

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 350,000 user sessions in the past year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

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

In its latest Housing Market Assessment released last week, the Canada Mortgage and Housing Corporation found that the Saskatoon housing market poses a low risk by all measures assessed in the research.

Overheating? Low risk.

Price acceleration? Low risk.

Overvaluation? Low risk.

Overbuilding? Low risk.

Here's a short Global News story on the report, below. This link will deliver the report in its entirety.

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Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 350,000 user sessions in 2020 and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

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 agents reported 70 homes sold this week to wrap up the 28th consecutive week in which sales met or exceeded those recorded over the same period last year. This week’s sales numbers are up by seven units from the previous week’s tally, and up by four when compared to the same period last year. 

The new listing activity took a massive dive falling from 120 last week to just 75. On an annual basis, new listings slipped by just one. Listing activity is always fairly weak from mid-December through to the early new year.

The inventory of active MLS® listings took its largest single-week dip this year, falling by 54 units to settle at 1068 by the close of business Friday. That leaves buyers with 285 fewer options than were available a year ago.

Condo inventory grew slightly from 496 a year ago to 515 today while the inventory of single-family homes was down sharply having fallen from 792 at this last year to 494 today.

Let’s dive into our supply/demand measurement of “months of supply.” Again, we can measure the balance between the two by dividing the total number of active listings by the number of sales over the past 30 days. If the “months of inventory” falls below four, we would call that a “seller’s market”. A supply of four to six months is “balanced”. A supply greater than six months is a “buyer’s market.”

This week, 30-day sales fell to 317 continuing the trend that’s been clear for the past three months.

1068 active listings / 317 sales = 3.4 months. This is up from 3.2 months last week.

Sales activity below the $250,000 mark was strong enough to bring the weekly median sale price, and the weekly average price lower to $330,500 and $342,949 respectively.

Meanwhile, both of our longer-term price measures moved higher.

The six-week average price broke a six-week losing streak as it grew from $334,306 last week to $339,171. Over the same week last year, this measure fell unusually low so we’re seeing a 17K annual gain this week.

The four-week median price took a big jump from $328,500 last week to $338,000. That’s up by $22,000 from the close of the same week last year.

Above list price sales fell to four. Those sellers took an average bonus of $5,433. Meanwhile, 59 of the week’s sales were reporting a sale price that was lower than the list price by an average of $13,188.00.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over list price sales, even when I have reported the number as 0. Those sales are typically new properties that spent some period of time on the market, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells at a price of $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing 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. 

This will be my last pre-Christmas report. To those who celebrate, we wish you a wonderful Christmas. Regardless of your customs, I hope you can find the time to relax, refresh, and enjoy time with those in your household over the holidays.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 350,000 user sessions in the past year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

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

December is always predictable. It’s consistently the weakest month of the year for the Saskatoon real estate market. While the market continues to perform remarkably well for the season, the sales slide continues.

This past week, local agents reported just 63 Saskatoon homes sold, down from 84 the previous week, but up 13 units from the same week last year.

New listings continued to flow into the MLS® database at a pretty good clip. Last week, 120 home owners signed a new listing agreement. That’s 18 more homes than were listed the previous week, and 50 more than we saw over the same period of 2019.

With new listings nearly doubling sales, the inventory of active Saskatoon real estate listings moved higher, which is quite unusual for this time of year. By the time the dust settled, the inventory of active listings in the residential category moved from 1103 last week to 1122 today. At the close of the same week last year there were 1402 Saskatoon homes for sale.

Today, there are 534 detached homes for sale, way down from 829 a year earlier. There are also 524 condos available to buyers, up from 507 at this time last year.

Let’s have a quick look at how sales (demand) and listings (supply) are playing out.

Interestingly, the 30-day sales number actually rose this week. That’s the first time that’s happened in a couple of months. Over the period, local REALTORS® have reported 358 homes sold. Even with the modest bump to the listing inventory, these figures bring our “months of supply” slightly lower. We have 3.1 months of inventory today, down from 3.2 last week.

Even with a small selection of available homes, the next three weeks may present some of the best opportunities that buyers have seen in months if something comes up that strikes their fancy. These can be lonely weeks for a seller who needs to get moving. Viewings will begin to fall off sharply this next week as people focus more on the holidays. At least, that’s what happens typically. This year has proven to be anything but typical. 

There was not a great deal of movement for any of the price measures we track. The average selling price of a Saskatoon home moved up just two thousand dollars from last week to $356,528, while the weekly median nudged up 5K to $350,000.

The six-week average price fell just a few hundred dollars to record its sixth consecutive weekly decline. It’s at $334,306 this week, which is still up by five thousand dollars from this time last year. The four-week median price rose for the second time in two weeks to reach $328,500. That’s up just over ten thousand dollars annually.

Above list price sales came in at six. The average overbid was $4,850 with three of those six sales selling $100 above the asking price, to leave the other three lucky sellers rolling in Christmas cash. Meanwhile, 53 of 63 sales were reported to have sold at a price below the list price by an average of $11,952.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over list price sales, even when I have reported the number as 0. Those sales are typically new properties that spent some period of time on the market, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells at a price of $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing 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. 

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 345,000 user sessions in the past year and displayed more than 2.9 million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

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 agents reported 84 firm residential transactions to the multiple listing service®, ten more than last week, and higher by 11 when compared against sales for the same week last year. This marks the 26th consecutive week in which sales either met or exceeded those from the same week last year. 

New listings took a jump this week as a number of listings that expired in the final days of November returned for another go at the market. Over the week, 102 Saskatoon homes were offered for sale. That’s up 19 from last week and lower by 11 annually.

The inventory of active MLS® listings took another big dip falling from 1170 at last week’s close to just 1103 today. That is now the lowest active listing count for any week since the first week of 2014 (last week we had fallen to the lowest point since the final week of 2014), so we are now nearing a seven-year low. I’m guessing that we’ll dip below 1000 before the year is out. That hasn’t happened since the first quarter of 2013.

Today, Saskatoon home buyers can find 542 single-family homes on the MLS®, down 50 from a week ago, and lower annually by 316. There are also 497 Saskatoon condos for sale, down 14 from last week, and dipping 19 annually.

Let’s have a quick look at how sales (demand) and listings (supply) are playing out.

As expected, 30-day sales continued on a downward trend. They fell to 346 at this week’s close. With active listings now at 1103, that gives us 3.2 months supply of inventory which is unchanged from last week.

Condo supply sits at 5.8 months, while the supply/demand balance for single-family homes is far tighter at just 2.3 months.

With 13 sales recording a sale price above the half-million-dollar mark and a weaker performance below $200,000 both the weekly median price and the average price grew. Those measures reached $345,000 and $354,439 respectively.

The six-week average price continued to trail lower, now for the fifth consecutive week. It wrapped up this period at $334,794. That’s down just $400 from last week but lower on a year-over-year basis by $2,000. That’s the lowest level it has reached since mid-April.

The four-week median price closes the week at $327,000 for a near 17K increase from last week and up about five grand annually.

Four lucky sellers met a buyer willing to pay more than the asking price. Three of those four deals closed with a $100 overbid, while the fourth buyer dug deep and offered $11,100 more than the seller was asking. Buyers had their way in 68 of the week’s 84 trades to net an average discount of $12,150.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over list price sales, even when I have reported the number as 0. Those sales are typically new properties that spent some period of time on the market, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells at a price of $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing 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. 

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 345,000 user sessions in the past year and displayed more than 2.9 million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

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

This week, someone asked me what I do outside of work to “fuel my life” and bring energy to it.

I have my physical fitness routine️‍ and I’m very committed to that, but the things we do all of the time can become somewhat rote over time. You may crave them, even need them, but there’s nothing like variety to add a spark.

And who doesn’t need a little spark these days?

With some prodding, the question turned to “what’s one thing that you’ve always wanted to do but never taken the time to do?”

With a little reflection, I realized that I’ve let some important things slip away and that it’s time to reclaim them.

I was a huge music fan at one time. Before I was 16 I had saved up and bought an awesome stereo. I walked ‍to Kelly’s Stereo Mart every Saturday to buy three and four dollars albums. I spent hours listening and combing through the liner notes.

I always wanted to be able to sing. 

So, dammit! I’m going to learn and I’ve already taken the initial steps to get that underway.

I gotta say, I’m excited!

What are you doing outside of work to bring energy to your life?

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TeamFisher.com hosted nearly a quarter of a million user sessions and displayed more than 2.8 million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes..

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

I’ve been speaking with a home buyer who asked me to connect him with a mortgage person for a pre-approval.

A mortgage pre-approval is an important part of the home buying process, and the earlier the better.

By speaking with a lender, you’ll understand exactly what you qualify to borrow. This will give you credibility at the negotiating table, a protected interest rate, and guidance to substantially streamline the home search process.

Now, my broker pre-approved my client to buy a home worth $500,000. The client responded by saying, he has “a friend in the business” who told him he could spend up to $650,000.

This is not an indication that his “friend” has some pull that the first mortgage broker didn’t have, it’s an indication that someone has made a mistake.

The amount of mortgage money that you can qualify for is arrived at using mathematics.

It really is as simple as that.

In this video, I explain how these numbers work.

Thanks for watching.

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TeamFisher.com hosted nearly a quarter of a million user sessions and displayed more than 2.8 million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes..

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