Winter showed its reluctance to yield during this first week of spring but the Saskatoon real estate market continued to cook.

Local agents reported 134 Saskatoon homes sold to the multiple listing service®, a drop of eight from the previous week, but once again, more than doubling sales recorded over the same week last year when 60 homes were sold.

New listing activity continued at a spring-like pace as 212 home owners offered a property for sale on the MLS®. That number is down 15 from the week before, but way up from the 63 properties that came on the market over the same period of 2020. If you don’t recall, this was the week last year when the COVID crisis was kicking into high gear with “states of emergency” being declared across the country. Listing a house was not something that many people had on their minds.

This period brought the fifth consecutive week of growth in the inventory of MLS listings in the residential category. Over the course of the week, it grew to 1253 for a weekly increase of 45 units. That’s lower annually by just 213 properties, the smallest year-over-year decline in nearly a year. As you can see by the line on our “Active Listings” chart, we are quickly closing in on last year’s levels. Of course, extraordinary demand is handily offsetting the potential benefits that buyers might be hoping to gain by its growth.

Today, single-family homes inventory sits at 545, up 22 from a week earlier, but down from 862 annually. Meanwhile, available condo numbers have grown to 635, up 23 from last week, and further up from 523 at this time last year.

30-day sales took a massive leap from 471 last week to 529 this week.

Here’s what “months of inventory ” look like across the broader market, and by category.

All residential - 1253 active listings / 529 sales = 2.4 month supply. (Lower than last week by 0.2 months. Seller’s market conditions).

Single-family homes - 545 listings / 356 sales = 1.5 month supply (Down .2 months from last week. Extreme seller’s market conditions).

Condos - 635 listings / 140 sales = 4.5 month supply. (Down from 4.9 months last week and “balanced” now for the eighth week in a row).

There were more upper-end sales this week than last and that pushed the median sale price for the week higher to $364,678. You may recall that last week there were four homes that sold for more than $1 million dollars. With those out of the mix this week, the weekly average price fell lower to $362,469.

Looking at a little longer period of time, the six-week average price grew again to reach $365,757. That is up just a little more than two thousand dollars weekly, and up nearly 29K annually. It’s the highest level this measure has reached since the middle of 2016. 

The four-week median price fell slightly lower to $356,680. That’s roughly three thousand dollars lower than it was the previous week, but up eighteen thousand dollars annually.

The number of sales that were reporting a price above the seller’s asking price slipped lower to 17, down from 24 last week. The average overbid was also lower, by just a few hundred dollars at $6,918. On the flip side of the negotiating table, 91 sales were reporting a price below the asking price with an average discount of $9,274.

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

As we moved through the final week of this Saskatchewan winter Saskatoon home buyers and sellers were out in full force setting new annual highs for both sales and new listings.

Local REALTORS® reported 141 firm residential sales to the multiple listing service® this week. That’s higher than last week by 46 units, and well over double sales for the same week last year when 64 homes traded hands.

New listings shot higher to 227 for a weekly increase of 50 units and finished up annually by 87 properties. This is the eighth consecutive week in which new listings recorded year-over-year gains. This was about the time last year that COVID concerned sellers who were not in a rush to sell began to withdraw from the market. We should see large annual gains to new listings for at least the next month. 

The database of active MLS® listing grew for the fourth week in a row to reach 1208. That’s higher than last week’s close by 48 properties, and down annually by 294.

Most of the gains can be counted in the single-family homes category where listings grew to 523 this morning, from 495 a week earlier. At this time last year, the MLS® was offering up 879 single-family homes as “active.” 

Condo inventory grew to 623 for a weekly increase of ten units and an annual jump of 87.

30-day sales grew again as they have each week this year, this week reaching 471.

Here’s what “months of inventory ” look like across the broader market, and by category.

All residential - 1208 active listings / 471 sales = 2.6 month supply. (Lower than last week by 0.1 months. Seller’s market conditions).

Single-family homes - 523 listings / 308 sales = 1.7 month supply (Down .15 months from last week. Extreme seller’s market conditions).

Condos - 623 listings / 127 sales = 4.9 month supply. (Down from 5.6 months last week and “balanced” now for the seventh week in a row).

Far more entry-level buyers were active this week. Robust sales at prices below $300K ushered the weekly median sale price lower to $346,900 while three home sales above the $1 million dollar mark pushed the weekly average sale price higher to $381,539.

The six-week average price hit a new high for 2021 at $363,517. That’s up about eight thousand dollars from last week, and higher than it was a year ago by thirty-two thousand dollars.

The four-week median price took a small dip to $359,900. That is down just two hundred dollars from last week, and higher annually by thirty-five thousand dollars.

Over the course of the week, there were 24 transactions that reported a sale price that exceeded the seller’s asking price. The average overbid was $7,254. Meanwhile, 98 of the week’s sales sold for less than the listed price to net those buyers an average discount of $10,814.

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

After reaching a new high point last week, Saskatoon real estate activity cooled a bit on both the sales and new listings front.

Local agents reported 95 firm residential trades to the multiple listing service®, down nine from last week’s numbers, but higher by 24 units when compared to sales for the same period last year.

New listing activity fell lower to 177. That’s 36 fewer homes than had hit the market last week but higher by 15 when compared against new listings for the same week last year.

The inventory of active Saskatoon real estate listings grew for the third consecutive week and reached 1160 by the close of business Friday. That’s higher than last week’s close by 39 units, and the second-largest weekly gain this year. The line is moving upwards, thank goodness. At this time last year, there were 1474 residential listings displaying an “active” status on the MLS®.

Today, the inventory includes 495 single-family homes, up by ten from a week ago, but sharply lower than 869 properties available at this time last year. Condo inventory grew to 613, for a weekly increase of 35 and annual growth of 90 units.

30-day sales grew again as they have each week this year, this week reaching 427.

Here’s what “months of inventory ” look like across the broader market, and by category.

All residential - 1160 active listings / 427 sales = 2.7 month supply. (Lower than last week by 0.1 months. Seller’s market conditions).

Single-family homes - 495 listings / 268 sales = 1.85 month supply (The same as last week. Extreme seller’s market conditions).

Condos - 613 listings / 110 sales = 5.6 month supply. (Up from 5.2 months last week and quickly headed back towards buyer’s market territory, but “balanced” now for the sixth week in a row).

The upper-end market has been particularly strong lately and this week was no exception, The weekly average price moved sharply higher to $375,209 thanks to a single sale above $1.3 million. The weekly median grew again to $363,500.

Looking a little more long-term, the six-week average price of a Saskatoon home reached a new annual high of $355,351. That’s up on a year-over-year basis by more than twenty-eight thousand dollars. 

The four-week median price also reached its high point so far this year growing more than ten thousand dollars this week and reaching $360,102 for an annual gain of $35,000.

The number of sellers who closed a deal for more than their asking price fell lower from 17 last week to just 10 this week. The average overbid, on the other hand, was lofty as it grew from $5,237 last week to $12,280 this period. 63 of 95 sales closed at a price below the listed price netting those buyers an average discount of $11,458.

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

Saskatoon real estate activity reached a high point for the year in both sales and new listings this week.

Local agents reported 104 Saskatoon homes sold this week to produce our highest volume week since mid-October. That’s higher than last week by ten sales and well more than double what we saw during the same week last year when just 46 sales were completed. That said, this will be just about the time, a year ago, when COVID concerns were heating up. I expect we’ll consistently see large year-over-year sales gains for the next few months.

New listings followed suit as 213 Saskatoon homes hit the market. That is higher than last week by 50 units, and higher than the same week last year by 15. New listings have been higher annually every week this year, except one.

The number of active listings offered for sale on the multiple listing service® saw its largest weekly gain, now for the second consecutive week. As of this morning, home buyers could find 1121 homes showing as “active”. That’s higher than last week’s close by 49 homes. On an annual basis, inventory is lower by 329 units.

Today, there are 485 single-family homes for sale, up from 464 at last week’s close and down from 855 a year ago. Condo inventory sits at 578 today, up by 32 from a week ago. At this time last year, there were 513 Saskatoon condos for sale.

30-day sales grew again as they have each week this year, this week reaching 404.

Here’s what “months of inventory ” look like across the broader market, and by category.

All residential - 1121 active listings / 404 sales = 2.8 month supply. (That’s the same as last week. Seller’s market conditions).

Single-family homes - 485 listings / 262 sales = 1.85 month supply (Up from 1.8  months last week. Extreme seller’s market conditions).

Condos - 578 listings / 111 sales = 5.2 month supply. (Up from 4.7 months last week and in the balanced market territory, now for the fifth week in a row).

With continuing strength at the price points well below the average, and about half as many sales above $500K as the previous week, both the weekly median price and the weekly average price fell lower to $351,450 and $342,374 respectively.

The four-week median price grew for the fifth consecutive week to hit $349,900, the highest number we’ve seen since the end of April 2017. It’s up nearly ten thousand dollars from last week, and higher annually by twenty-five thousand dollars.

The six-week average price inched lower on a weekly basis, down about $600. It claimed a year-over-year increase of 22K.

Overbid activity reached a new annual high with 17 homes selling for more than the seller had been asking. Those deals saw an average overbid of $5,237. That’s just a couple hundred dollars lower than it was last week. Meanwhile, 70 of the week’s 104 sales reported a price below the list price by an average of $12,163.

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.

NOTE: there is a Queen Elizabeth area sale in this list that appears to have gone nearly $130,000 below the list price. This is a data entry error. The sale price is actually $392,500 and not $292,500 as reported here. I have adjusted the averages accordingly in my reports.

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

…if you mess with the numbers.

When you apply for a mortgage pre-approval, the primary goal is to bring you some certainty in the home buying experience. You can come away knowing what you can afford, and that a lender is willing to lend you money.

But, don’t forget, the lender is most concerned about getting their money back, plus interest.

So, they view you as a risk. With that in mind, they look at your work history, your income, your current debt load and how well you’re managing it, and how much money you are bringing to the table (“skin in the game” so to speak).

Once you’re pre-approved if you do anything that changes these things (job change, a new loan, missed payments) you have removed the certainty that the pre-approval provided and you’re back to square one.

And, they will check up on you again to make sure your loan still makes sense for them. If it doesn’t you’re done.\

________________________________

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 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra