After two weeks of sales that reached some of the lowest levels recorded this year, Saskatoon real estate agents reported a spike in sales activity as 110 homes were reported as firmly sold to our MLS®. That number is higher than the previous week’s by 27 units and right on par with sales recorded over the same week last year.

The new listing activity moved sharply in the opposite direction with just 130 Saskatoon homes being added to the database of the multiple listing service®. That’s 56 fewer homes than were listed the previous week, and lower by 30 annually.

With heightened sales and weakened new listing activity, the total number of Saskatoon homes available to home buyers on the MLS® fell lower. By the close of business this week, our active listings inventory had slipped to 1370, down 42 from a week earlier, and lower annually by 155. In early April, the number of Saskatoon homes for sale had grown rapidly and reached levels recorded in 2020. In recent weeks, as the number of Saskatoon homes has fallen, the annual gap has been growing.

Today, there are 728 single-family homes for sale on the system, down 23 from last week and down annually by 126 properties. Condi inventory is at 563 today, down 22 from last week and lower on a year-over-year basis by 28.

The number of Saskatoon homes to have been reported sold over the past 30 days saw a small uptick, thanks to the robust activity that hit us this week. That measure moved from 424 last week to 427 this week. In spite of that gain, the smaller number of available listings served to lower “months of inventory” in all three categories that I’ve been tracking, but just modestly so.

All residential - 1370 active listings / 427 sales = 3.2 month supply (down 0.1 months from last week, still up 0.4 months in three weeks)

Single-family homes - 728 listings / 274 sales = 2.7 month supply (down 0.1 months from last week, still up 0.4 months in three weeks).

Condos - 563 listings / 133 sales = a 4.2 month supply. (down 0.2 months from last week and still up 0.5 in three weeks).

Activity at price points well below the average brought the weekly median sale price to its lowest recorded level since the opening weeks of 2020. It came in at just $285K as entry-level buyers snapped up small detached homes and condos. The average sale price slipped lower for the fourth consecutive week, this week to $324,168.

Looking a little longer-term, the four-week median sale price fell to a new annual low of just $309,000 as it dropped 21K from last week to lose 34K annually. The six-week average price came close to hitting new annual lows but managed to stay above the previous two weekly low spots from the closing weeks of January. It’s now sitting at $344,418. That’s lower than it was a week ago by roughly six thousand dollars and down on a year-over-year basis by a touch more than 10K.

Overbid sales came in at ten, with nearly all of that activity occurring in eastside areas. Those ten sales saw an average overbid of $8,336. Meanwhile, 94 of the week’s 110 sales closed at a price that was below the asking price by an average of $9,823.

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 450,000 user sessions in the past year and displayed more than four 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

For the second week in a row, we saw the number of Saskatoon homes that sold through the multiple listing service® slip lower. This week, sales came in at 83 units, the lowest number for any week since the first week of February. We were down just two sales from last week but lower annually by 21.

The new listing activity also continued to cool. This past week, just 186 Saskatoon homes hit the MLS®. That’s down 21 units from last week and lower by ten when compared against the same week last year.

The total number of homes for sale on the MLS® grew for the second consecutive week to reach 1412, up 11 from last week’s close, and down by 124 from where the numbers stood a year ago.

Today, there are 751 single-family homes for sale on the system, up 11 from last week, and lower by 109 units when compared against the close of the same week last year. Additionally, there are 585 Saskatoon condos for sale. That amounts to a gain of six from last week and it’s down seven from a year ago.

As we very clearly move into a softer season for sales, the number of sales over the past 30 days fell sharply for the second consecutive week, this week falling to just 424, down 45 (10%) from last week.

With a slightly higher listing inventory and significantly fewer sales, conditions improved substantially for buyers, even as two of the three categories that we report on remain in seller’s market territory.

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

All residential - 1412 active listings / 424 sales = 3.3 month supply (up 0.3 months from last week, now up 0.5 months in two weeks)

Single-family homes - 751 listings / 266 sales = 2.8 month supply (up 0.3 months from last week, now up 0.5 months in two weeks).

Condos - 585 listings / 133 sales = a 4.4 month supply. (up 0.5 months from last week and now up 0.7 in two weeks).

The weekly median price bounced back from $310,000 last week to $330,000 this week while the average sale price for the week slipped lower from nearly $350,000 to $328,529.

Meanwhile, the six-week average price fell lower, dropping almost two thousand dollars from last week to settle at $352,856. That’s higher than it was a year ago by roughly $2,500. The four-week median price that had been in a free fall for 15 weeks stayed stable for the third week in a row. It ticked up just a thousand dollars from last week to $325,000 which is lower annually by 15K.

The number of homes that sold for more than the asking price fell by one on a weekly basis. Those 11 home sellers sold for just $3,348 more than the asking price, the lowest average overbid for many months. Another 64 sellers gave up a bit at the negotiating table to close a sale below their asking price, on average by $7,159.

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 450,000 user sessions in the past year and displayed more than four 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

The Canadian Real Estate Association (CREA) recently released national sales statistics for August of 2021.

According to the report, "Home sales recorded over Canadian MLS® Systems edged back a slight 0.5% on a month-over-month basis in August 2021, as transactions appear to be stabilizing at more sustainable but still historically active

levels."

“Canadian housing markets appear to be stabilizing somewhere in between pre-and peak-pandemic levels – which is
to say, still extremely unbalanced,” said Shaun Cathcart, CREA’s Senior Economist. “As far as campaign promises around building more homes, at least we are finally having the right conversation. But as anyone who has tried to
get even a small project done in the last year knows, availability of materials and skilled labour are not dials that
can simply be turned up to 11 whenever we decide we need them. And that’s not to mention all the other barriers
to building, of which there are many. It’s definitely easier said than done.”

 Highlights of CREA's report

•             National home sales edged back 0.5% on a month-over-month basis in August;

•             Actual (not seasonally adjusted) activity was down 14% on a year-over-year basis;

•             The number of newly listed properties ticked up 1.2% from July to August;

•             The MLS® Home Price Index (MLS® HPI) rose 0.9% month-over-month and was up 21.3% year-over-year;

•             The actual (not seasonally adjusted) national average sale price posted a 13.3% year-over-year gain in August.

Read the entire report on Canadian MLS® sales for August of 2021.

Read also, CREA's updated Housing Market Forecast.

________________________________

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 sales continued that up and down dance that we’ve been experiencing since sales peaked in mid-June. This week, sales fell to their lowest level since the first week of February. Local agents reported just 85 firm residential trades to the MLS® system for a weekly decline of 31 units, while maintaining some gains over the same week last year when just 75 deals closed.

The new listing activity moved in the opposite direction recording big gains on the week, and annually. A total of 207 Saskatoon homes were added to the multiple listing service®, up 54 units from last week, and ahead of the same period last year by 34.

Softer sales and robust listing activity brought the total number of Saskatoon homes available through the MLS® higher to 1401. That’s ahead of the previous week by 26 listings and down 116 homes from last year at this time.

The largest growth occurred in the single-family homes category which grew from 723 a week ago to 740 today but still down by 105 units on a year-over-year basis. Condo inventory inched up to 579 for a weekly increase of just four and an annual drop of four units.

You may recall if you’ve been following that 30-day sales have been declining fairly consistently over the past two months. Last week, they grew some, but this week the slowing trend resumed as the number of homes to have sold over the past 30 days fell lower to 469. That’s the lowest number of sales (over 30-days) that we’ve recorded since the second week of March.

This brought slightly better conditions for buyers across the three categories I’ve been watching.

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

All residential - 1401 active listings / 469 sales = 3.0 month supply (up 0.2 months from last week)

Single-family homes - 740 listings / 293 sales = 2.5 month supply (up 0.2 months from last week).

Condos - 579 listings / 150 sales = a 3.9 month supply. (up 0.2 months from last week).

Both the weekly median sale price and the weekly average sale price fell modestly lower to $310,000 and $349,058 respectively.

The six-week average price fell by less than $200 from last week to settle at $354,665. That’s lower than it was at the close of the same week last year by two thousand dollars. The four-week median price lost a thousand dollars from a week ago as it came to $324,000 to give up about 16K annually.

Overbidding activity was quite strong as 12 sellers reported a sale price above their asking price while the average overbid fell lower to $7,367. That’s about half of what it has averaged over the past two weeks. Meanwhile, 67 of the week’s 85 sales sold for less than the asking price. The average discount on those was $11,283.

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 450,000 user sessions in the past year and displayed more than four 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

Saskatoon homes sales bounced back again growing by 20 from last week to reach 116. This is the second consecutive week to record an annual decline. This week we lost 11 unit sales when compared to the same week last year.

The number of new Saskatoon real estate listings to hit the market also fell lower for the second week in a row. Local agents added 153 Saskatoon homes to the multiple listing service®. That’s down from 168 the week before and lower annually by 34 properties.

Fewer new listings, stronger sales numbers, and a solid handful of listings that expired without a sale as August closed brought the number of active real estate listings in Saskatoon lower to just 1375. That’s 80 fewer homes than were available the week before. Last year at this time Saskatoon homes buyers had nearly 1500 listings to choose from.

Today’s totals include 723 detached houses, down from 779 last week and further down from 832 a year ago. In addition, we now have 575 condominiums, down from 597 last week, and up just four units from what was available at this time last year. 

Despite the gap between sales and new listings, a good number of canceled and expired listings kept the inventory of residential MLS® listings from growing much. At the close of business Friday, we had 1455 Saskatoon homes for sale, up just one from the previous week’s close, and lower on a year-over-year basis by 87.

Both condos and single-family homes numbers were largely unmoved from last week. We have 779 detached houses for sale, down from 867 last year at this time, and 597 condos, up by 21 from a year ago.

After falling to its lowest level since March last week, 30-day sales rebounded to 498 for a weekly gain of 23 units.

Still, even with a decent increase in sales, the lower level of available inventory created even tougher conditions for anyone wishing to buy a home.

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

All residential - 1375 active listings / 498 sales = 2.8 month supply (down 0.2 months from last week)

Single-family homes - 723 listings / 314 sales = 2.3 month supply (down 0.4 months from last week).

Condos - 575 listings / 156 sales = a 3.7 month supply. (down by 0.1 months from last week).

Entry-level home buyers showed up strong this week. With 52 of this week’s sales reporting a price below $300,000, the weekly median price fell sharply lower to just $312,250. The weekly average fell, but by far less. It closed the week at $356,197 thanks to a couple of sales that averaged just under $1.6 million each.

Our longer-term price measures both continued to sit at the lowest levels we’ve seen in months. The six-week average price is now at $354,823. That’s down just $500 from last week and lower annually by 2K. It is the lowest six-week average price recorded since early March, and well off of the peak that we hit in early June when this measure climbed to $381,210. 

Meanwhile, the four-week median price fell $10,000 from last week to $325,000. That's down 12K from a year ago. We have to look all the way back to late February to find the last time it was that low. It’s way off its peak which was $382,295 in mid-May.

The number of sellers to receive an offer for more than their asking price grew from 12 last week to 15 this week. Those sellers saw an average bonus of $13,824 which is down a couple of thousand dollars from last week’s spike. It’s worth pointing out that half of the week’s overbid sales were just $100 over the asking price. Another 92 deals were put to bed at a price that was less than the listed price by an average of $10,568.

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 for $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 450,000 user sessions in the past year and displayed more than four 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

What's on your agenda for the long weekend?

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Have an awesome weekend, friends.