The Saskatoon Region Association of Realtors (SRAR) released the residential real estate statistics for April 2009today along with the following media release.

April’s real estate market continued to correct with fewer listings being taken easing higher than normal inventory levels.

Saskatoon REALTORS® assisted 353 buyers to find their dream home. That number down 15% from April 2008 when 413 units were sold. Unit sales figures were ahead of 2005 and 2006.

REALTORS® placed 694 properties on the market in April that number down 23% from 2008 when 896 homes were listed for sale. Buyers had 1499 properties to select from, down substantially from a market high of 1748 homes for sale in September 2008.

The average selling price for April was $275,455.00 that number down from April 2008 when the average was $306,031.00.

In the month of April the $300 - $350,000.00 price range saw the greatest sales activity with 62 properties being sold. The $225 – 300,000 range was also very active. Upper price range activity remains steady with the following year to date sales figures.

• $350 – 400,000.00 - 90 sales
• $400 – 450,000.00 - 49 sales
• $450 – 750,000.00 - 51 sales

All Indicators point to similar activity for the next few months. The Saskatoon and Saskatchewan economy is a bright spot given the global economic situation. Inventory levels will remain higher than normal for the year but should continue to decline to a more normal number towards year end. Consumer confidence in the local economy, low interest rates and a sustained job market will all contribute to a quicker real estate market recovery.

Drop by early next week when our “Closer look at the Saskatoon real estate statistics for April 2009” will be posted. It includes a more extensive overview of unit sales, prices and active listings of single-family homes and condominiums.

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Vidorra

The Saskatoon Region Association of Realtors (SRAR) released the residential real estate statistics for March 2009today, along with the following media release. We’ve jazzed it up a bit with some graphs for unit sales, average prices and active listings.

First quarter residential unit sales maintained a similar pace to the last few months. Saskatoon REALTORS® sold 283 residential properties in the month of March, that number down 28% from March 2008 when 391 units were sold. Sales numbers are on par with 2005 and 2006.

REALTORS® sold $75,481,000.00 of real estate in March, that number down 33% from March 2008 when $113,206,000.00 of real estate was sold. The drop in dollar volume is directly related to the reduced number of unit sales. Year to date REALTORS® have sold $193,581,000.00 of real estate.

The average residential selling price was $266,720.00, that number down 8% from March 2008 with an average selling price of $289,530.00. These numbers indicate a slight softening of upper price range home sales. Year to date the average selling price remains on par with 2008 at $274,584.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comparative market analysis.

In the month of March the $275,000 - $300,000 price range saw the greatest sales activity. 23 homes sold in the $400,000 plus price range. Year to date 69 properties have sold over $ 400,000 with 3 homes selling for more than $1,000,000.

An inventory correction appears to have begun. Saskatoon REALTORS® listed 662 homes in March, that number on par with 2008. Year to date 1,742 homes have been placed on the market. Buyers had 1435 properties to select from at the end of March. It will likely take the remaining part of 2009 to reduce the current larger than normal inventory level.

Confidence in the Saskatoon and Saskatchewan economy remains strong. Market activity and expectation are directly related to the employment environment. The Conference Board of Canada predicts an increase in GDP for our province in 2009; in addition employment numbers are also expected to increase. The necessary fundamentals appear to be in place for Saskatoon to have a stable market for the remainder of 2009.

Drop by early next week when our “Closer look at the Saskatoon real estate statistics for March” will be posted. It includes a more extensive overview of unit sales, prices and active listings of single-family homes and condominiums.

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.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Vidorra

The Saskatoon Region Association of REALTORS® (SRAR) has released February’s statistics for the residential real estate category along with the following information for the media.

When measured against the last two years, which were anomalies, the Saskatoon real estate market has softened. When measured against activity over the last five years, market activity is on par and ahead of sales figures from 2004, 2005 and 2006. Home prices have increased considerably during this time. As a result of the significant swings in prices, demand, and speculation, the greatest challenge facing sellers is to adjust their expectations in this changed market place.

The residential home sale market performed as forecasted in February. Unit sales are expected to soften during the first half of 2009. Demand for property in the month of February remained steady. REALTORS® sold 211 residential units, down 42% from the same month last year when 365 properties were sold. Year to date unit sale numbers are ahead of 2005 and 2006 sales figures.

Year to date, REALTORS® have sold $118,569,000 worth of real estate, down 32% from 2008 when $173,8957,000 had sold. The average selling price remained steady for the month at $281,681, up 7% from 2008 when the average was $263,444. The average selling price was influenced by 25 sales above $400,000. The average price indicates that sales activity focused on the mid to higher price ranges.

Residential inventories remained above average with home buyers having 1,313 properties to select from at the end of the month. Inventory numbers are up 256% from 2008 when 369 homes were available for purchase. Expectations are that it will take the better part of the year for this inventory to move through the market.

Residential sales trends in surrounding areas were on par with city activity. Unit sales softened with 44 properties selling last month, down 56% from the 100 units sold during the same month last year. The average selling price remained steady at $257,465, up 19% from 2008 when it reached $217,012.

Please drop back before the weekend for a peek at our “Closer look at the Saskatoon real estate statistics” which will analyze sales activity in the single-family home and condominium categories for the month of February.

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

The Saskatoon Region Association of Realtors (SRAR) released the residential real estate statistics for January 2009 today, along with the following media release.

Saskatoon REALTORS® assisted 213 buyers to fulfill their home ownership dream. This represents an increase in unit sales over the last three months. Compared to last year’s very active January market unit sales were down 29% when 300 residential units sold. Unit sales are on par with 2007 and ahead of 2005 and 2006.

Listing inventory remained steady with home buyers having 1156 homes to select from at the end of January. This number is down substantially from September 2008 when inventory levels peaked at 1,748. January inventory levels were higher than in January 2008 when 324 homes were available for purchase.

REALTORS® sold $59,330,000.00 of real estate in the month of January that number down 24% from January 2008 when $77,800,000.00 of real estate was sold. The $300,000 to $350,000.00 price range continues to see the greatest sales activity followed closely by the $250,000 to $300,000 price range. In the month of January eight homes sold for more than $500,000.00.

Consumer confidence in the Saskatoon economy remains steady. REALTORS® are receiving numerous inquires of buyers from other provinces and the USA looking to move to our province. Markets are cyclical and the market in Saskatoon is at a low point and should begin to return to normal in the next few months. As a result, now is a good time to purchase a home or investment.

The Saskatoon market is not exempt from global economic pressures but well positioned to weather these economic times. The most recent announcements by the provincial government to support municipalities with infrastructure support are great news for Saskatoon, as infrastructure spending assists in stimulating the economy.

The federal government’s increase in the amount buyers may use in the Home Buyers Plan will also encourage many first time buyers to enter the market place. REALTORS® across Canada have lobbied the government for more than eight years to see this increase to be approved by government. REALTORS® continue to lobby the federal government for the Home Buyers Plan to extend to all buyers not just first time buyers.

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

This media release was just received from the Saskatoon Region Association of Realtors regarding real estate activity for Saskatoon through December 2008.

The Saskatoon real estate market is stabilizing. Markets are cyclical and Saskatoon’s market is in a low of the cycle providing opportunity for buyers. Many home buyers that were previously out priced in the market are now able to purchase a home.  Now is an excellent time to buy or invest, as the market will rebound again.

Year-end sales figures have softened when measured against 2007 sales figures but are slightly stronger than 2005 and 2006. Saskatoon REALTORS® sold 162 residential units in the month of December, down 22% from December 2007 when 209 units were sold. In December 2005, 152 units sold and in December 2006, 157 units sold. Year to date 3522 homes have sold, down 21% from 2007 when 4,443 homes sold. In 2005, a total of 3,246 homes were sold, and in 2006 3,430 homes sold.

REALTORS® sold $43,158,000 of in city residential real estate in the month of December, down 19% from December 2007 when $53,479,000 was sold. Year to date figures saw more than a billion dollars of real estate exchange hands. In 2008 there was $1,013,551,000 of residential real estate sold down 2% from 2007 when $1,033,723,000 was sold.

The December and year to date average selling price remained stable. The average selling price in December was $266,411.00 up 4% from December 2007 when the average was $255,885.00. Year to date the average selling price was $287,777.00. The average selling price indicates sustained demand for mid to upper price range homes. Home sale prices have softened from the high experienced in May and June of this year when the average selling price exceeded $300,000.00.

Listing inventory remains high with buyers having 1127 homes to select from at the end of December, up 226% from December 2007 when 346 homes were available for purchase. There were 8,135 homes listed for sale in 2008, up 40% from year-end figures in 2007 when 5,823 homes were placed on the market.

Saskatoon will not be exempt from the global economic slow down but is well positioned to weather the storm. The city job market remains steady. The provincial government’s support for infrastructure development will also assist in stimulating our local economy. This and other stimuli will likely contribute to Saskatoon and the province being less affected by the global slow down than other provinces. This positioning will assist in a quicker economic recovery when the global situation improves.

Stay tuned for our “Closer look” at the Saskatoon real estate statistics for December, which will provide a detailed breakdown of single-family homes sales, condominium sales and prices for each major real estate area. That report will follow before the end of the week.

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

The Saskatoon Region Association of REALTORS® (SRAR) has released November’s statistics for the residential category along with the following media release.

The active residential listings number dropped slightly during the month of November. Buyers had 1495 properties to choose from at the end of November that number down from 1667 properties being available in October of this year.

Saskatoon REALTORS® listed 425 homes in November that number up 13% from November 2007 when 375 homes were placed on the market, Year to date 7,891 residential properties have been listed for sale.

The average selling price remained steady for November at $278,495.00 up 11% from November 2007 when the average selling price was $251,209.00. Year to date the average selling price stands at $288,807.00 up 25 % from 2007. These higher average sale price numbers indicate significant sales activity in the mid to upper price range.

181 residential properties sold in November that number down 43% from November 2007 when 316 units sold. The year 2007 was a unique year for sales activity. When measured against 2005 and 2006 the unit sales are down 22% when 230 units sold. Year to date 3,360 units have sold down 21% from 2007 having a total of 4,234 residential units sold. The 2008-year to date unit sales number is up 2% measured against 2006 when 3,276 residential units sold. When 2008 sales numbers are compared to 2005, unit sales are up 15% when year to date number stood at 2,861units sold.

Residential dollar volume year to date is on par with 2007 with REALTORS® having sold $970,392,000.00 of real estate. Year to date dollar volume in 2006 stood at $523,242,000.00.

The $300 to 400,000 price range has experienced the highest activity in 2008 followed by the $225 to 250,000.00 price range. Year to date 161 residential units have sold over $500,000.00.

The global economic slow down will in some way affect all areas of Canada. All indicators point to Saskatchewan being one of the best places to weather the storm. As indicated in the Canadian Real Estate Association news release, consumer confidence is being battered by downbeat headline news. Homebuyer sentiment has become very cautious, by contrast to the urgency to purchase in 2007.

There are fewer buyers and they are taking longer to shop, so the pricing environment is very competitive.

Unrealistically priced homes will sit on the market. Sellers are by and large under no distress to sell. Those who put their home on the market at an unrealistic price and are unwilling to cut it will likely take it off the market when the listing expires with a view to selling another day.

Canadians are definitely concerned by the economic news out of the U.S., and much of that news stems from distress in the U.S. housing market. Canadians should realize that Canada’s economy and housing market are both in better shape. This means the downturn in Canadian consumer confidence will pass and when it does, housing demand will rebound, especially when they realize the window of opportunity to buy at reduced prices and at low interest rates will begin to narrow once economic growth shows signs of rebounding next year.

My Closer Look at the Saskatoon Real Estate Statistics for November will follow in the next couple of days. That report examines sales and listing activity for condominiums and single-family detached homes.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Vidorra

This is the release just issued by the Saskatoon Region Association of REALTORS® (SRAR) for the October sales month. It covers sales in the entire residential category that includes single-family homes, condominiums, semi-detached properties, duplexes, vacant lots and mobile homes. Our “Closer Look” will follow by the end of this week and in it, we’ll take a look at October’s market for single-family homes and condos providing a thorough overview of activity in each category.

The Saskatoon housing market continued to soften slightly in the month of October with 215 residential units selling, that number down 23% from October 2007 when 280 homes were purchased. Year to date 3,182 homes have been purchased, that number down 19% from 2007 when 3,918 homes had been sold.  Year to date Saskatoon REALTORS® have sold $920,867,000.00 of residential real estate, that number up 2% from 2007. Total MLS® sales exceed 1.1 billion dollars down 1% from last year at this time

The average residential selling price for October remained strong at $285,310.00 that number up 12% from October 2007 when the average selling price was $255,739.00. Year to date the average price stands at $289,399.00 up 26% from last year at this time. The average price verifies significant activity in the mid to upper price range homes.

October 2008 inventory levels continued to provide buyers with excellent choice. Saskatoon REALTORS® listed 695 homes in October that number up 30% from October 2007 when 535 homes were placed on the market for sale. Year to date REALTORS® have listed 7,467 homes.  At month end, home buyers had 1667 homes to select from. This number represents more than double the properties available to purchase at this time last year.

The significant increase in listing inventory is due to several factors. The market frenzy of 2007 saw much speculation with many investors purchasing numerous properties to renovate and flip. Many individuals built several new homes to sell. Local investors and builders also stepped up to the plate and purchased homes and apartment blocks for conversion to condominiums.

Some local buyers, who traditionally would have sold their current home and then bought a new one, bought a new one but did not sell their existing home speculating that the market would go up. These and other reasons are why so many properties have been placed on the market at this time. It will take a few months for this inventory to return to a more normal level. In the interim some property owners are renting their homes with the intention of placing their homes back on the market in spring.

Home sale numbers and prices will soften for a short period of time during this correction period and will likely begin to increase again in 2009 at a much slower rate than experienced in the last two years.

As we go through this correction period, home owners will have to recalculate their expectations when pricing their homes and expect a longer period of time for their home to sell.

Consumers should be reminded that markets are cyclical.  When we look back at markets that we have been through, we can look at the late 1980’s when we had roughly the same number of properties on the market. We had fewer buyers as our population at that time was only around 185,000 people. We also had roughly the same number of REALTORS® in the industry.

An additional factor to consider during the 80’s was we had double digit interest rates versus single digit interest rates that we enjoy today. For example in the 80’s a $50,000 mortgage at 19¾% had a $934.00 PIT payment. Higher interest rates made servicing the debt somewhat difficult.  Markets are cyclical and we are again going through a correction period and following that the market will resume, maybe not at the exact same level but it will rebound again.

Saskatoon and all of Saskatchewan will be impacted by the recent global financial situation but when compared to other areas in Canada or North America going through this period of time in our history, Saskatchewan is likely to be one of the best places to live.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Vidorra

The Saskatoon Region Association of REALTORS® released its housing statistics for September today, accompanied by this release.

Saskatoon REALTORS® assisted 246 home buyers to fulfill their home ownership dreams in September, this number is up slightly from last month. Year to date 2969 residential units have been purchased, that number down 18% from last year at this time when 3,638 had been purchased.

The average selling price for the month of September was $297,836.00 up 23% from September 2007when the average selling price was $242,729.00. Year to date the average selling price remains strong at $289,657.00 up 27% from last year at this time when the year to date average was $227,942.00.

September inventory levels continued to provide buyers with excellent choice. Saskatoon REALTORS® listed 825 homes in September, up 54% from September 2007 when 535 homes were placed on the market for sale. Year to date 6,773 properties have been placed on the market for sale.

Year to date total MLS® REALTORS® sales exceed 1.1 billion dollars, up 1% from last year at this time. Residential year to date volume stands at $859,992,000.00 up 4% from 2007.

Much is being said in the media these days speculating that the Canadian mortgage market and economy will experience the same stress as the USA. Although we will see some slowing in the housing market, to compare Canada to the U.S. is way off-base as quoted by the Mortgage Group Canada Inc. in a September 25th, 2008 Special Update on Canadian mortgages.

The report indicates that Canadian mortgage markets are fundamentally healthier than the U.S. The report looks at debt growth over the full cycle and gives examples of how debt-to-income ratios could be misinterpreted. The full report is available at http://www.marksmortgages.ca/news.asp

The Saskatoon and Saskatchewan economy is very strong. All indicators point to significant economic growth for our area. SREDArecently reported corporation and business commitment to invest in excess of ten billion dollars in the Saskatchewan resource sector and general economy over the next ten years.

Labor shortage continues to be the greatest challenge for corporations and businesses verifying the need for skilled workers all of which require housing. At present our market is going through a correction stage with all indicators pointing to steady sustainable market activity in the future.

Our “Closer Look” at the Saskatoon real estate statistics will follow early next week.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Vidorra

The average selling price of a residential property in Saskatoon slid for the second consecutive month to land at $279,366 down from its peak of $310,386 in June of this year.

Here is the news release issued by the Saskatoon Region Association of Realtors yesterday.

Saskatoon REALTORS® listed 805 properties in the Month of August that number up 17% from August 2007 when 686 properties were placed on the market. Year to date 5,947 homes have been placed on the market for sale that number up 41% from August 2007 year to date numbers.

Unit sales were down 44% from August 2007’s frenzied market with 224 residential units selling as compared to 397 homes being sold in August 2007. Unit sales numbers are more on par with 2003 to 2005 sales numbers indicating a return to a more normal stable market environment.

The average residential selling price in August was $ 279,366.00 up 11% from August 2007 when the average selling price was $252,268.00. Year to date the average price is holding its own at $288,918.00 that number up 28% from August 2007. Year to date REALTORS® have sold $786,725,000.00 of residential real estate 4% ahead of August 2007 when $753,279,000.00 of real estate was purchased.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comprehensive market evaluation.

Similar market activity was experienced in those areas in and around Saskatoon. Inventory levels increased with 331 homes being listed for sale up 66% from August 2007 when 199 homes were placed on the market for sale. The average selling price remained stable at $242,864.00 up 24% from August 2007 when the average selling price was $195,490.00.

Unit sales in areas around Saskatoon were down by 13% with 81 properties selling as compared to 93 in August 2007. Year to date 690 homes have sold that number down 13% from 2007.

Increased inventory levels are common place across Canada. Saskatoon continues to experience strong employment numbers with many corporations and companies seeking to hire skilled labour all of which require housing. Market activity is expected to remain the same in the coming months as the market goes through a correction.

The Star Phoenix story related to this release is here.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Vidorra

This release regarding Saskatoon real estate activity for the month of June was just released by the Saskatoon Region Association of REALTORS® (SRAR).

Home buyers enjoyed an increased level of inventory to select from in the month of June. Saskatoon REALTORS® listed 905 residential homes during the month of June that number up 49% from June 2007 when 609 properties were placed on the market for sale.

REALTORS® assisted 321 buyers to purchase their next home that number down 33% from June 2007 when 479 properties were purchased. June’s sales number brings sales activity more in line with 2006 when 385 homes were purchased and 2005 and 2004 when 352 properties were sold in June. Year to date 2,156 homes have been purchased.

The average residential sales price in June was $310,386.00. That number up 23% from last spring’s more than active market when the average sales price was $252,703.00. The year to date average selling price is $289,165.00 up 32% from 2007.

In the month of June Saskatoon REALTORS® sold $99,633,000.00 of real estate that number down 18% from 2007 when they sold $121,004,000.00 of real estate. Year to date $623,438,000.00 of real estate has exchanged hands.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comprehensive market evaluation.

Home sales in areas surrounding Saskatoon were down 22% in the month of June with 87 units selling as compared to June 2007 when 111 units exchanged hands. The average selling price in areas around Saskatoon increased to $207,180.00 that number up by 4% from 2007.

Similar market conditions exist in other western provinces for example Edmonton Alberta where the average price for a single-family home was $381,384.00 that number down 8.6% from June 2007. Unit sales are also down 17% with just over 2000 homes selling in June.

Strong optimism in the Saskatchewan economy continues to fuel in migration and housing industry activity. The Saskatoon and area job market remains strong, which generally influences home buying and new home building.

Read also: Average price of Saskatoon home rises: Kassandra Kyle, Star Phoenix

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Vidorra

It took some time for the Saskatoon Region Association of REALTORS to work the kinks out of a new MLS system, launched in late February, but some monthly numbers for the Saskatoon real estate market have finally been put together, along with the following media release.

Residential Housing Market Remains Steady in the Month of April

Saskatoon REALTORS® assisted 418 home buyers to find their dream home in the month April. That number was down 12% from April 2007 when 476 homes were purchased. Year to date home sales are on par with 2007 with 1480 homes have sold.

The average residential selling price for April was $306,268.00 up 39% from April 2007 when the average was $220,776.00. The year to date average residential selling price is $281,360.00. This average selling price for the month of March was $289,440.00.

The average residential price is derived by taking the month’s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTOR® member to do a comprehensive market evaluation.

Saskatoon still remains one of the most affordable places to live when compared to larger centers such as Edmonton where in the month of April a single family home sold on average for $386,033.00. That average selling price down .4% from April 2007. Saskatoon again looks good when compared to Calgary were in the month of April a single family home sold on average for $474,564.00. Calgary’s average sales price number is on par with 2007. An additional reality check comes when comparing Saskatoon home prices to Fraser Valley BC where a single family home sold on average for $547,590.00.

Housing inventories have risen across the country and Saskatoon is no exception. REALTOR® listed 898 properties in the month of April that number up 73% from last year at this time when 520 homes were available for purchase. Year to date REALTORS® have sold $416,412,879.00 of residential real estate in Saskatoon that number up 42% from April 2007.

Communities around Saskatoon including Martensville and Warman experienced sales levels on par with 2007 with 104 properties selling. The average price took a jump similar to the city with an average selling price of $244,642.00.

Markets across Canada are seeing inventory levels increase with sales remaining on par with 2007. All indicators point to a strong completion of the second quarter as consumer confidence and in migration continues at steady levels.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Vidorra