Saskatoon real estate week in review: November 22-28, 2015

Up and down. That seems to be the consistent theme from one week to the next as we head towards the finish line for 2015. Following a pretty solid week of sales, Saskatoon real estate agents reported just 61 residential sales to the multiple listing service®, a drop of 14 compared against last week, and down 22 sales from the same week a year ago. New listings also fell lower as just 126 Saskatoon homes were added to the MLS® for a weekly drop of 17 and an annual increase of 22 homes.

With just one more business day remaining in November, month-to-date home sales stand at 261 properties. November’s total in 2014 was 292. It’s been a rare day lately when 30 sales have been reported, but 15-20 is pretty realistic for a Monday so it’s looking like November will prove decent, at least in comparison to most other months this year which are averaging about a 14 percent year-over-year decline. So far, July was the only month this year during which sales exceeded those reported during the same month the previous year.

The total number of homes listed for sale on the Saskatoon MLS® system continued to trail lower at about the same pace we’ve been experiencing over the past eight weeks, that pace feeling a bit slow. Based on the fact that 580 residential listings are set to expire in the next 30 days, I suspect that we’ll end up with somewhere between 1400 and 1500 active listings as the year closes, but that’s just a SWAG method guess.

Today we see 1858 active residential listings on the Saskatoon multiple listing service®, down just 27 from last week, and up from 1497 at this time last year. Single-family homes are sitting at 1038 units, for a weekly decline of 22 homes and an annual increase of 197 homes for a 22 percent gain. Condo inventory fell just nine units this week to 628 to record a year-over-year increase of 153 units. That’s amounts to hefty a 32 percent annual increase.

With more than a third of this week’s sales coming in below the 300K mark, the median price of a Saskatoon home took a good slide to $327,000. Even with a $950,000 residential sale in the mix, the average price also lost some ground as it slipped to $343,714. These declines helped usher both of our longer-term measures lower. Coming off of five weeks of consecutive increases the six-week average price slipped about twenty three hundred dollars to finish the week at $352,883 for an annual drop approaching eighteen thousand dollars. The four-week average, which has also been trending higher over the past two months took a smaller dip dropping fifteen hundred dollars from last week to close at $348,500. That number is down from where it sat a year ago by just fifteen hundred dollars.

Overbid sales were nearly scarce with just one buyer offering to pay more than the seller’s asking price, and only by $100. This week’s numbers show nine full price sales, with a bit more than half of these being brand new single-family homes. The remaining 51 sales were reported to have sold below list price netting the buyer an average discount of $12,785. There’s nothing too crazy to report in the way of extraordinary discounts. The largest percentage decline was 25 points on a vacant lot prices at 40K. We see some $20,000 discounts in the $300,000-$400,000 and a couple of 25-30K discounts in price ranges above that. Typically, the homes that will be trading in a market like this are those which are attractively priced compared to competing listings. Most of those seen a lot closer to list.

Other notable real estate activity this past week included 76 cancelled and withdrawn listings (67 and nine respectively), 40 expired listings and 49 price changes.

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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

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale.Less...

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale. Known locally as an impact leader he supports many organizations that serve our community’s most vulnerable people like the Saskatoon Interval House, the YWCA Crisis Shelter, the Lighthouse, the Friendship Inn and others. He has participated in several physically daunting charitable challenges and helped raise over one million dollars for women's shelters across Canada. Additionally, he’s a charter member of 100 Men Who Give a Damn in Saskatoon, a group of local philanthropists who are driven to bring positive change to those in need within our community. Fisher is a licensed real estate broker and owner of Royal LePage Vidorra, a boutique brokerage known for technology and innovation.

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