Housing sales in Saskatoon rebounded in August, with a record posted for the month in total dollar volume.
The Saskatoon Region Association of Realtors (SRAR) said the total value of homes sold in August was just over $210-million, surpassing the previous best for the month set in 2013 at $180-million.
The average selling price was $352,000 with the median at $335,000.
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Overall, 373 homes were sold in the month, significantly higher than the five-year average, which SRAR CEO Jason Yochim said is encouraging news.
“I think sellers are beginning to recognize that pricing to market will sell their home in a reasonable time and close to their asking,” Yochim said in a release.
“I think that is playing a role in more units selling in August.”
Homes are typically selling at 97.2 per cent of the asking price and spending an average of 47 days on the market.
There are currently 1,956 active listings in the city, which is over 300 units more than the five-year average.
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Yochim said recent activity is helping to bring down those levels.
“A leveling of new listings introduced to the market combined with an increase in sales is slowly helping to reduce historically high inventory levels,” Yochim stated.
SRAR also stated that a decline in new construction, especially in multi-family units, will also help reduce inventory levels.
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