Home sales in Saskatoon in 2017 have started off on a positive note.
The Saskatoon Region Association of Realtors (SRAR) said sales were up six per cent in January compared to a year ago.
READ MORE: Saskatoon housing market remains problematic: CMHC
According to SRAR, 185 homes were sold during the month, the highest total in three years and just off the five-year average of 195.
“An increase in sales in a typically quiet month is very encouraging,” SRAR CEO Jason Yochim said.
Most of the homes sold during the month – 143 – were priced between $200,000 and $400,000.
Inventory levels were at its second lowest in two years, with 1,592 homes on the market at the end of January.
SRAR said in its report that Saskatoon currently remains a buyer’s market, with a sales to listing ratio of 26 per cent, but also noted that there is usually an uptake in listing activity during the month and quieter sales activity.
READ MORE: Saskatoon housing starts down in 2016
The report also found that it takes an average of 54 days to sell a home in the city, but Yockim said that a properly priced home will sell in less time.
“In any market, a home that is priced to current market conditions should sell in even less time, often within a week or two,” Yockim said.
“Buyers are well educated on the market and are not fooled by optimistic sellers. However, they are willing to pay market price for the right home in any market.”
Yockim added that homes are generally selling for 97 per cent of the asking price.
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