Saskatoon’s housing market is firmly a buyers’ market due to elevated inventories and declining sales, says the Saskatoon Region Association of Realtors (SRAR).
According to figures released by SRAR on Tuesday, 1,873 units sold during the first half of 2016, a decline of 8.2 per cent from the same period last year.
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Inventory levels remain high, with over 2,000 current listings in the city.
With the current listing to sales ratio sitting at 42 per cent, SRAR says this reflects “a firm buyers’ market.”
“It is actually an ideal time for anyone considering a purchase,” said SRAR CEO Jason Yochim.
“In addition to having a broad selection in most price ranges, interest rates remain low and prices are stable.”
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The average price is down slightly from last year to $354,000, a drop of 1.7 per cent, while the median price declined from $350,000 to $335,500.
Yochim said despite market conditions, homes sold this year have fetched an average of 97.3 per cent of the asking price.
“If a seller is serious about selling, it is important to get sound advice on the current market conditions for the area, the competition and how that impacts pricing of their property,” Yochim said.
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Sales are also down for homes in rural areas and communities around Saskatoon, with 514 units sold in the first six months of 2016, a decline of 14.8 per cent.
The average selling price was also down 2.9 per cent to $304,334.
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