The number of houses listed for sale in Saskatoon in July took a dip, while resale prices remained relatively stable, according to new numbers from the Saskatoon Region Association of Realtors (SRAR).
According to SRAR, the number of listings slid considerably in July, down 14 per cent from the same period last year.
Overall, new listings are down five per cent in 2016.
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SRAR CEO Jason Yochim said this is good news for Saskatoon’s housing market.
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“This is a positive sign for the market and has an impact in two significant areas,” Yochim said.
“Firstly, it helps to reduce elevated inventory levels and secondly, it helps to move the market closer to a balance.”
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Saskatoon is currently rated a buyers’ market, with a listing to sales ratio of 47 per cent, the highest is has been since December 2015.
Sales in July were down 16 per cent from a year ago, with 370 homes sold, continuing a downward trend that started in January 2015.
“All in all the reduction in inventory, although slow is a move in the right direction” Yochim said.
“It is still a great time for buyers to be in the market with decent selection, stable pricing and low interest rates, however, as inventory levels continue to decline so will selection for buyers.”
Despite the slide in listings and sales, prices remained stable with homes selling for 97 per cent of the asking price during the month.
Overall, the average and median prices are down one per cent from the same period as last year.
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