The Saskatoon Region Association of Realtors (SRAR) says the city’s real estate market is showing “positive signs” in a few key indicators although it remains a buyers’ market.
“There are a few key statistics that we watch every month to get a sense of where our market is at and where it may be headed,” SRAR CEO Jason Yochim said in a release.
READ MORE: Positive uptick in Saskatoon home sales to start 2017
The key statistics for Yochim are the number of sales, inventory levels and pricing.
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SRAR reported on Thursday that transactions are up four per cent in 2017 when compared to last year, with 558 homes sold totalling just over $186 million.
Inventory levels are down, with 1,659 homes on the market at the end of February, a drop of 5.4 per cent from 2016.
SRAR attributes the inventory drop to a decline in new listings so far in 2017, with 15.7 per cent fewer homes listed in February compared to last February.
Even with the increase in sales and a drop in inventory, SRAR said Saskatoon remains a solid buyers’ market, with a sales-to-listing ratio of 37.4 per cent. A ratio above 40.0 per cent indicates a balanced market.
READ MORE: Saskatoon housing market remains problematic: CMHC
SRAR also reported that prices are relatively unchanged, with the average price down 0.7 per cent to just under $340,000 and a median price of $320,000.
Homes are selling on average for 97 per cent of the asking price.
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