March 2, 2017 12:52 pm

‘Positive signs’ in Saskatoon’s real estate market: SRAR

The Saskatoon Region Association of Realtors says there are “positive signs” in the city’s real estate market.

THE CANADIAN PRESS/Richard Buchan
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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

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The key statistics for Yochim are the number of sales, inventory levels and pricing.

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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