Home prices in Saskatoon dipped slightly during the first quarter of 2017, according to new data from the Saskatoon Region Association of Realtors (SRAR).
SRAR CEO Jason Yochim said the median price was down 4.3 per cent from a year ago to $320,000.
He added that the average price of $342,100 was down 1.5 per cent from the same period last year.
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Sales for the quarter were up one per cent, led by an 18-per-cent increase in multi-family sales, while single-family home sales declined by four per cent.
The increase in multi-family units was due to federal mortgage changes made last fall, according to SRAR officials.
More buyers were qualifying for a substantially lower mortgage, resulting in a five-per-cent increase in sales of houses priced between $200,000 and $350,000, according to SRAR data.
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There was a decrease in the sales of homes priced between $350,000 and $600,000, down 13 per cent from last year.
SRAR officials added that homes on the market are currently selling, on average, within 47 days of being listed and at 98 per cent of the asking price.
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