House prices, sales down in Saskatoon during July

House prices and sales declined in Saskatoon during July.

The Saskatoon Region Association of Realtors (SRAR) said sales for the month were down 16 per cent compared to July 2016.

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SRAR said sales for the year are down almost four per cent when compared to the first seven months of 2016.

Prices were also down.

The average selling price was $348,960, down 6.4 per cent from a year ago when the average price was $351,855.

There were 2,210 active listings in the city, with another 1,125 properties listed in the surrounding region.

It would take approximately 50 days to sell current inventory, according to SRAR, which is consistent with the past two July’s.

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SRAR CEO Jason Yochim said house prices aren’t expected to rise until the number of active listings drop.

“Based on the theory of supply and demand, it is reasonable to expect that prices are not likely to strengthen until the number of active listings declines,” Yochim said in a statement.

He added that homes that are selling are going at 96.7 per cent of the asking price.

“These stats would indicate to me that those who are serious about selling are pricing to market and getting very close to their asking price and in much less time than the current 50 day average.”

The total dollar value of housing sales so far in 2017 for Saskatoon and region is $989 million, down five per cent from the same period last year.