Home sales and prices continue to slide in Saskatoon.
The Saskatoon Region Association of Realtors (SRAR) said sales and prices to the end of August are down slightly compared to a year ago.
READ MORE: House prices, sales down in Saskatoon during July
SRAR said the average price declined by one per cent to $347,414, while the median price was down 1.5 per cent to $329,950.
Sales have dropped five per cent when compared to a year ago, with a total of 3,344 transactions so far in 2017.
The current sales-to-listing ratio for 2017 is 37.7 per cent, which is down 3.5 per cent from a year ago, making Saskatoon a buyers’ market.
SRAR CEO Jason Yochim said now is the time to buy if people are in the market for a home.
“In the coming months, home buyers will look back with hindsight and realize how opportune the market was with all these elements in place,” Yochim said, citing low interest rates, stable home prices and an elevated inventory level.
READ MORE: Home prices in Saskatoon continue to slide
Yochim said a concern for home buyers is waiting too long and catching prices on an upswing.
“It is only a matter of time before the market shifts, as it always does.”
There were 2,183 active listings in Saskatoon at the end of August, which SRAR said would take six to seven months to clear based on the current home sale levels.
SRAR added that the average home currently takes 55 days to sell, the highest length of time seen in the past few years.
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