October 12, 2017 9:39 am

Housing prices continue to drop in Saskatoon: Royal Lepage

Royal LePage said housing prices in Saskatoon continued to drop during the third quarter of 2017.

File / Global News

Housing prices in Saskatoon continue to drop, according to the latest survey from Royal LePage.

The report released Thursday morning said overall house prices in the city during the third quarter of 2017 dropped 2.4 per cent year-over-year.

READ MORE: Home prices in Saskatoon continue to slide: Royal LePage

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Bungalows are selling at an average price of $342,103, down 3.6 per cent, while the average price of a two-storey home is $407,915, down 1.5 per cent. Prices for condominiums were not released.

The number of homes sold is also down.

“Sales are modestly down approximately five per cent year-to-date compared to last year,” Matt Miller, a broker and the owner of Royal LePage Saskatoon Real Estate, said in a statement.

“Despite an increase in inventory, prices are proving fairly resilient as consumer confidence in the region improves.”

READ MORE: Saskatoon firmly a home buyers’ market

A report last week from the Saskatoon Region Association of Realtors said Saskatoon was firmly a buyers’ market, with a sales to listing ratio of 34 per cent.

Miller said he expects inventory to trend downward, moving Saskatoon into a more balanced housing market.

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