February 5, 2018 10:21 am

Saskatoon home sales, prices rise in January: SRAR

A decline in inventory could boost prices later in the year as SRAR says housing sales and prices in Saskatoon were up to start the year.

File / Global News

Housing sales and prices were up in Saskatoon for the first month of 2018.

The Saskatoon Region Association of Realtors (SRAR) said sales in January were up 11 per cent from the same month a year ago.

READ MORE: Saskatoon home sales up, prices down in December: SRAR

The association said 203 homes were sold during the month, slightly ahead of the five-year average of 194.

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SRAR CEO Jason Yochim said it is a positive start to the year.

“While it is still very early in the year, the past three months have shown trends of increasing sales for Saskatoon, which is certainly a positive sign after many months of lower sales,” Yochim stated in a press release.

SRAR said the average and median price also rose during the month.

The average sale price was $344,711, up one per cent from a year ago, while the median price increased by 4.1 per cent to $330,000.

However, the home price index (HPI) composite benchmark continued to decline, falling 4.1 per cent to $291,300, its lowest level since February 2012.

READ MORE: Expert says mortgage changes have negative impact on Saskatchewan housing market

Yochim said prices could rise later in the year due to a decline in inventory.

“It is good to see inventory levels shrinking as well, which will help with upward pressure on pricing in time,” Yochim said.

“If inventory levels continue to decline due to absorption and fewer properties being listed, home prices should expect to see some increase later in the year.”

There were 1,529 active listings in Saskatoon at the end of January, down four per cent from a year ago and the lowest January listing level in three years.

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