Saskatoon remains a buyer’s market as home sales and prices continue to slide.
The Saskatoon Region Association of Realtors (SRAR) said 364 homes were sold in May, a year-over-year decline of 13 per cent, and down seven per cent for the year.
Sales were down in all price ranges, with the exception of homes priced under $200,000 with 203 homes sold, a year-over-year increase of 30 per cent.
The greatest drop in sales were for homes priced in the $450,000 to $500,000 range, which were down 17 per cent from May 2017.
Prices continue to slide, with a year-to-date average price of just over $334,000, a four per decrease from a year ago, with a median home sale price of $320,000. The five year average median for Saskatoon is $341,980.
“Saskatoon remains a buyer’s market,” SRAR CEO Jason Yochim said in a statement, with a sales to listing of 39 per cent.
“However, homes that are priced to market and are in good condition will still command great interest and in some cases competing offers.”
Fewer homes were added to the listings in May. Yochim said 943 properties were added to the MLS service during the month, off nine per cent from a year ago.
“Typically we see the highest number of active listings between May and September,” Yochim said.
“It’s the most active time in our market largely due to favourable weather.”
SRAR said there were a total of 2,001 active listings at the end of May, with the average home taking 47 days to sell.
Comments