The total dollar value of homes sold in Saskatoon has reached a 10-year low.
The Saskatoon Region Association of Realtors (SRAR) said total volume of all sales for the first six months of 2018 was $565 million, down 12 per cent from the same period last year.
SRAR CEO Jason Yochim attributes the drop to two factors.
“This is a reflection of a decrease in sales volume coupled with a decrease in pricing,” he said in a release.
The number of homes sold this year is off by eight per cent from 2017, with 1,693 properties changing hands.
June sales reached its lowest level in 10 years, with 350 homes sold, with a median price of $316,500, the lowest level so far in 2018.
SRAR said inventory levels remains elevated, with 2,109 active listings at the end of June, and a sales-to-listing ratio of 40 per cent.
The organization said the ratio may likely be lower as “many homeowners that do not sell will cancel their current listing and relist often at a different price.”
It took an average of 47 days for a home to sell in Saskatoon during June.
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