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Home sales decline in Saskatoon during 2018 as prices continue to slide

Saskatoon saw a 0.3 per cent decline in its fifth consecutive month of falling prices for new housing. Lower negotiated selling prices drove the change.
Home sales declined in Saskatoon for the fourth straight year as benchmark prices continue to trend downward. File / Global News

Five per cent fewer homes were sold in Saskatoon in 2018 compared to 2017 as prices continue to decline.

The Saskatoon Region Association of Realtors (SRAR) said there were 3,329 total sales for the year.

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It was the fourth straight year sales declined, SRAR said, and down almost 25 per cent from 2014 when 4,417 homes were sold.

Sales for the month of December were off 20 per cent from December 2017, with 164 transactions.

Prices continue to trend downward, with the home price index (HPI) for a single-family home at $307,000 at the end of December, off from $310,900 in November, but virtually unchanged from the beginning of the year, SRAR said.

The benchmark for a single-family home peaked in May 2015 at $329,500.

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READ MORE: CMHC expects recovery in housing starts, slow price growth in Saskatoon for 2019

The HPI for townhouses was $215,800 at the end of 2018, down from $233,900 a year ago, while the benchmark for apartment-style condos was $178,900, off $11,700 from December 2017.

SRAR said the total number of homes listed for the year totaled 7,956, down 11 per cent from 2017. The five-year average for listings is 9,081.

The total number of active listings at the end of December was 1,487, which SRAR said was consistent with the five-year average of 1,480.

WATCH BELOW: Breaking down Saskatoon’s real estate numbers

Breaking down Saskatoon’s real estate numbers
Breaking down Saskatoon’s real estate numbers
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