Housing market in Saskatoon warms up slightly in February

The Saskatoon housing market warmed up slightly in February, according to the Saskatoon Region Association of Realtors (SRAR).

SRAR said sales were up from the same period last year, while the number of new listings fell to its lowest level since 2013.

“Sales have stabilized somewhat, and inventory levels keep coming down,” said SRAR CEO Jason Yochim.

“As an optimist, I believe and hope it will continue. However, people have to be confident that the economy is improving before committing to the purchase of a home.”

SRAR said the number of homes sold during the month held steady at 211, up one from February 2018.

The average price was up 2.36 per cent from a year ago to $338,268, however, Yochim said this can be misleading as the average can be skewed if several high-priced homes are sold.

Yochim said a better indicator is the home price index (HPI), which dropped three per cent to $282,600 last month.

New listings were down 8.6 per cent to 478, and listings to date for the year is at 1,033, the lowest level in nine years.

Saskatoon remains a buyers’ market, with a sales-to-listing ratio of 44, up 10 points from January.

SRAR said the current statistics indicate a change in the market that has been in decline for four years.

“Even in a buyers’ markets, sellers can successfully sell their homes,” Yochim said.

“The most important aspect to achieving a sale is pricing a specific property to match the current market conditions.”

Yochim said economic conditions also play a factor, noting people need to be confident in their situation before upgrading.