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House prices dip slightly, sales hold steady in Saskatoon during August

The average price for a home in Saskatoon during August was $323,024, down 2.5 per cent from a year ago.
The average price for a home in Saskatoon during August was $323,024, down 2.5 per cent from a year ago. File / Global News

Sales held steady during August but house prices dipped slightly, the Saskatoon Region Association of Realtors (SRAR) reported Thursday.

SRAR said 325 homes were purchased during the month, on par with the 329 sold in August 2018.

READ MORE: Signs of stability in Saskatoon’s housing market, SRHBA says

Listings continue to fall, down four per cent for August to 724 compared to the 757 for the same month a year ago.

SRAR CEO Jason Yochim said there is a silver lining in the decline.

“It’s always a good thing, especially in the time we’re in, when listings are declining — and they have been for the last three years,” Yochim said.

“If you want to see prices remain stable or even go up slightly, you have to see less supply.”

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The average price for the month was $323,024, down 2.5 per cent from August 2018, with the average price for 2019 off 1.1 per cent to $330,535 compared to the same period last year.

READ MORE: Housing market in Saskatoon cools slightly in July, SRAR says

Yochim said fewer people are testing the market.

“When the market is moving upward, and a bit hot, you’ll see people kicking the tire and consider selling,” Yochim said.

“With prices remaining stable, or even down slightly over the last few years, you have serious sellers because they need to make a move.”

Sales for the year are up six per cent to 2,551 compared to 2,410 for the first eight months of 2018.

WATCH (May 2019): Housing report predicts Saskatoon, Regina homes to drop in value

Housing report predicts Saskatoon, Regina homes to drop in value
Housing report predicts Saskatoon, Regina homes to drop in value
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