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Housing sales in Saskatoon rebound slightly in October

City of Saskatoon mailing out 2014 assessment notices to property owners, second year of four-year phase-in period on revaluation.
The Saskatoon Region Association of Realtors says the housing market in the city has stabilized. File / Global News

The association representing realtors in Saskatoon said housing sales rebounded slightly in October, but not prices.

The Saskatoon Region Association of Realtors (SRAR) said 306 homes were purchased during the month, a seven per cent increase from October 2018 when 285 homes changed hands.

The average selling price fell two per cent to $318,450, down from $325,016 a year ago.

READ MORE: 2019 was a ‘tough year’ for Saskatoon’s home construction industry — SRHBA

SRAR interim CEO Trevor Schmidt said although prices dropped slightly, the five-year median sale price of $333,154 has not changed much over the past few years.

“This year, we’re tracking at the same level as the five-year average,” Schmidt said Tuesday in a release.

“The market is neither high or low; it has stabilized.”

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Schmidt said another sign the market has stabilized is the length of time it is taking to sell a home.

“The five-year average is 55 (days),” Schmidt said.

“Things have been quite stable considering what’s happened with the economy.”

READ MORE: Modest recovery expected in Saskatoon’s new housing market — CMHC

SRAR said the average length of time to sell a home in October was 54 days, which the association said is also the average so far for the year.

Overall for the first nine months of 2019, SRAR said 3,160 homes have been purchased, up seven per cent from the same period in 2018.

The average price so far for 2019 is $331,349, which SRAR said is statistically stable with last year’s average of $332,012.

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