There was a 16% drop in home sales in Saskatoon in July compared to a year earlier while year-to-date sales were 7% lower.
However, Saskatoon Region Association of Realtors reports that the region around Saskatoon saw a year-over-year rise of 17% with a 2.6% decrease in sales in the first 7 months of 2017 compared to the same period of 2016.
The average sale price is down 6.4% year-over-year to $348,960 and homes that are selling are averaging 96.7% of the asking price.
“These stats would indicate to me that those who are serious about selling are pricing to market and getting very close to their asking price and in much less time than the current 50 day average,” said Jason Yochim CEO with the Saskatoon Region Association of Realtors.
New listings hit a new peak of 2,210 plus 1,125 in the market outside Saskatoon; that makes 7 months of inventory at the current pace of sales.
“Based on the theory of supply and demand it is reasonable to expect that prices are not likely to strengthen until the number of active listings declines.” added Yochim.