The year-to-date average price is down 2 per cent to $346,371 while the median price is down 5.7 per cent to $337,000 according to data from the Saskatoon Region Association of Realtors.
Jason Yochim, the association’s CEO, commented that the decline was expected but advised that sellers should price homes realistically for the market to avoid “asking prices that do not reflect the market, turning away potential buyers.”
The figures show that Saskatoon was a buyers’ market at the end of May with the sales-to-listings ratio at 41 per cent; the 5-year ‘balanced’ average is 48 per cent.
“It is important to keep in mind that houses are selling in all price ranges, the key to realizing a sale in a short period of time at 97% of asking price is to get sound advice on where a particular home fits in the market based on its condition and location compared to its competition.” said Yochim.
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Home sales in Saskatoon have dropped 6 per cent year-over-year while inventory is up resulting in a slip in median and average prices.