Inventory in the area is higher than usual as sales dropped to 1,873 units and there are 5 months of current active listings compared to the 5-year average of 3.5 months.
Saskatoon Region Association of Realtors says that sellers appear to be happy to wait until supply becomes less abundant as new listings have fallen 3 per cent.
“It is actually an ideal time for anyone considering a purchase” according to Jason Yochim, CEO with the Saskatoon Region Association of Realtors. “In addition to having a broad selection in most price ranges, interest rates remain low and prices are stable.”
Rural communities around Saskatoon have also seen a drop in market activity with sales down 14.8 per cent year-over-year for the first half of 2016.
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Home sales in Saskatoon were down by 8.2 per cent in the first half of 2016 compared to the same period last year.