“This is a positive sign for the market and has an impact in two significant areas” comments Jason Yochim, CEO with the Saskatoon Region Association of Realtors “Firstly it helps to reduce elevated inventory levels and secondly it helps to move the market closer to a balance.”
Inventory is currently above the 5-year average of 1,641 units with a total of 1,986 properties listed for sale but sales volume has dropped 16 per cent in the year from July 2015.
Despite the high inventory, median sales prices in the market have remained strong (up 1 per cent year-over-year) and 97 per cent of homes have sold for the asking price.
“All in all the reduction in inventory, although slow is a move in the right direction.” Adds Yochim, “It is still a great time for buyers to be in the market with decent selection, stable pricing and low interest rates, however, as inventory levels continue to decline so will selection for buyers.”
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New listings in the Saskatoon housing market were down 14 per cent in July, adding to recent months of decline and a year-over-year drop of 5 per cent. However, unlike some other markets where inventory is tight, Saskatoon real estate agents have welcomed the decline.