July proved a good month for real estate agents in Saskatoon as sales rose 35% year-over-year.
The 390 sales compared with 310 a year earlier but total MLS transactions year-to-date were down 3.3% with 2,082 homes sold.
“Although one month does not constitute a trend, it is very encouraging to see such a significant increase in activity during a month when many buyers typically leave town on vacation” comments Jason Yochim, CEO with the Saskatoon Region Association of Realtors.
New listings were down 10% to 710 in July, well below the five year average of 830 listings. Fewer new listings combined with an increase in sales reduced the number of active listings from 2,109 in June to 2,048 at the end of July.
“The five year average for active MLS listings is 1,977 units,” noted Yochim. “Lower inventory levels will help move the market from a buyer’s market towards balance and stabilize home prices.”
The Home Price Index value for single family residential home sales in Saskatoon eased 0.1% in July to $315,400 compared to $315,800 at the end of June.