People hoping to sell their house in Saskatoon may be in for a long wait, but those looking to buy may have found the right time, according to the Saskatoon Region Association of Realtors.
A decline in home sales combined with more inventory continues to make Saskatoon a buyers’ market, and the average home price is continuing to fall. SRAR says the average price, year to date, declined by 1 per cent to $347,414.
It’s also taking much longer to sell a home in Saskatoon. The association says it’s taking approximately 55 days to make a sale, which they say is the greatest number of days in the past several years.
The association says the weaker economy along with higher supply and softer demand has had a big effect on prices.
“Pricing of a home is one of the most important decisions in a successful sale,” says Jason Yochim, CEO with the Saskatoon Region Association of Realtors.
Concerns are also growing that buyers are waiting for the market to bottom out before making a purchase, but the realtors association warns buyers the market will eventually rebound, and they could end up paying more if they wait too long.
“In the coming months, home buyers will look back with hindsight and realize how opportune the market was with all of these elements in place,” Yochim says. “It is only a matter of time before the market shifts as it always does.”
