Saskatoon Housing Market – March 2016 Update

Saskatoon continued to experience buyer’s market conditions for March. Home sales for the month were down 6% compared to the same period of last year. This meant that 715 homes were sold, vs. 764 during March 2016. The Saskatoon market is still well supplied with 1,857 properties available for purchase.

Prices performed a lot like February 2016. The MLS home price index is showing a 2.7% decrease compared to March of 2015. This was really similar to the February stats, so it does not look like any further price deterioration has occurred. If you look at the average and median numbers from SRAR, the average showed a 2% reduction and the median an increase of 1.2%. As usual, you need to be careful what numbers you rely on. The median was up due to an increase in sales of high end homes for the month. So, we expect this number to come back down a bit.

In general, supply continues to be healthy, which puts some pressure on price. But, we are heading into the busier months of the year. This means that demand will increase, as it does every year. Properly priced and well marketed homes will continue to sell quickly. Our agents are already starting to see demand and sales increase. We are expecting things to only strengthen as we move into the early summer months.

If you are looking for any more info on the market, or buying and selling in Saskatoon, contact our Agent on Duty. Or, you can contact Matt Miller, Associate Broker (306-260-4720, mattmiller@royallepage.ca).

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Category: Buying, Market Update, Saskatoon Real Estate Market, Selling