Small signals of improvement in P.A. property market

By Glenn Hicks
July 5, 2018 - 5:00pm

It may be too early to say a corner has been turned on the Prince Albert property market but things are looking a little better for sellers.

The Saskatoon Region Association of Realtors’ latest report shows 41 homes sold in June, a second straight monthly increase compared to last year. Thirty-four properties sold in June 2017.

“I’m not sure what would primarily be the driver but I think behind anything like this it’s consumer confidence,” CEO Jason Yochim told paNOW. “So if what people are seeing out there is positive and they’re comfortable spending money, then that’s a good sign.”

The average residential sale price in P.A. so far this year is $232,244, an increase of two per cent over last year. However, total sales for the first six months of this year were at 179 compared to 199 last year, a ten per cent decline. There has also been a 16 per cent decline in the amount of properties coming onto the market. So far this year 908 have been listed although by the end of June only 327 were still active.

Yochim figured while some people have to sell because they're transferring and moving up or down in property value, others are happy to sell if they can get their asking price.

“When you see a decline in listings like this it’s those people that are likely not to re-list their home because they realize the expectation they have [on price] may not be met in this current market,” he said.

Properties in Prince Albert are selling though. According to Yochim the current average time it takes to find a buyer is 76 days and he’s buoyed by what’s known as the sales-to-listing ratio.

“That’s at 48 per cent which means one in every two homes listed is selling,” he said. “Also the reduction in listings coming onto the market helps keep that inventory level manageable.”

 

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