P.A. and region had a good July for house sales compared to the same month last year. (file photo/paNOW Staff)

By Glenn Hicks

housing market

Prince Albert house sales up in July

Aug 6, 2019 | 2:00 PM

The Saskatoon Region Association of Realtors (SRAR) is reporting a burst of activity in Prince Albert and region last month.

In their July report SRAR said 75 properties sold, which is a near 75 per cent increase from July 2018 when only 43 homes sold in P.A. and region.

Chief Executive Officer Jason Yochim called it a release of pent-up demand after a quiet spring and figured a few factors could be responsible.

“There was a slight adjustment to the interest differential for the mortgage rules that had cooled the market across the country, and there may be some optimism [in the local market],” he told paNOW. “Also, maybe the buyers are starting to find the properties they’re hoping for and figure it’s time to make that move.”

The July stats make for some refreshing reading following the longer term slump in the local housing market. In May – normally a good month for sales – there was a continued downturn for Prince Albert and region when only 53 sales happened. The March stats were also below those of the previous year.

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Despite the increase in sales in July, the average price of a home is down 12 per cent in the city at $217,111 and fell 26.3 per cent to $190,991 in the region according to SRAR. However, Yochim noted those averages are influenced by the small amount of transactions being seen in the area.

“You can have a number of smaller properties selling which pulls that average down and it’s not a true reflection of the typical price in the market,” he said.

In May, for example, despite the low amount of total sales, the average sale price in the city was at $234,972, due in part to the sale of some larger homes.

Prince Albert’s upturn in July sales was not mirrored in Saskatoon. SRAR reported there were 481 sales last month, down from 533 in July 2018.

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glenn.hicks@jpbg.ca

On Twitter:@princealbertnow