It appears as though the bottom of the Prince Albert housing market slump has yet to be found.
Last month a mere 30 homes sold according to the Saskatoon Region Association of Realtors (SRAR). That represents a 17 per cent drop compared to August last year when 36 transactions happened. The figures are the worst in recent times. By comparison 50 homes sold in August 2014 before the latest economic recession, and 52 sold in 2012.
So far this year 234 properties have sold, which is 18 per cent down compared to the first eight months of last year.
The latest figures may be good news for buyers but show that the housing slump isn’t showing any signs of slowing.
July’s figures showed just 25 properties changed hands, which was 50 per cent worse than the same month in 2017.
“Although August numbers are down year over year, the decline was not as dramatic as the decline in July sales,” SRAR CEO Jason Yochim said in a media release. “It’s important to bear in mind that homes sell in all markets. If a seller needs to sell then they must be sure to have good advice and price to the current market conditions.”
The amount of properties on the market can also influence what sort of price a seller can get and be a boon for buyers. There were 82 homes on the market last month, that’s 11 per cent more than August last year.
On a rare positive note the SRAR said the average sale price of $231,103 for the city of P.A. so far this year was a three per cent increase over the first eight months of last year.
Over the wider Prince Albert and surrounding region including lake country, a total of 384 homes have sold so far in 2018, which is a 20 per cent reduction compared to last year. The average selling price for the wider region was $242,746, a four per cent increase over last year.
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