The Prince Albert housing market has hit an eight-year low in terms of both the amount of properties up for sale as well as sales volume.
In their latest monthly report, the Saskatoon Region Association of Realtors (SRAR) said only 665 residential properties were listed for sale so far this year, which is 16 per cent lower than for the first 10 months of last year when 753 were on the market. Back in 2010 there were 855 properties listed for sale over the same period.
Also last month only 28 homes sold, which is a 15 per cent slide over October last year when 33 units changed hands.
Year-to-date 292 properties sold according to figures released by SRAR. In the first 10 months of 2017, 342 properties had sold, and back in 2010 that figure was at 493.
It’s taking longer to sell a home. Figures show year-to-date, a house is on the market for an average 86 days before being sold. In 2014 as an example, it was taking an average 69 days to sell.
While the statistics would appear gloomy, especially for sellers, they appear not to necessarily equate to a major drop in sales prices.
“Lower levels of inventory are helpful to sustain and even put upward pressure on prices,” Jason Yochim, the CEO of SRAR said in a media release.
Dollar figures from SRAR’s October report showed homes that have been selling in Prince Albert have been realizing 92.5 per cent of their asking price.
The average year-to-date residential sale price was $231,626, which is an increase of two per cent compared to the same time period last year.
SRAR said the Home Price Index (HPI) Benchmark price for a single-family home in Prince Albert had dropped slightly to $202,800 in October.
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