There are some signs that the residential real estate market is beginning to sort itself out.
For the past year or two the markets have been battling through high inventory levels that have had a depressing effect on prices. And the large selection for buyers meant they didn’t have to be in a hurry to make a decision. That meant that the number of For Sale signs were roughly comparable to number of houses that would change hands in a year.
But the latest figures from local real estate boards in the province show that inventory levels are finally dropping. Absorption is now ahead of the new listings. The number of properties on the market in Saskatoon, for example, is down about 300 from just six months ago and new listings fell by more than 400 in that period. And Moose Jaw did not add any new listings in October.
So the signs of a recovery are now growing as home owners are holding in hopes of a price rebound while the number of buyers stepping up to the plate is finally getting ahead of the curve.