Home sales in Moose Jaw in May experienced a year-over-year decline of over six per cent, although sales year-to-date are up nearly 20 per cent, recent data shows.
There were 62 home sales last month in The Friendly City, compared to 66 — a decrease of 6.1 per cent — in May 2023, according to the Saskatchewan Realtors Association (SRA).
There were 86 new listings last month, compared to 99 units — a drop of 15 per cent — from last May. Further, there were 150 units in inventory, a decrease from 174 — a drop of 16 per cent — from the year before. Also, there were 2.42 months of supply in May — a drop from 2.68 months — and homes stayed on the market for 40 days.
The benchmark price was $244,600, an increase from $225,032 — a rise of eight per cent — year-over-year. Meanwhile, the average home price was $248,156, an increase from $243,193 — a jump of two per cent — last May, the report said.
“Benchmark price reflects the price of a typical or average home for a specific location. Average and median prices are easily swayed by what is sold in that time frame,” the SRA explained.
“As a benchmark price is based on a typical home, price changes more accurately represent true price changes in the market as it is an apples-to-apples comparison.”
The 10-year averages for May show there are usually 62 home sales, 111 new listings, 295 units in inventory, 5.16 months of supply, 56 days of homes on the market, a benchmark price of $220,570 and an average price of $263,863.
Year-to-date — Jan. 1 to May 31 — there have been 237 homes sold, 359 new listings, 128 units in inventory, 2.7 months of supply, 43 days of homes on the market, a benchmark price of $237,200 and an average price of $258,937.
The 10-year averages for year-to-date data show there are typically 207 home sales, 452 new listings, 246 units in inventory, 6.28 months of supply, 61 days of homes on the market, a benchmark price of $212,810 and an average price of $246,353.
Provincial data
Saskatchewan reported 1,841 sales in May, up six per cent year-over-year and 24 per cent above long-term, 10-year averages, the SRA said. Sales remain strong across many regions, with the largest year-over-year gains occurring in the Swift Current-Moose Jaw and Northern regions.
Furthermore, the province reported a month-over-month gain in new listings, but strong sales continued to prevent significant inventory relief, with inventory levels at their lowest since 2008, the organization continued. The sharpest decline in inventory was in homes priced below $300,000, as the more affordable segment remains extremely competitive.
“Our housing market continues to report strong monthly sales figures despite persistent inventory challenges,” said CEO Chris Guérette. “An 11th consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets in our province right now.”
Saskatchewan reported a residential benchmark price of $340,400 in May, up from $339,800 in April and over four-per-cent higher than May 2023. Prices rose across all property types, with the most significant gains occurring in apartment and row/townhouse-style properties.
“While the provincial months of supply fell below three months in May, conditions remain much tighter in our two largest centres — as Regina and Saskatoon are again reporting less than two months of supply,” said Guérette.
“With further rate cuts on the horizon likely to spur additional demand — and no immediate inventory relief in sight — we expect tight conditions to continue to place upward pressure on prices across the province.”
