Housing sales in Moose Jaw in August were down nearly 40 per cent year over year, although year-to-date sales are up nearly 11 per cent compared to 2023.
There were 42 home sales last month in The Friendly City, compared to 58 in August 2023, a decrease of 39 per cent, according to data from the Saskatchewan Realtors Association (SRA).
There were 73 new listings last month, compared to 84 units — a decrease of 15 per cent — from last August. Furthermore, there were 158 units in inventory, a decrease from 180 homes — a drop of 14 per cent — from the year before. Also, there were 3.76 months of supply — an increase from 2.22 months — and homes spent 41 days on the market.
The benchmark price of a home was $252,200, an increase from $224,458 — a jump of 11 per cent — year-over-year. Meanwhile, the average house price was $297,721, an increase from $235,199.59 — a jump of 21 per cent — last August, 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 August show there are usually 53 homes sold, 91 new listings, 290 units in inventory, 5.84 months of supply, 59 days of homes on the market, a benchmark price of $219,000 and an average price of $235,154.
Year-to-date — Jan. 1 to Aug. 31 — there have been 426 homes sold, 606 new listings, 138 units in inventory, 2.59 months of supply, 42 days of homes on the market, a benchmark price of $241,138 and an average price of $262,374.
The 10-year averages for the year-to-date data show there are usually 379 homes sold, 746 new listings, 265 units in inventory, 5.78 months of supply, 59 days of homes on the market, a benchmark price of $215,810 and an average price of $245,813.
Provincial stats
Saskatchewan reported 1,507 sales in August, a seven-per-cent year-over-year decrease but over 12 per cent above long-term, 10-year averages, the SRA said. Despite a slight pullback in sales, August marked the 14th consecutive month of above-average sales, while year-to-date sales remained seven-per-cent higher than last year.
A modest gain in new listings resulted in the sales-to-new-listings ratio trending down, preventing an even more significant monthly decline in inventory levels. However, inventory levels slid by 17 per cent and remain 40-per-cent below long-term averages.
“Unlike many other parts of the country, sales in our province continue to outperform historical averages for a fourteenth consecutive month,” said CEO Chris Guérette. “Saskatchewan’s relative affordability, when paired with employment gains and falling unemployment rates, continues to support strong housing demand in our province.”
Easing supply levels are again placing upward pressure on home prices, the SRA said. In August, Saskatchewan reported a residential benchmark price of $344,700, a six-per-cent year-over-year gain.
“Inventory levels remain over 40-per-cent below average province-wide and in our two largest centres — and we’re seeing the impact that can have on prices,” said Guérette. “Nearly all regions of the province saw year-over-year price growth in August, as high as 11 per cent in Moose Jaw and nine per cent in Saskatoon — that’s very significant.”
Regina-Moose Mountain was the only economic region to report a year-over-year sales increase in August, while many regions reported sales levels above long-term, 10-year trends.
All regions except the North continue to report year-to-date sales well above the 10-year average — with the strongest sales levels occurring in the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw regions.
Home prices trended up across nearly all economic regions, with the largest monthly gains occurring in the Swift Current- Moose Jaw (nine per cent year-over-year) and Saskatoon-Biggar (eight per cent) regions.
With prices nearly 11 per cent higher than last year, Moose Jaw reported the largest price gain in August, followed by Saskatoon at eight per cent, the SRA added.
