MOOSE JAW — Moose Jaw saw double-digit year-over-year percentage increases with home sales and benchmark prices in October, although almost every other category saw declines that month.
There were 61 homes sold in October in The Friendly City, compared to 49 units in October 2023, a jump of 20 per cent, the Saskatchewan Realtors Association (SRA) said.
There were 52 new listings last month, compared to 53 units — a drop of two per cent — from October 2023. Furthermore, there were 113 units in inventory, a decrease from 139 homes — a drop of 23 per cent — from the year before. Also, there were 1.85 months of supply — a decrease from 2.49 months — and homes spent 54 days on the market.
The benchmark price was $255,900, an increase from $227,751 — a jump of 11 per cent — year-over-year. Meanwhile, the average house price was $266,557, an increase from $239,901.30 — a jump of 10 per cent — last October.
“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 October show there are usually 44 sales, 70 new listings, 251 units in inventory, 5.78 months of supply, 59 days of homes on the market, a benchmark price of $215,040 and an average price of $222,942.
Year-to-date — Jan. 1 to Oct. 31 — there have been 540 home sales, 724 new listings, 138 units in inventory, 2.56 months of supply, 44 days of homes on the market, a benchmark price of $244,050 and an average price of $264,781.
The 10-year averages for year-to-date data show there are usually 468 homes sold, 901 new listings, 264 units in inventory, 5.83 months of supply, 59 days of homes on the market, a benchmark price of $215,933 and an average price of $241,994.
Provincial data
Saskatchewan reported 1,520 sales in October, the highest monthly sales level ever for the month, while sales were over 21-per-cent higher than last year’s levels and 36-per-cent above long-term, 10-year historical averages, the SRA said.
Sales levels also improved across all regions, contributing to a year-to-date gain of over eight per cent.
Despite modest monthly growth in new listings, the 16th consecutive month of above-average sales led to further inventory declines — with inventory at the lowest point since 2007, the SRA continued. The steepest inventory declines were in homes priced below $300,000, while the only monthly inventory gains were in homes priced above $600,000.
“Saskatchewan continues to benefit from several positive economic factors supporting above-average housing demand across our province,” said CEO Chris Guérette. “Unlike some parts of the country, housing demand remains strong despite significant inventory challenges — as demonstrated by a 16th consecutive month of above-average sales.”
Strong monthly sales, combined with lower inventory, resulted in the months of supply falling to just above three months — an exceptionally low figure for October, the SRA said. The relatively tight market conditions continued to place upward pressure on prices, as nearly all communities reported year-over-year benchmark price gains.
Saskatchewan reported a residential benchmark price of $343,400 in October, down from $343,800 in September, the association continued. While a slight month-over-month price decrease is expected and in line with seasonal factors, the October benchmark price is nearly six- per-cent above October 2023, with prices improving across all property types.
“We typically see less sales activity in the fourth quarter of the year, and when you factor in the scarcity of inventory, the demand we’re seeing that led to record October sales is quite impressive,” said Guérette.
“Recent rate cuts are expected to support even stronger demand. (Also,) with inventory levels below near record lows in some markets across the province, it is a challenging time for prospective buyers right now,” she added.
