April proved to be a good month for home sales in Moose Jaw, as year-over-year, year-to-date and 10-year averages all saw gains, while year-over-year and year-to-date data for new listings also increased.
There were 64 home sales last month in The Friendly City, compared to 26 — an increase of 60 per cent — in April 2023, data from the Saskatchewan Realtors Association (SRA) shows.
There were 90 new listings last month, compared to 77 units — an increase of 14 per cent — from last April. Further, there were 132 homes in inventory, a decrease from 157 units — a drop of 19 per cent — from the year before. Also, there were 2.06 months of supply in April — a drop from 3.07 months — and homes stayed on the market for 40 days.
The benchmark price was $238,000, an increase from $211,820 — a jump of 11 per cent — year-over-year. Meanwhile, the average home price was $273,384, an increase from $262,449 — a jump of four per cent — last April, 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 April show there are usually 50 home sales, 115 new listings, 276 units in inventory, 6.15 months of supply, 55 days of homes on the market, a benchmark price of $215,000 and an average price of $252,994.
Year-to-date — Jan. 1 to April 30 — there have been 176 home sales, 273 new listings, 121 units in inventory, 2.74 months of supply, 44 days of homes on the market, a benchmark price of $225,950 and an average price of $262,342.
The 10-year averages for year-to-date data show there are typically 145 sales, 341 new listings, 234 units in inventory, 6.78 months of supply, 64 days of homes on the market, a benchmark price of $209,675 and an average price of $238,985.
Provincial data
Saskatchewan reported 1,642 sales in April, up 32 per cent year-over-year and compared to 10-year averages, while April marked the fourth consecutive month of above-average sales, resulting in year-to-date sales nearly 17 per cent above last year, the SRA said.
Sales levels improved across all larger regions, with the most significant gains in the Regina-Moose Mountain and Swift Current-Moose Jaw regions.
Despite a slight uptick in new listings, inventory levels were down 16 per cent year-over-year and 40 per cent below long-term, 10-year trends. The sharpest decline in inventory was in homes priced below $300,000, with some supply relief in homes priced above $500,000.
“Economic growth, employment gains, and record population numbers continue to support strong housing demand in Saskatchewan, resulting in a 10th consecutive month of above-average sales in April,” said CEO Chris Guérette.
“These factors are, without question, boosting housing demand — as evidenced through rising sales in the resale market and falling vacancy rates in the rental market.”
Saskatchewan reported a benchmark price of $339,800 in April, up from $334,500 in March and nearly five-per-cent higher than April 2023. Prices rose across all property types, ranging from a five-per-cent gain in detached and semi-detached property types to a 13-per-cent gain in apartment-style properties.
“With just over three months of supply provincially, our market continues to experience significant supply challenges. However, the conditions are far tighter in Saskatoon and Regina, with both markets reporting under two months of supply in April,” said Guérette.
“We’re approaching uncharted territory in our two largest markets right now — it’s an incredibly challenging time for prospective buyers out there. If supply challenges persist, as expected, we will likely see further price gains in these markets.”
