February was mostly a positive month for home sales in Moose Jaw, as total sales and new listings saw year-over-year and year-to-date gains, although inventory and months of supply saw declines.
There were 45 home sales last month in The Friendly City, compared to two — a jump of 96 per cent — in February 2023, data from the Saskatchewan Realtors Association (SRA) shows.
There were 58 new listings last month, a jump of 36 units — a rise of 38 per cent — from last February. Further, there were 110 units in inventory, a decrease from 118 homes — a drop of seven per cent — from the year before. Also, there were 2.44 months of supply in February — a drop from 3.7 months — and homes stayed on the market for 52 days.
The benchmark price was $221,900, an increase from $199,710 — a jump of 10 per cent — year over year. Meanwhile, the average home price was $277,907, an increase from $220,930 — a rise of 25 per cent — last February, 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 average for February shows there are usually 31 home sales, 67 new listings, 216 units in inventory, 7.51 months of supply, 69 days of homes on the market, a benchmark price of $206,350 and an average price of $223,230.
Year-to-date — Jan. 1 to Feb. 29 — there have been 72 home sales, 118 new listings, 109 units inventory, 3.01 months of supply, 51 days of homes on the market, a benchmark price of $218,600 and an average price of $261,238.
The 10-year averages for year-to-date data show there are usually 55 units sold, 132 new listings, 209 units in inventory, 7.96 months of supply, 71 days of units on the market, a benchmark price of $206,220 and an average price of $219,671.
Provincial data
Saskatchewan reported 999 sales in February, a 17-per-cent year-over-year gain and 24 per cent above long-term, 10-year averages, the SRA said. Although sales followed common seasonal trends in rising above levels from January, growth was significant and above levels this time last year.
While there was a slight year-over-year increase in new listings, an eighth consecutive month of above-average sales prevented any supply growth — resulting in a 17-per-cent year-over-year decline in inventory, with levels nearly 38 per cent below 10-year trends.
“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” said CEO Chris Guérette.
“Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth — even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”
Saskatchewan reported a benchmark price of $330,800 in February, up from $319,600 in January and nearly five per cent higher than February 2023. While row/townhouse and apartment-style properties experienced the largest year-over-year price gains, the detached sector reported the highest month-over-month price gains in February.
“Though it is a small sample size right now, a month-over-month jump of over $10,000 in the provincial benchmark price is significant, with some markets reporting monthly increases in excess of $15,000,” said Guérette.
“We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”
