The average home price in Moose Jaw increased nine per cent in June, although the number of sales dipped 14 per cent, reflecting a similar trend provincewide.
There were 68 homes sold last month, which decreased from 78 units — or 14 per cent — in June 2021, data from the Saskatchewan Realtors Association (SRA) shows.
There were 94 new listings in June, a drop from 104 new listings during the same time last year. Furthermore, the inventory of homes stood at 157 units, which declined from 215 units — a 37-per-cent drop — in June 2021.
The number of available homes meant there were 2.31 months of supply available, a drop from 2.93 months last June. Meanwhile, homes stayed on the market for 38 days.
The average home price in Moose Jaw in June was $231,388, an increase of nine per cent year-over-year. Meanwhile, the benchmark price of a home was $245,800, an increase of three per cent year-over-year.
The 10-year average for June shows there are usually 60 homes sold, 102 new listings, 310 homes in inventory, 5.48 months of supply, 55 days for homes to be on the market, benchmark home prices of $227,830 and average prices of $241,869.
Year-to-date, there have been 338 homes sold, 478 new listings, 148 homes in inventory, 2.62 months of supply, 44 days for homes on the market, benchmark home prices of $235,783 and average prices of $264,886.
The 10-year average for year-to-date statistics for June shows there are usually 275 home sales, 572 new listings, 264 homes in inventory, 6.07 months of supply, 61 days for homes on the market, benchmark prices of $223,718 and average prices of $243,303.
Provincial outlook
Provincial June sales eased over last year’s record levels, the SRA said. However, with 1,808 sales last month, activity is still over 20-per-cent stronger than long-term trends for the province.
“While sales have been trending down in the province this year, we cannot lose sight of the fact that sales levels are still amongst the highest levels ever recorded in our market, (while) these higher relative levels are still being achieved despite the sharp rise in lending rates,” said CEO Chris Guérette.
For the second-straight month, the SRA saw the level of new listings improve to levels consistent with the 10-year average. This has helped support some monthly gains in inventory levels. However, with only 6,893 units available in inventory, supply levels are still 27-per-cent lower than traditional levels, while the month of supply remains amongst the lowest levels reported for June.
Persistently tight market conditions continued to place upward pressure on home prices. In June, the unadjusted benchmark price rose to $333,400, nearly one-per-cent higher than last month and nearly five-per-cent higher than last year’s levels.
“Moving forward, we do anticipate that further rate increases will weigh on sales and eventually support more balanced conditions,” said Guérette.
“However, Saskatchewan continues to benefit from relative affordability, improving migration and job growth, which should help offset some of the impact that higher rates would have on the housing market.”
