The start of a new year proved to be beneficial for housing sales in Moose Jaw because sales and new listings were up in January compared to the same time in 2023.
There were 27 home sales last month in Canada’s Most Notorious City, compared to 23 — a jump of 13 per cent — in January 2023, a report from the Saskatchewan Realtors Association (SRA) says.
There were 60 new listings last month, a jump from 23 units — a rise of 62 per cent — from last January. Further, there were 103 units in inventory, a decrease from 114 homes — a drop of 11 per cent — from the year before. Also, there were 3.81 months of supply in January — a drop of 21 per cent — and homes stayed on the market for 51 days.
The benchmark price was $215,300, an increase from $206,688 — a jump of four per cent — year over year. Meanwhile, the average home price was $233,458, an increase from $179,763 — a rise of 23 per cent — last January, 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 January shows there are usually 24 home sales, 65 new listings, 203 homes in inventory, 9.01 months of supply, 74 days of homes on the market, a benchmark price of $206,090 and an average price of $215,308.
Provincial housing sales
Saskatchewan reported 776 sales in January, a year-over-year gain of 24 per cent and nearly 18 per cent above long-term, 10-year averages, the SRA said. It was strong detached home sales that primarily drove January as the seventh consecutive month of above-average sales.
Strong monthly sales were met with declining new listings, resulting in 4,562 available units in inventory in January, the lowest level reported in January since 2010.
Furthermore, inventory levels declined by 18 per cent year-over-year and remained over 36 per cent below long-term, 10-year trends, the SRA continued.
As in prior months, most inventory decline was driven by homes priced below $400,000, a market segment that remains extremely competitive. Alternatively, properties priced above $600,000 experienced inventory relief in January, though more was needed to offset the declines in lower price ranges.
“Higher lending rates have driven many purchasers to seek out more affordable products, resulting in further inventory declines in the more affordable segment of our market,” said CEO Chris Guérette. “January failed to bring new listing relief to this area of our market, and prospective buyers can continue to expect tight market conditions when searching for more affordable properties.”
Prices rose across all property types on a year-over-year basis in January, with the most significant gains occurring in row/townhouse-style properties, the organization said. Saskatchewan reported a provincial benchmark price of $319,600 in January, up from $319,300 in December and nearly one-per-cent higher than January 2023.
“While real estate is local and market conditions vary based on property type, price range, and location — our biggest concern is the lack of inventory across many markets in our province,” said Guérette.
“Despite persistent inventory challenges, the predicted easing of lending rates and favourable economic conditions should continue to support stable demand for home ownership in Saskatchewan.”
