Housing sales data in Moose Jaw in September showed mostly red down arrows, as categories fell between one and 17 per cent, although sales were slightly above the 10-year average.
There were 47 home sales last month in The Friendly City, compared to 51 units — a decrease of eight per cent — in September 2022, a report from the Saskatchewan Realtors Association (SRA) says.
Specifically, there were 42 sales of detached homes, one sale each of semi-detached and row/townhouse and three sales of apartments.
There were 72 new listings last month, a decrease from 78 units — a drop of nine per cent — from last September. Further, there were 162 units in inventory, a decrease from 190 homes — a drop of 17 per cent — from the year before. Also, there were 3.45 months of supply in September — a drop of 10 per cent — and homes stayed on the market for 55 days.
The benchmark price was $221,300, a decline from $223,513 — a drop of one per cent — year over year. Meanwhile, the average home price was $244,117, an increase of nine per cent from last September, 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 September shows there is usually 45 home sales, 90 new listings, 281 units in inventory, 6.87 months of supply, 60 days of homes on the market, a benchmark price of $216,810 and an average price of $225,091.
Meanwhile, year-to-date (YTD; Jan. 1 to Sept. 30), there have been 433 homes sold, 676 new listings, 161 homes in inventory, 3.35 months of supply, 47 days of homes on the market, a benchmark price of $216,922 and an average price of $255,108.
Compared to last year, 2023’s YTD data show home sales are down 11 per cent, new listings are down seven per cent, inventory is down three per cent, months of supply is up nine per cent and benchmark price is down four per cent.
The 10-year YTD averages show there are usually 423 home sales, 849 new listings, 272 units in inventory, 5.99 months of supply, 60 days of units on the market, a benchmark price of $215,882 and an average price of $242,711.
Provincial housing sales
Saskatchewan reported 1,295 sales in September, a year-over-year gain of 2.5 per cent and 6.3 per cent above long-term, 10-year averages, the SRA said. While YTD sales have eased versus last year, Saskatchewan continues to report sales well above long-term trends.
Supply challenges continued, as inventory levels were over 12-per-cent lower than last year and nearly 32 per cent below the 10-year average. As inventories improved in higher-priced properties, most inventories declined for homes priced below $400,000 since the more affordable homes remained highly competitive.
“As seen in previous months, significant supply challenges continue to persist across Saskatchewan, specifically in the more affordable segment of our housing continuum,” said CEO Chris Guérette.
“Inventory challenges and higher lending rates are, without question, impacting sales activity across the province, but relative affordability paired with strong economic growth is supporting above-average sales in our market.”
Strong sales and ongoing supply challenges translated to 4.8 months of supply, the lowest since 2009. The benchmark price reached $328,000, up slightly from $327,800 in August and 1.1 per cent above September 2022.
“Provincial prices remain stable as price gains in Saskatoon, Prince Albert, and Yorkton offset price declines in Regina and Swift Current in September,” said Guérette.
“Ultimately, real estate is local, and conditions vary across the province. That said, supply challenges in the lower-priced, more affordable segment of our market remain a significant concern provincially.”
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