Housing sales in July in Moose Jaw were flat compared to last year, while sales year-to-date have dropped nearly 20 per cent compared to 2022, new data shows.
There were 52 home sales last month in The Friendly City, which was the same number as in July 2022, a report from the Saskatchewan Realtors Association (SRA) says.
Specifically, there were 44 sales of detached homes, one sale of a semi-detached home, one sale of a row/townhouse unit, three sales of apartments and three sales of mobile homes.
There were 69 new listings, a decrease from 90 units — a decrease of 31 per cent — from last July. Further, there were 188 units in inventory, a decrease from 197 homes — a five-per-cent decline — from the year before. Also, there were 3.62 months of supply compared to 3.8 months last July, and homes stayed on the market for 39 days.
The data showed that the benchmark price was $226,900, a decline from $229,169 — a drop of one per cent — year over year. Meanwhile, the average home price was $282,591, an increase from $220,421 — a jump of 22 per cent — compared to last July.
“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 report indicated that the 10-year average for July shows there are usually 57 home sales, 102 new listings, 305 units in inventory, 5.71 months of supply, 56 days of homes on the market, a benchmark price of $220,410 and an average price of $249,180.
Meanwhile, year-to-date (Jan. 1 to July 31), there have been 317 homes sold, 518 new listings, 156 units in inventory, 3.45 months of supply, 45 days on the market, a benchmark price of $215,429 and an average price of $258,823.
The year-to-date sales have declined 19 per cent compared to the same period last year, the report said.
The 10-year year-to-date averages show there are usually 328 home sales, 670 new listings, 268 homes in inventory, 5.91 months of supply, 60 days on the market, the benchmark price is $215,447 and the average price is $246,437.
Provincial housing sales
Saskatchewan reported 1,560 sales in July, a year-over-year increase of nine per cent and nearly 13 per cent above long-term 10-year averages, the SRA said. Much of the increase was driven by property priced below $300,000, as the more affordable segment of the market remains highly competitive.
As in previous months, inventory levels remain a significant challenge in many areas of the province. Despite a slight increase from last month, inventory levels were 11 per cent below levels seen last year and over 30 per cent below the 10-year average. While inventory challenges continue to affect the more affordable segment of the market, there have been slight inventory gains in properties priced above $300,000.
“Higher lending rates continue to impact both buyers and sellers, with many consumers seeking more affordable options in our market,” said CEO Chris Guérette. “Potential move-up buyers are less likely to list in the current rate environment. When paired with persistent inventory challenges, the more affordable segment of the market remains extremely competitive.”
Despite modest gains in the months of supply, which reached over four months in July, conditions remained tighter than last year and significantly below long-term trends, the report continued. Tighter market conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $333,100 in July, up from $331,500 in June and $329,600 in May.
“While inventory levels remain a concern for us, Saskatchewan is once again reporting sales levels well above long-term trends,” said Guérette. “Our market continues to benefit from a strong economy and record population growth, which is proving to help offset some of the impact caused by another policy interest rate increase by the Bank of Canada.”
