Home sales in August declined across the province for a second-straight month compared to last August, but data shows even with a 12-per-cent drop, sales levels remain above long-term trends.
“Last year (2020), August sales hit a new record high for the month, so while the year-over-year decline this (past) month seems significant, it is important to note that sales are still at levels that are far better than what were seen in August prior to the pandemic,” Chris Guérette, CEO for the Saskatchewan Realtors Association (SRA), said.
“Sales have been far stronger than anyone expected throughout the pandemic, and recent shifts are likely a reflection of the market returning to more normal levels as the rest of the economy starts to recover.”
Moose Jaw data
There were 57 home sales in Moose Jaw in August, SRA data showed, increasing from 52 homes sold last August. Sales in August were also above the 10-year average of 50 units sold.
Year-to-date, 486 homes have been sold in Moose Jaw. This is an increase from 277 units sold during the same time last year. This is also above the 10-year average of 379 homes sold.
There were 77 new listings in The Friendly City last month, which slightly declined from 79 units listed in August 2020. New listings in August were below the 10-year average of 93 homes placed on the market.
Year-to-date, 738 homes have been listed for sale in Moose Jaw. This is an increase from 590 units during the same time last year.
There was an inventory of 302 homes available for sale in August, which was a slight decline from 314 units in August 2020, SRA data showed. Meanwhile, there were 5.3 months of supply of homes available last month, which declined from 5.9 months last August.
Homes stayed on the market for an average of 54 days last month, which slightly increased from 53 days in August 2020. However, the number of days on the market declined compared to the 10-year average of 60 days.
The average price of a home in Moose Jaw in August was $228,193, which was a decrease from $240,885 last August, SRA data showed. This is also slightly below the 10-year average price of a home at $233,833.
Provincial outlook
While there have been some signs of shifting conditions over the past few months, it has not erased the gains seen this year, Guérette said.
Easing sales in August were also met with a reduction in new listings. This prevented any significant changes to inventory levels, which at 9,461 units is far lower than levels recorded since 2014, she continued. Nevertheless, slower sales caused supply to increase to roughly seven months in August. This is the first time since February that levels have risen this high.
The shift to more balanced conditions will support more stability in prices. As of August, the benchmark price across Saskatchewan was $287,900, similar to levels reported in July but nearly seven-per-cent higher than August 2020.
“Activity can vary significantly depending on the location and property type. For instance, when considering the two largest cities in the province, home prices have recovered in Saskatoon while there remains a significant spread from 2012 levels in Regina,” added Guérette. “For both buyers and sellers in this market, it is important to understand the local conditions.”
