February home sales in Moose Jaw increased by nearly 30 per cent over February 2021, but the number of new listings, inventory, and months of supply declined compared to last year.
There were 50 home sales last month in The Friendly City, which increased from 36 units sold in February 2021, or a jump of 28.2 per cent, data from the Saskatchewan Realtors Association (SRA) shows.
This increase was also 57.7 per cent above the 10-year average for sales, which typically sees around 32 units sold.
Year-to-date, 68 homes were sold in Moose Jaw, a decline from 73 units sold YTD last year, or a drop of eight per cent.
There were 59 new listings last month, which was a decline from 70 new listings in February 2021, or a drop of 18 per cent, SRA’s data shows.
This number was also 16.9 per cent below the 10-year average for new listings, which typically sees around 71 new listings.
Year-to-date, 119 homes were listed, which was a decline from 126 homes listed in February 2021, or a drop of six per cent.
Inventory in February stood at 139 units, which was a decline from 172 units in inventory last year, or a drop of 23 per cent, the data shows.
This number was also 37.9 per cent below the 10-year average for inventory, which typically sees 224 units available.
Year-to-date, there were 138 homes in inventory in Moose Jaw, which was a decline from 163 units available last year, or a drop of 18 per cent.
Meanwhile, there were 2.78 months of supply available last month, a decline from 3.89 months of supply in February 2021, or a drop of 40 per cent, SRA’s data shows.
This number was also 64 per cent below the 10-year average, which typically sees 7.69 months of housing supply available.
Year-to-date, there have been 4.04 months of supply available in Moose Jaw, which declined from 4.48 months of supply last year, or a drop of 11 per cent.
The average price of a home last month was $285,274, which was an increase of 48 per cent compared to February 2021, data from SRA shows.
This number was 30 per cent higher than the 10-year average, typically around $220,217 in cost.
Provincial outlook
Sales across Saskatchewan last month declined by eight per cent compared to February 2021, but housing demand remained strong with levels that are 22-per-cent higher than typical for this time of year and nearly 40-per-cent higher than average levels from 2015 to 2020, the SRA said.
While there have been some signs of improved new listings, inventory levels remained lower than the market traditionally sees and months of supply averaged just over five months, which is slightly lower than in February 2021.
“There is a significant amount of uncertainty weighing on the economy. While this could have some impact on demand, supply levels are still low (and are) providing some cushion should demand taper,” said Chris Guérette, SRA CEO. “Conditions also vary significantly based on location, property type and price range because real estate is very local.”
The SRA raised the alarm bell in February about inventory levels in Saskatchewan, and now that the market is two months old, it’s concerning to see the dip in inventory since that’s the lowest it’s been since 2010, she continued.
“That’s why we’re working harder than ever to build a fuller picture of Saskatchewan’s housing continuum,” Guérette added, “so we can identify where the gaps are and build smartly and collaboratively for growth.”
