August was a better month for home sales and new listings in Moose Jaw compared to the same period in 2022, although inventory and months of supply declined year-over-year by double-digit percentages.
There were 69 home sales last month in Canada’s Most Notorious City, compared to 34 units — a jump of 50 per cent — in August 2022, a report from the Saskatchewan Realtors Association (SRA) says.
Specifically, there were 58 sales of detached homes, two sales of semi-detached homes, two sales for row/townhouses, two sales of apartments and five sales of mobile homes.
There were 86 new listings, an increase from 71 units — a jump of 18 per cent — from last August. Further, there were 174 units in inventory, a decrease from 195 homes — a drop of 12 per cent — from the year before. Also, there were 2.52 months of supply compared to 3.55 months last August — a drop of 41 per cent — and homes stayed on the market for 48 days.
The benchmark price was $223,000, a decline from $229,690 — a drop of three per cent — year over year. Meanwhile, the average home price was $245,528, a decrease of one per cent from last August, 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 August shows there are usually 50 home sales, 90 new listings, 296 units in inventory, 6.14 months of supply, 60 days of homes staying on the market, a benchmark price of $218,000 and an average price of $234,527, said the report.
Meanwhile, from Jan. 1 to Aug. 31 (year-to-date), there have been 386 homes sold, 604 new listings, 160 units in inventory, 3.32 months of supply, 46 days of homes staying on the market, a benchmark price of $216,375 and an average price of $256,447.
Compared to last year, 2023’s year-to-date data shows home sales have declined 11 per cent, new listings have declined seven per cent, inventory has fallen one per cent and months of supply are up 12 per cent.
The 10-year year-to-date averages show there are usually 378 homes sold, 759 new listings, 271 units in inventory, 5.92 months of supply, 60 days that homes remain on the market, a benchmark price of $215,766 and an average price of $244,729.
Provincial housing sales
Saskatchewan reported a record-high 1,631 sales in August, a year-over-year increase of 11 per cent and nearly 25 per cent above long-term, 10-year averages, the SRA said.
Strong sales were met with a pullback in new listings, leading to lower inventory levels. The inventory decline was driven by homes priced below $400,000, as the more affordable segments of the market remained highly competitive.
“Saskatchewan is once again reporting strong sales despite ongoing inventory challenges, inflationary pressures and higher lending rates,” said CEO Chris Guérette.
“Higher interest rates are pushing more purchasers to seek out more affordable options in the market, and, as a result, we continue to experience significant supply challenges in the lower price ranges of our market. These persistent supply challenges are likely preventing even stronger sales activity in August.”
Record sales and low inventories caused the provincial months of supply to drop below four months, reflecting the tightest market conditions since 2007, the report said. Despite this, Saskatchewan’s benchmark price eased slightly in August, primarily due to declines in the more expensive detached and semi-detached markets.
Notwithstanding price adjustments following months of steady growth, prices remain comparable to last year’s levels, the SRA added.
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