Home sales in Moose Jaw in June declined by nearly two per cent year-over-year, while sales year-to-date have declined by almost 22 per cent compared to 2022, new data shows.
There were 67 home sales last month in Canada’s Most Notorious City, a decrease from 68 units — a 1.5-per-cent drop — from June 2022, data from the Saskatchewan Realtors Association (SRA) shows.
Specifically, there were 60 sales of detached homes, one sale of a semi-detached home, one sale of a townhouse, three sales of apartments and two sales of mobile homes.
There were 112 new listings, an increase from 91 units — a jump of 19.1 per cent — from last June. Further, there were 200 units in inventory, which was a jump from 152 homes — a 24.2-per-cent increase — from the year before. Also, there were 2.99 months of supply compared to 2.21 months last June and homes stayed 38 days on the market.
The benchmark price was $226,100, a decline from $232,900 — a drop of three per cent — year-over-year, the data showed. Meanwhile, the average home price was $286,570, an increase from $217,793 — a jump of 24 per cent — compared to last June.
“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 June shows there are usually 61 home sales, 104 new listings, 305 homes in inventory, 5.34 months of supply, 55 days for homes on the market, a benchmark price of $220,820 and an average price of $239,174.
Meanwhile, year-to-date (Jan. 1 to June 30), there have been 265 homes sold, 449 new listings, 151 homes in inventory, 3.42 months of supply, 46 days of homes on the market, a benchmark price of $213,517 and an average price of $254,160.
The year-to-date sales have declined 21.6 per cent compared to the same period last year, the report said.
The 10-year year-to-date average shows by this point in the year, there are typically 271 home sales, 567 new listings, 261 homes in inventory, 6.06 months of supply, 61 days of homes on the market, a benchmark price of $214,620 and an average price of $245,337.
Provincial housing sales
There were 1,691 sales reported across the province in June, a year-over-year decline of six per cent, the SRA said. While year-over-year sales were down, Saskatchewan again reported sales levels above long-term, 10-year historical averages.
Inventory levels remain a significant challenge in certain regions, but despite a slight increase, inventory levels were nine-per-cent below levels last year and over 30-per-cent below the 10-year average. Inventory challenges continue to affect the market’s more affordable segments, with homes priced below $300,000 reporting a 17-per-cent decline in inventory in June.
“While higher lending rates are impacting sales activity, continued employment growth and Saskatchewan’s relative affordability advantage are preventing a significant pullback in sales,” said CEO Chris Guérette.
“Our province continues to report strong sales despite persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”
The slight increase in monthly inventory did support a modest gain in the months of supply. However, with just under four months of supply, conditions remain lower than traditionally seen in June, the SRA said. Tighter conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $331,500 in June, up from $329,600 in May.
“Our market continues to demonstrate resilience amid interest rate hikes, ongoing inflationary pressures, and concerns over a national recession,” said Guérette. “We continue to keep a close eye on inventory levels and how tighter market conditions may impact prices moving forward.”
