While home sales in Moose Jaw increased in July compared to the same time last year — indicating strength in the short-term — year-to-date sales decreased compared to 2019, data shows.
Sales in Moose Jaw this July increased to 83 units compared to 60 last year, or a rise of 38.3 per cent, according to a report from the Saskatchewan Realtors Association. Sales were above the five-year average of 60.4 homes sold and above the 10-year average of 56.2 homes sold.
However, year-to-date (YTD) sales fell to 284 at the end of July, compared to 294 during the same time last year, for a decrease of 3.4 per cent.
Sales volume increased to $21.2 million compared to $14.5 million last July, for an increase of 46.1 per cent. YTD sales volume was $66.5 million, which was a decrease from $70.7 million — or 5.9 per cent — last year.
The number of new listings for this July increase to 108 compared to 100 last July, for a rise of eight per cent, the report said. This is above the five-year average of 100.8 homes listed and above the 10-year average of 98.4 homes listed.
However, YTD new listings fell to 537 units, compared to 643 during the same time last year. Meanwhile, active listings decrease to 239 from 333.
Homes in Moose Jaw stayed on the market for an average of 62 days in July, which is down from 91 days last year. It is also below the five-year average of 67 days on the market but above the 10-year average of 59 days.
Median home prices increased to $235,000 from $211,750, or an increase of 11 per cent, the report showed. This price was above the five-year average of $227,150 and above the 10-year average of $226,375.
YTD, the median home price in Moose Jaw was $214,429, which was below the $217,386 price from the same time last year.
Saskatchewan Realtors Association update
While there has been an uptick in the number of COVID-19 cases across the province, the precautions that the SRA put in place earlier this year seem to have reduced people’s anxiety about home buying, the report said.
“When the pandemic hit, we put measures in place to make sure that our members and their clients would be safe while buying homes,” said Jason Yochim, CEO of SRA. “And we’re seeing how effective those measures have been. People feel safe and they’re buying,” suggesting that while COVID is still a concern, people and the economy are adapting.
Although prices are down in some markets — reflecting the local nature of real estate — the number of sales were up in all markets that the SRA tracks, while the number of new listings were up in all but one. Again, this suggests the sector is doing well despite the pandemic’s effects on the province, and that the sector has recovered in two to three months.
The strong performance seen in June and July — supported by increasing confidence in the real estate sector — is promising for August as well.
“Members are still receiving multiple offers and some properties continue to be sold almost as soon as they’re listed,” said Yochim, suggesting there is still pent-up demand.
As a result, would-be sellers may be encouraged to list and help ease the declining inventory burden. With children scheduled to return to school in September, August could also see another strong push before life gets back to “normal” and Saskatchewan real estate activity begins its cyclical slow down.
