It was mostly red down arrows for Moose Jaw’s housing market in February, as sales, listings, inventory and average house prices all dropped by double-digit percentages year-over-year.
There were 23 home sales last month in Canada’s Most Notorious City, a decrease of 35 units — or 54 per cent — from February 2022, data from the Saskatchewan Realtors Association (SRA) shows.
There were 37 new listings, a decline of 51 units — or 37 per cent — last February. Meanwhile, inventory levels stood at 105 units available, which was a drop from 129 homes — or 23 per cent — from the year before. Also, homes spent 57 days on the market.
The benchmark price of a home was $217,300, a year-over-year decrease from $228,165 or a five-per-cent drop, the report showed. The average home price was $223,026, compared to $272,091 last February or a 22-per-cent drop.
“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 one bright spot was months of supply, which stood at 4.57 months, a jump from 3.10 months of supply — or 68 per cent — year-over-year.
The report indicated that the 10-year average for February shows there are usually 31 homes sold, 70 new listings, 223 homes in inventory, 7.66 months of supply, 71 days of homes on the market, a benchmark price of $221,120 and an average home price of $227,309.
Meanwhile, year-to-date, there have been 47 homes sold, 73 new listings, 107 units in inventory, 4.53 months of supply, 65 days of homes on the market, a benchmark price of $219,350 and an average price of $205,998.
The 10-year year-to-date average shows there are typically 55 homes sold, 137 new listings, 216 homes in inventory, 8.14 months of supply, 71 days of units on the market, a benchmark price of $220,850 and an average price of $223,562.
There were 854 sales recorded in Saskatchewan in February, a year-over-year decline of 19 per cent, the SRA said. However, while sales are down year-over-year, sales activity remains stronger than pre-pandemic levels and above long-term 10-year averages.
As seen in prior months, Saskatchewan reported new listings and inventory levels significantly below long-term trends. There were 1,360 new listings last month, down 18 per cent year-over-year and nearly 28 per cent below 10-year averages.
While the months of supply pushed above six months, inventory levels were down six per cent year-over-year and 31 per cent below 10-year averages, the report added.
“We continue to see higher lending rates and supply challenges contribute to a pullback in sales,” said CEO Chris Guérette. “I’m beginning to sound like a broken record, but our biggest concern is still inventory levels, specifically in the more affordable segment of our housing continuum.”
The provincial benchmark price reached $318,500 in February, slightly higher than the $317,400 recorded the month prior and 0.4 per cent higher than February 2022.
“Year-over-year sales declines were to be expected as we returned to a more balanced market where sales activity is more consistent with the historical 10-year averages,” said Guérette.
“Saskatchewan remains one of the most affordable jurisdictions in the country with a resilient market that is well-positioned for stable demand in home ownership.”