It was mostly red arrows for housing sales in Moose Jaw in March, as sales, new listings, inventory and months of supply all dropped versus the same period in 2023, data shows.
There were 41 home sales last month in Canada’s Most Notorious City, compared to 45 — a decrease of nine per cent — in March 2023, data from the Saskatchewan Realtors Association (SRA) shows.
There were 65 new listings last month, compared to 76 units — a drop of 17 per cent — from last March. Further, there were 121 homes in inventory, a decrease from 137 homes — a drop of 13 per cent — from the year before. Also, there were 2.95 months of supply in March — a drop from 3.06 months — and homes stayed on the market for 37 days.
The benchmark price was $228,600, an increase from $208,026 — a jump of nine per cent — year-over-year. Meanwhile, the average home price was $245,525, a decrease from $262,711 — a drop of seven per cent — last March, 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 March shows there are usually 41 home sales, 94 new listings, 242 units in inventory, 6.37 months of supply, 64 days of homes on the market, a benchmark price of $211,260 and an average price of $245,225.
Year-to-date — Jan. 1 to March 31 — there have been 113 home sales, 183 new listings, 115 units in inventory, 3.04 months of supply, 46 days of homes on the market, a benchmark price of $221,933 and an average price of $255,537.
The 10-year averages for year-to-date data show there are typically 95 homes sold, 226 new listings, 220 units in inventory, 7.25 months of supply, 68 days of homes on the market, a benchmark price of $207,900 and an average price of $230,634.
Provincial data
Saskatchewan reported 1,183 sales in March, a two-per-cent year-over-year decline and nearly six per cent above long-term, 10-year averages, the SRA said. Despite a slight year-over-year dip in sales, year-to-date sales remain 10 per cent above levels seen last year.
The year’s strong start was primarily driven in the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw economic regions.
A ninth consecutive month of above-average sales was met with declining new listings, preventing supply growth in March, the association continued. Therefore, inventory levels dipped by 15 per cent year-over-year and remain nearly 40 per cent below long-term, 10-year trends.
“Our province continues to report above-average sales despite persistent inventory challenges, which are approaching concerning levels in some of our major centres,” said CEO Chris Guérette.
“The busy spring market has arrived, and there simply isn’t enough supply in the more affordable segment of our market right now,” she continued. “Without question, it’s a difficult time for prospective homebuyers, specifically those searching for properties priced below $400,000.”
Tight market conditions continued to support price growth, as Saskatchewan reported a benchmark price of $334,500 in March — up from $330,800 in February and nearly four-per-cent higher than March 2023.
“While it’s important to note that real estate is local and market conditions vary throughout the province – the inventory crunch in certain markets is significant right now,” said Guérette.
“It remains to be seen whether new listing relief is on the way, but all signs currently point to a challenging spring and summer market in Saskatchewan.”
