Moose Jaw’s housing market has seen mostly red down arrows for the past few months, including in April, which saw double-digit percentage declines in sales, new listings, and inventory.
There were 40 home sales last month in The Friendly City, a decrease from 56 units — a 39.4-per-cent decline — from April 2022, data from the Saskatchewan Realtors Association (SRA) shows.
There were 79 new listings, a decline from 91 units — a drop of 15.1 per cent — last April. Further, inventory stood at 153 homes available, which was a decline from 163 units — a 6.7-per-cent drop — from the year before. Also, homes spent 34 days on the market.
The benchmark price of a home stood at $241,500, a year-over-year decrease of one per cent, the report showed. The average home price was $264,056, compared to $298,383.28 last April or a drop of 13 per cent.
“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 3.83 months in April. This was an increase from 1.77 months of supply — a jump of 54 per cent — year-over-year.
The report indicated that the 10-year average for April shows there are usually 51 homes sold, 121 new listings, 283 units in inventory, 6.25 months of supply, 57 days of homes on the market, a benchmark price of $228,210 and an average price of $250,535.
Meanwhile, year-to-date, there have been 132 homes sold, 236 new listings, 131 units in inventory, 3.96 months of supply, 53 days of homes on the market, a benchmark price of $226,975 and an average price of $243,687.
The 10-year year-to-date average shows there are typically 147 homes sold, 350 new listings, 240 units in inventory, 6.90 months of supply, 65 days of homes on the market, a benchmark price of $223,588 and an average price of $238,678.
Provincial outlook
Saskatchewan reported 1,216 sales in April, down 21 per cent year-over-year and slightly below long-term 10-year averages, the SRA said. Aligning with seasonal trends, sales and new listings trended up above levels seen earlier this year.
Although inventory levels experienced a four-per-cent year-over-year decline and remained over 30 per cent below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months.
“Our market continues to struggle with supply and has since the start of the pandemic,” said CEO Chris Guérette. “While inventory challenges remain a concern for us, recent trends are pointing to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”
The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.
“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range,” said Guérette.
“Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges, she added. “Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.”
