Saskatchewan’s real estate market — including Moose Jaw — appears to have recovered and bounced back from the initial effects of the pandemic, according to real estate data for September.
Across the province, year-over-year sales were up almost 52 per cent from last September, new listings were up 10 per cent year-over-year, and the median sale price was up more than two per cent, the Saskatchewan Realtors Association (SRA) explained in a news release. While the province saw a small uptick in coronavirus cases in September, that didn’t deter people from buying and selling real estate.
“While it’s been suggested that the market would suffer due to COVID, this really hasn’t happened in Saskatchewan,” Jason Yochim, SRA CEO, said. “The fact that sales and prices are up while inventories are down suggests the market has more than recovered and is doing better than last year — despite the pandemic.”
The SRA saw a relatively strong performance throughout the summer, which carried into September, the news release said. With provincial and civic elections looming this month and activity happening throughout the province, October could see another strong performance despite the market beginning to cool.
“Even though we expect activity to fall off compared with the highs of summer,” Yochim added, “people still seem motivated and interested in real estate.”
Moose Jaw real estate
In September, sales in Moose Jaw were up 78.4 per cent, jumping to 66 homes sold from 37 last September, the SRA report said. The five-year average of homes sold is 43 units, so the number sold last month was 54.2-per-cent above that average. Furthermore, the 10-year average of homes sold is 43, so the number sold last month was 55.3-per-cent above that average.
Year-to-date sales in Moose Jaw rose 6.6 per cent compared to last year, increasing to 405 units from 380.
Sales volumes increased by 87.4 per cent, rising to $15 million in September compared to $8 million in 2019. The five-year average of sales volumes is $9.4 million, while the 10-year average is also $9.4 million, so September’s increases were 60.2 per cent and 58.7 per cent, respectively.
Year-to-date sales volume in the city was $94 million, which increased from $89.8 million — or 4.7 per cent — compared to last year.
In September, the number of new listings rose 23.8 per cent, jumping to 99 units from 80 in 2019. The five-year average of new listings in September is 84 units, while the 10-year average is 95 units. However, year-to-date new listings fell 12.6 per cent, declining to 715 from 818 units.
Inventory of homes in Moose Jaw stood at 3.5 months, 58.5 per cent below last year’s level of 8.4 months and 57.7 per cent below the five-year average of 8.2 months. The sales to listing ratio was 66.7 per cent, which suggests that market conditions favour sellers, the news release said.
Homes stayed on the market an average of 61 days in September, which is down 1.6 per cent from 62 days last year. That is below the five-year average of 66 days and above the 10-year average of 59 days.
The median price of homes jumped to $216,200 from $175,000, which is an increase of 23.5 per cent, and is six per cent above the five-year average of $203,980 and 4.4 per cent above the 10-year median price of $207,140, the report added.
