The number of homes sold in Moose Jaw in December was the same as in December 2022, while total sales last year were down nearly 10 per cent compared to the previous year.
Thirty-two homes sold in The Friendly City last month, which was unchanged year-over-year, according to the Saskatchewan Realtors Association.
There were 35 new listings, which was also unchanged compared to December 2022. Further, there were 88 units in inventory, a decrease from 114 homes — a drop of 29 per cent — from the year before. Also, there were 2.75 months of supply — a drop of 29 per cent — and homes stayed on the market for 49 days.
The benchmark price was $216,400, an increase from $214,236 — a jump of one per cent — year over year. Meanwhile, the average home price was $238,822, a decrease from $274,645.30 — a drop of 15 per cent — in December 2022, 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 averages for December show there are usually 25 homes sold, 39 new listings, 196 units in inventory, 8.47 months of supply, 67 days of homes on the market, a benchmark price of $209,030 and an average price of $228,922.
Meanwhile, for all of 2023 (year to date), there were 554 homes sold, 811 new listings, 151 units in inventory, 3.28 months of supply, 48 days of homes on the market, a benchmark price of $218,03 and an average price of $248,010.
Compared to 2022, last year’s home sales were down eight per cent, new listings were down seven per cent, inventory was down seven per cent, supply was up two per cent, and benchmark and average prices were both down two per cent.
The 10-year year-to-date averages show there are usually 523 homes sold, 1,014 new listings, 262 units in inventory, 6.21 months of supply, 60 days of homes on the market, a benchmark price of $214,697 and an average price of $239,437.
Provincial housing sales
Saskatchewan reported above-average sales for the sixth consecutive month in December, with 757 sales, a year-over-year gain of 19 per cent and 13 per cent above long-term, 10-year averages, the SRA said.
Year-over-year sales gains failed to offset earlier pullbacks, however, as the province reported a three-per-cent decline compared to 2022. While the decrease was forecasted as the market returned to pre-pandemic levels, most of the decline was driven by slowing detached-home activity.
Above-average sales were met with a drop in new listings, resulting in declining inventory levels, which dipped by over 16 per cent year-over-year and remained nearly 35-per-cent below the 10-year average, data showed.
“Higher lending rates continue to push prospective buyers to seek more affordable options within our market while inventory levels within that market segment remain extremely tight,” said CEO Chris Guèrette. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”
The shift toward more affordable products increased prices for apartment, row, and semi-detached properties. Meanwhile, detached homes, which account for most sales activity, reported similar prices compared to last year. Saskatchewan reported a benchmark price of $319,300 in December, down from $324,400 in November and nearly two per cent above December 2022.
“Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers,” said Guèrette.
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