MOOSE JAW — While May was a poor month for housing sales in Moose Jaw, as sales dropped nearly 20 per cent year-over-year, other data categories increased year-over-year by nearly double-digit percentages.
There were 67 home sales last month in The Friendly City, a decrease from 80 units — a 19-per-cent decline — from May 2022, data from the Saskatchewan Realtors Association shows.
Specifically, there were 57 sales of detached homes, one sale of a semi-detached home, two sales of townhouses, six sales of apartments and one sale of a mobile home.
There were 101 new listings, an increase from 91 units — a jump of 10 per cent — last May. Further, there were 172 units in inventory, which was a jump from 150 homes — a 13-per-cent increase — from the year before. Also, there were 2.57 months of supply of homes compared to 1.55 months of supply last May and homes stayed 42 days on the market.
The benchmark price stood at $222,000, which was a decrease from $230,880 — a drop of four per cent — year-over-year, the data showed. Meanwhile, the average home price stood at $241,208 last month, which was a drop from $267,740.88 — a decrease of 11 per cent — compared to last May.
“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 report indicated that the 10-year average for May shows there are usually 63 home sales, 114 new listings, 303 units in inventory, 5.21 months of supply, 57 days of homes on the market, a benchmark price of $220,040 and an average price of $265,736.
Meanwhile, year-to-date (Jan. 1 to May 31), there have been 199 homes sold, 337 new listings, 140 homes in inventory, 3.52 months of supply, 49 days of units on the market, a benchmark price of $211,000 and an average home price of $242,852.
The 10-year year-to-date average shows by this point in the year, there are typically 210 home sales, 464 new listings, 253 units in inventory, 6.37 months of supply, 62 days of homes on the market, a benchmark price of $213,380 and an average price of $246,762.
Provincial housing sales
There were 1,736 sales across the province in May, a four-per-cent year-over-year decline. However, sales levels were 20-per-cent above long-term, 10-year averages, the SRA said.
Stronger sales in May were possible due to recent monthly gains in new listings. While that also caused inventories to trend upward, inventory levels remain lower than in 2022 and are at their lowest level since May 2008.
While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges.
“Saskatchewan continues to benefit from a strong economy which is helping offset some of the impacts of higher lending rates, keeping sales activity above levels seen before the pandemic,” said CEO Chris Guérette. “Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages.”
Adjustments in sales and inventories caused the months of supply to fall below four months. As expected, tightening conditions contributed to gains in the benchmark price. As a result, Saskatchewan’s benchmark price reached $329,600, nearly two-per-cent higher than April.
“Supply levels do vary across different regions of the province. For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains,” said Guerette.
“For any buyer or seller active in this market, it will be important to work with a professional to understand how market conditions can vary depending on property type, price range and location.”