MOOSE JAW — Housing sales in Moose Jaw may have declined more than 30 per cent year-over-year in December, but such sales for the entire year were up nearly 10 per cent, data show.
There were 21 homes sold last month in The Friendly City, compared to 28 units in December 2023, a decline of 34 per cent, the Saskatchewan Realtors Association (SRA) said.
There were 36 new listings in December, compared to 35 units — a jump of three per cent — from December 2023. Furthermore, there were 106 units in inventory, an increase from 93 homes — a jump of 12 per cent — from the year before. Also, there were 5.05 months of supply — an increase from 1.52 months — and homes spent 51 days on the market.
The benchmark price was $253,300, an increase from $217,838 — a jump of 14 per cent — year-over-year. Meanwhile, the average home price was $282,702, an increase from $231,816 — a jump of 18 per cent — in December 2023.
“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 27 home sales, 40 new listings, 188 units in inventory, 7.76 months of supply, 66 days of homes on the market, a benchmark price of $210,190 and an average price of $228,741.
For all of 2024, there were 603 homes sold, compared to 549 units sold the year before, an increase of nine per cent, the data showed.
Furthermore, in 2024, there were 813 new listings, 136 units in inventory, 2.7 months of supply, 44 days of units on the market, a benchmark price of $245,400 and an average price of $263,030.
The 10-year averages for year-to-date data show there are usually 526 homes sold, 991 new listings, 255 units in inventory, 6.03 months of supply, 60 days of homes on the market, a benchmark price of $215,214 and an average price of $240,388.
Therefore, 2024’s home sales were 15 per cent above the 10-year averages.
Provincial data
Saskatchewan reported 776 sales in December, up three per cent year-over-year and nearly 15 per cent above long-term, 10-year averages, the SRA said.
Above-average December sales capped off the second-strongest year for resale housing activity, with 16,119 sales, up nearly nine per cent from 2023.
Strong demand throughout 2024 was consistently met with declining new listings, resulting in record inventory lows, the association continued. In December, new listings decreased by 16 per cent year-over-year, down nearly 30 per cent from 10-year averages and two per cent below 2023.
“Our province closed 2024 with an 18th consecutive month of above-average sales, an incredible statistic when you consider the significant inventory challenges we’ve faced throughout the year,” said CEO Chris Guérette. “This lack of available inventory, specifically in the more affordable segment of the market, is very likely preventing even stronger 2024 sales figures.”
Seasonal sales trends allowed the months of supply to reach nearly five months in December, up from roughly four months in November. However, inventory levels decreased by 20 per cent compared to December 2023 and continued to sit around 40 per cent below the 10-year average — with even tighter conditions reported in Regina and Saskatoon.
The residential benchmark price was $337,800 in December, down slightly from $338,400 in November. Despite the slight decrease, Saskatchewan’s residential benchmark price grew by nearly seven per cent compared to December 2023.
“Saskatchewan’s resale housing market continues to benefit from record population figures, employment growth, and the recent Bank of Canada interest rate cuts,” said Guérette.
“As we look ahead to 2025, we expect supply challenges to continue as a dominant theme. If this increased demand continues in the new year, we will likely see prices continue to trend upward across the province.”
