MOOSE JAW — Home sales in Moose Jaw in July were up nearly 60 per cent year over year, while sales since the start of the year are up more than 20 per cent.
There were 81 home sales last month in Canada’s Most Notorious City, compared to 36 in July 2023, an increase of 56 per cent, data from the Saskatchewan Realtors Association (SRA) shows.
There were 88 new listings last month, compared to 63 units — an increase of 28 per cent — from last July. Furthermore, there were 146 units in inventory, a decrease from 185 homes — a drop of 27 per cent — from the year before. Also, there were 1.8 months of supply — a drop from 2.7 months — and homes spent 39 days on the market.
The benchmark price of a home was $247,600, an increase from $230,268 — a jump of seven per cent — year-over-year. Meanwhile, the average house price was $249,327, a decline from $279,246 — a drop of 12 per cent — last July, 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 July show there are usually 57 home sales, 100 new listings, 299 units in inventory, 5.55 months of supply, 55 days of homes on the market, a benchmark price of $221,730 and an average price of $253,616.
Year-to-date — Jan. 1 to July 31 — there have been 384 homes sold, 533 new listings, 135 units in inventory, 2.47 months of supply, 43 days of homes on the market, a benchmark price of $239,557 and an average price of $258,508.
The 10-year averages for the year-to-date show there are usually 326 home sales, 655 new listings, 261 units in inventory, 5.8 months of supply, 59 days of homes on the market, a benchmark price of $215,354 and an average price of $247,677.
Provincial stats
Saskatchewan reported 1,667 sales in July, a seven-per-cent year-over-year gain and over 20 per cent above long-term, 10-year averages, the SRA said. The 13th consecutive month of above-average sales contributed to year-to-date sales that were 10 per cent above July 2023 and 19 per cent above the 10-year average.
While new listings saw a modest year-over-year gain, this had little effect on inventory levels, which were down 20 per cent year-over-year and remain over 40 per cent below long-term trends, the report continued.
“Strong housing demand continues to support above-average monthly sales levels, preventing any significant inventory relief in many markets across the province,” said CEO Chris Guérette. “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province.”
Saskatchewan reported a benchmark price of $344,800 in July, up from $343,300 in June and nearly five-per-cent higher than July 2023. Home prices trended up across all property types, with year-over-year gains ranging from over four per cent in detached to 11 per cent in row/townhouse-style properties.
“With just over three months of inventory across the province — below two (months) in some of our larger centres — it remains a challenging time for prospective buyers right now,” added Guérette.
“Supply constraints, when paired with strong demand, continue to place upward pressure on prices — as evidenced by record benchmark prices in some communities for the second consecutive month.”
