MOOSE JAW - Home sales in Moose Jaw last month saw all green arrows as year-over-year, year-to-date, and 10-year averages all increased, although new listings and inventory dropped by single and double-digit percentages.
There were 53 home sales in September in Canada’s Most Notorious City, compared to 45 units in September 2023, a jump of 15 per cent, the Saskatchewan Realtors Association (SRA) said.
There were 66 new listings last month, compared to 71 units — a decrease of eight per cent — from last September. Furthermore, there were 143 units in inventory, a decrease from 163 homes — a drop of 16 per cent — from the year before. Also, there were 2.7 months of supply — a decrease from 3.4 months — and homes spent 45 days on the market.
The benchmark price of a home was $255,500, an increase from $222,285 — a jump of 13 per cent — year-over-year. Meanwhile, the average house price was $282,083, an increase from $239,770.55 — an increase of 15 per cent — last August, 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 September show there are usually 45 home sales, 86 new listings, 276 units in inventory, 6.72 months of supply, 61 days of homes on the market, a benchmark price of $217,810 and an average price of $228,121.
Year-to-date — Jan. 1 to Sept. 30 — there have been 479 home sales, 672 new listings, 139 units in inventory, 2.61 months of supply, 43 days of homes on the market, a benchmark price of $242,733 and an average price of $264,555.
The 10-year averages for year-to-date data show there are usually 424 homes sold, 831 new listings, 266 units in inventory, 5.85 months of supply, 59 days of homes on the market, a benchmark price of $216,032 and an average price of $243,997.
Provincial data
Saskatchewan reported 1,398 sales in September, an eight-per-cent year-over-year increase and nearly 15 per cent above long-term, 10-year trends, the SRA said. September marked the 15th consecutive month of above-average sales, with sales levels amongst the strongest ever reported for the month.
Strong gains in the detached sector drove much of the year-over-year sales growth, accounting for nearly 73 per cent of monthly sales. Sales levels also improved across nearly every region, with year-to-date sales on pace to be the second highest on record.
“Record population growth, favourable economic conditions, and an improving labour market continue to support strong demand in Saskatchewan’s housing market,” said CEO Chris Guérette. “When paired with easing lending rates, these factors are, without question, contributing to a 15th consecutive month of above-average sales.”
New listings trended down in September, a two-per-cent year-over-year decline and over 16 per cent below long-term trends. The pullback in new listings resulted in a 17-per-cent year-over-year inventory decline, nearly 40 per cent below the 10-year average —the lowest level reported in September since 2007.
Saskatchewan reported a residential benchmark price of $343,800 in September, down from $344,700 in August and nearly six per cent above September 2023, the SRA added. Meanwhile, all cities reported year-over-year benchmark price increases — with the largest increase (13 percent) in the City of Moose Jaw.
