MOOSE JAW - Home sales in Moose Jaw declined by one per cent in June, although sales are up year-to-date and are above the 10-year averages, data indicate.
There were 66 home sales last month in The Friendly City, compared to 67 in June 2023, data from the Saskatchewan Realtors Association (SRA) show.
There were 86 new listings last month, compared to 106 units — a decline of 23 per cent — from last June. Furthermore, there were 152 homes in inventory, a decrease from 193 homes — a drop of 27 per cent — from the year before. Also, there were 2.3 months of supply — a drop from 2.9 months — and homes spent 46 days on the market.
The benchmark price was $244,200, an increase from $229,548 — a jump of six per cent — year-over-year. Meanwhile, the average home price was $268,238, a decrease from $284,332 — a drop of six per cent — last June, 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 June shows there are usually 62 home sales, 104 new listings, 298 units in inventory, 5.2 months of supply, 54 days of homes on the market, a benchmark price of $221,700 and an average price of $242,943.
Year-to-date — Jan. 1 to June 30 — there have been 303 home sales, 445 new listings, 133 units in inventory, 2.63 months of supply, 44 days of homes on the market, a benchmark price of $238,217 and an average price of $260,963.
The 10-year averages for year-to-date data show there are usually 269 sales, 556 new listings, 255 units in inventory, 5.95 months of supply, 60 days of homes on the market, a benchmark price of $214,292 and an average price of $245,976.
Provincial stats
Saskatchewan reported 1,675 sales in June, a one-per-cent year-over-year decrease but nearly 10 per cent above long-term, 10-year averages, the SRA said.
Sales improved in properties above $400,000, which nearly offset the pullback in homes priced below $300,000, as inventory challenges continued to prevent even stronger monthly sales.
New listings dipped by 14 per cent year-over-year and 21 per cent compared to 10-year trends, preventing any significant inventory relief, as inventory levels decreased by 19 per cent year-over-year and over 40 per cent versus long-term trends, the report said.
Despite these persistent inventory challenges, Saskatchewan reported above-average sales for the 12th consecutive month in June.
“While the recent Bank of Canada rate decision was welcome news, higher lending rates and rising home prices continue to spur demand for more affordable housing options,” said CEO Chris Guérette.
“This demand, when paired with falling supply in lower price ranges, limits options for prospective buyers and prevents even stronger monthly sales figures. There simply isn’t enough inventory to service this segment of our market right now.”
Saskatchewan reported a residential benchmark price of $343,300 in June, up from $340,400 in May and nearly five-per-cent higher than June 2023.
“Housing demand remains strong in Saskatchewan, despite ongoing supply challenges placing significant stress on the more affordable segment of our market, especially in our two largest centres,” said Guérette. “While real estate is local and market conditions vary by region, it can be incredibly challenging for prospective buyers right now.”
