Building off the momentum in 2020, Saskatchewan’s real estate market started 2021 strong, as home sales throughout the province — including in Moose Jaw — were up compared to last January, data shows.
Across the province, sales were up more than 49 per cent from last January — increasing to 919 homes sold compared to 616 units — while new listings were down to 1,758 units from 1,855 units, according to a news release from the Saskatchewan Realtors Association (SRA).
“We haven’t seen a January like this since 2012,” said Chris Gbekorbu, SRA economic analyst.
With new listings down 10 per cent from their historical averages, fewer houses are being put on the market, he continued. Meanwhile, the rising number of sales combined with falling inventory suggests strong demand for housing. This could put upward pressure on prices and help to encourage potential sellers.
“Although it is only one month and another COVID-like event could slow things down again like it did last March and April, this strong start should help us be optimistic for 2021,” Gbekorbu said.
While some analysts have suggested that national housing numbers could suffer significantly this year, most analysts project that home prices will rise and that the economy will see strong growth while society recovers from the pandemic, the news release added. Most consumers are also apparently optimistic about real estate and expect the market to continue to grow and be a good investment opportunity.
City of Moose Jaw data
Sales of homes in Moose Jaw this past January increased to 35 units compared to 24 homes last January, which was an increase of 45.8 per cent, SRA’s data showed. Sales volumes from those homes were $7.7 million, a jump from $4.9 million last January, or an increase of 55.2 per cent.
In comparison, the five-year average has been 26 houses sold for $5.5 million, and the 10-year average has been 27 houses sold for $6 million.
The average sale price of a home in January 2021 was $171,500, compared to $201,500 last January. This is a decrease of 14.9 per cent. The five-year average for sale prices is $189,880 and the 10-year average is $193,040.
According to the SRA data, the number of new listings this past January fell to 55 units from 77 units last January, for a decrease of 28.6 per cent. The five-year average for new listings is 69 houses and the 10-year average is 67 units.
Active listings in Moose Jaw fell to 155 in January, compared to 229 from the previous January, a decline of 32.3 per cent. In comparison, the five-year average for active listings has been 227 units and the 10-year average has been 210 units.
Inventory in the municipality stood at 4.4 months, which is below last year’s inventory of 9.5 months, while the sales to listing ratio was 63.6 per cent, which suggests that the market conditions favour sellers, the news release said.
Homes in the community stayed on the market an average of 73 days in January, down from 90 days last year. In comparison, the five-year average for homes on the market has been 79 days and the 10-year average has been 70 days.
Moose Jaw region
In the Moose Jaw area, 41 homes were sold this past January for $8.4 million, compared to 35 homes sold in January 2020 for $6.3 million, the data showed. The sale price of a home was $167,500, compared to $160,000 the year before.
The number of new listings in January was 88, compared to 108 the previous January. Meanwhile, the number of active listings was 335 units, compared to 444 units last January.
Homes stayed on the market an average of 97 days this past January, compared to 96 days the previous January.
