October saw the highest monthly sales ever reported in Saskatchewan, with 1,520 sales during the month bumping numbers to 21 per cent higher than 2023 — 36 per cent above long-term, 10-year historical averages. Cole Zawislak with the Saskatchewan Realtor’s Association (SRA) said that trend holds across the province, including for Moose Jaw.
“Very similar story in Moose Jaw — 61 sales in the month of October, up 20 per cent year-over-year, nearly 40 per cent above the 10-year average,” Zawislak told Discover Moose Jaw. Fifty-one of the 61 sales were single-family detached homes, with apartments and mobiles home making up the remainder.
“Still a significant inventory crunch in Moose Jaw, down 55 per cent versus what we typically see for this time of year, and that’s translating to 1.85 months of supply, which again is down almost 35 per cent year-over-year and nearly 70 per cent down from what we’re used to seeing in the month of October.”
The SRA prefers to see inventory levels at around 5-6 months of supply, so to see 1.85 months is not ‘comfy’, Zawislak explained.
Sales levels went up across all regions of the province in October, contributing to a year-to-date gain of over 8 percent. Zawislak said this is the third consecutive month that Moose Jaw has led the province in year-over-year price growth.
“The residential benchmark price in Moose Jaw is just shy of $266,000 this month, that’s up over 11 per cent year-over-year. So, again, very significant,” Zawislak commented.
Despite modest monthly growth in new listings, the sixteenth consecutive month of above-average sales in Saskatchewan led to further inventory declines – with inventory at the lowest point in October since 2007. The steepest inventory declines were experienced in homes priced below $300,000, while the only monthly inventory gains were reported in homes priced above $600,000.
“Saskatchewan continues to benefit from several positive economic factors supporting above-average housing demand across our province,” said Chris Guérette, CEO of the SRA.
“Unlike some parts of the country, housing demand remains strong despite significant inventory challenges – as demonstrated by a sixteenth consecutive month of above-average sales.”
High monthly sales, combined with low inventory, resulted in the months of supply falling to just above three months across the province—an exceptionally low figure for the month of October. The relatively tight market conditions throughout much of 2024 continue to place upward pressure on prices, as nearly all Saskatchewan communities reported year-over-year benchmark price gains this month.
Saskatchewan reported a residential benchmark price of $343,400 in October, down very slightly from $343,800 in September. While a slight month-over-month price decrease is expected and in line with seasonal factors, the October benchmark price is nearly six percent above October 2023 – with prices increasing across all property types compared to last year.
“We typically see less sales activity in the fourth quarter of the year, and when you factor in the scarcity of inventory, the demand we’re seeing that led to record October sales is quite impressive,” said Guérette.
“Recent rate cuts are expected to support even stronger demand – with inventory levels below near record lows in some markets across the province, it is a challenging time for prospective buyers right now.”
For the greater south Saskatchewan region, Esteven, Weyburn, and Swift Current were in line with the overall trend of high sales at high prices, with inventory well below what the market would prefer to see.
“Estevan, another month of strong sales, up nearly 20 per cent year-over-year, with inventory challenges very similar to what the rest of the province is seeing, down 64 per cent,” Zawislak reported. “The monthly supply is down over 70 per cent, so again, that’s translating to strong sales, strong demand, and less inventory. Prices are up just over 4 per cent in Estevan for the month of October.
“In Swift Current, 30 sales for the month, and the monthly supply is down just shy of 50 per cent year-over-year. In Weyburn, sales are up 30 per cent year-over-year, inventory is down 35 per cent year-over-year, and the monthly supply is down over 50 per cent year-over-year. That’s nearly 80 per cent below what we typically see on a historical level for that community.”