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According to the latest monthly market watch from the Saskatchewan Realtors Association (SRA), Moose Jaw had strong sales in August, but inventory remains a concern.
The city recorded 60 sales in August, a 42.9 per cent increase year-over-year and a 19.3 per cent increase over the 10-year average.
However, new listings were down 5.1 per cent year-to-date and down 15.7 per cent compared to the 10-year average.
“New listings, again, are down. Inventory is down. So this is really the trend that we’ve been communicating for quite a few months, a few years now. We’re really walking that same journey, and this will make 26 consecutive months of above-average sales,” said SRA CEO Chris Guerétte.
Inventory dropped 10.5 per cent year-over-year to 145 listings, while the months of supply fell 37.3 per cent year-over-year to 2.42.
On average, housing prices in Moose Jaw are on the rise. The city’s total residential benchmark price is $282,300, an increase of 11.9 per cent year-over-year.
Moose Jaw joins several other communities that saw double-digit increases in August, including Melfort (19 per cent), Humboldt (15 per cent), Estevan (13 per cent) and Prince Albert (12 per cent).
Despite rising prices, Guerétte said Saskatchewan remains very affordable compared to other provinces.
“Our homeownership percentage here as a province is higher than the national average and higher than most other provinces. That’s a great story to tell, but we are seeing a lot of pressure on that single-family home on the more affordable side of things,” she said.
As for how long homes sit on the market in Moose Jaw, detached houses average 34 days, townhouses about 29 days and apartments 41 days.
Guerétte said even if it takes longer than a month to sell, that doesn’t necessarily mean a home won’t sell successfully.
“Oh my goodness, in Saskatchewan our market is very resilient. I think this has become the new norm. If it takes longer than a month to sell your home, it doesn’t mean it’s not successful. But because we’ve been in this market for such a long time in Saskatchewan, it’s become that new normal,” she said.