Residential sales were up in Saskatchewan and Moose Jaw in January, with the Saskatchewan Realtors Association showing 776 sales across the province, and 27 sales in Moose Jaw.
This represents a year-over-year increase of 23.8 per cent for the province, and a year-over-year increase of 12.5 per cent for Moose Jaw.
Cole Zawislak, director of public affairs and communications with the Saskatchewan Realtors Association, says that a lack of new listings continues to be a concern for the province, with only 1,328 new listings recorded in January. “Another month of failing to see some relief on the new listing side, which is translating to inventory that’s 18 per cent down year-over-year, and nearly 37 per cent down versus the 10-year average, which is the lowest level we’ve seen in January since 2010.”
Moose Jaw fared a little better than the province, and saw 60 new listings, which is up 62.2 per cent year-over-year, but down 7.1 per cent on the 10-year average spread.
“While Moose Jaw did see a little more new listing relief compared to other jurisdictions across the province, that’s still translating to only 103 available units in Moose Jaw and that's down 11 per cent year-over-year, and nearly 50 per cent when you compare that to the 10-year average and what Moose Jaw usually sees for this time of year.”
In January, Moose Jaw showed a months of supply of 3.81 per cent – industry considers 6 months to be “healthy”.
Zawislak said the lack of supply is concerning, particularly as we approach the warmer months when sales tend to increase. “When we get into that area of the year, we typically see between 40 and 70 sales for a city like Moose Jaw, and if we don’t see some new listing relief, and some new inventory relief fast, that market’s shaping up to be extremely tight as we approach those busier spring months.”
Moose Jaw’s total residential benchmark price had a year-over-year increase of 3.9 per cent in January, sitting at $215,300. “We continue to see steady price growth in Moose Jaw. Our biggest concern is something we continue to watch – not only in Moose Jaw, but across the province - is what this supply and demand equation is going to look like, and how that’s going to factor into prices.”
“We haven’t seen that massive jump in prices that typically occurs when you see strong sales and less than ideal inventory levels, but that’s something we continue to monitor.”
The total residential benchmark price for the province in January was $319,600, representing a year-over-year increase of 1.0 per cent. In Regina, this number was $301,900, Swift Current was $239,600, Weyburn was $210,000, and Estevan was $194,100.