Home sales skyrocketed in the month of August, according to the Saskatchewan Realtors Association (SRA).
Moose Jaw saw 69 sales last month, which is up by 50 per cent year-over-year and 40 per cent over the 10-year average.
The last time Moose Jaw saw sales this high in the month of August was in 2014. Moose Jaw also had 86 new listings. That is up 20 per cent year-over-year.
That being said, inventory in the city is still a concern in the real estate market.
There was an inventory of 174 houses in August, which is down 12.1 per cent year-over-year and down 41.1 per cent compared to the 10-year average.
“The inventory challenges feed into 2.5 months of supply in the City of Moose Jaw, which is concerning for sure. We consider six probably that sweet spot or a healthy number,” said Cole Zawislak with SRA.
Months of supply refers to how many months it would take for all the current homes on the market to sell, given the monthly sales volume.
Moose Jaw also saw the total residential benchmark price fall by 2.6 per cent year-over-year.
“What we’re seeing across the province is, with the interest rate pressures and some of the inventory challenges, people are looking to recalculate what they can afford. We’re seeing a lot more affordable properties go,” Zawislak said.
The current benchmark price for a home in Moose Jaw is $223,000.
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