Residential sales and prices remained strong in Saskatchewan in October, even as issues with the amount of inventory persist.
The province saw 1,259 sales during the month, which is a year-over-year growth of 10.5 per cent for the province, and 12.5 per cent growth on the 10-year average according to Cole Zawislak, Director of Public Affairs and Communications with the Saskatchewan Realtors Association.
“Consistent with other months and what a lot of people – ourselves included – have been saying, Saskatchewan's market is certainly resilient, and we’re seeing above average sales even in the midst of some of these challenges, like inventory and higher lending rates and inflationary pressures.”
There were 51 sales in Moose Jaw during the month, which is a 24.4 per cent increase year-over-year, and a 16.4 per cent increase on the 10-year average spread. However, inventory remains a concern, with 136 houses in Moose Jaw’s October inventory at a 25.3 per cent decline year-over-year, a 47.6 per cent decline in the 10-year average spread. The October residential months of supply was 2.67 in Moose Jaw.
“[The months of supply] is down quite a bit from September – down from 3.45. That healthy number that we like to see is right around 6. So Moose Jaw, with the strong sales and a little bit of a lack of new listings in October, is certainly feeling some of that inventory challenge,” said Zawislak.
October saw a benchmark price of $225,900 in Moose Jaw, which has increased 4.3 per cent year-over-year, but is still less expensive than many other cities in the province. "For comparison, Regina is sitting at $308,500 in October, Saskatoon $382,700, Swift Current $243,900, Melfort, $236,800, and Prince Albert, $251,100.”
Zawislak says that that market is likely to continue to be strong moving forward, and that housing numbers are expected to be strong through the remainder of the year. “[Saskatchewan is] growing at the fastest pace in over a century, and we’re well positioned for stable demand in homeownership.”
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