Low inventory continues to be an issue for the real estate industry. Home sales have dropped in February in Moose Jaw, according to the latest statistics from the Saskatchewan Realtors Association.
There were 23 sales last month in Moose Jaw, a drop of 54 per cent compared to the same time period last year and down 30.9 per cent year-to-date.
Meanwhile, there were 37 new listings, which is down 37.3 per cent compared to 2022 and down 38.7 per cent year-to-date.
Inventory dropped by 22.8 per cent from last year and 50.7 per cent year-to-date.
“January and February are typically months that are a bit slower and at the same time we also know that there are inflationary pressures, there are interest rate increases and certainly with that we've seen the sales go down for that as well,” explained Saskatchewan Realtors Association CEO Chris Guerette.
As of Monday morning, there were 137 listings on realtor.ca.
Moose Jaw’s real estate market received some good news. The months of supply were up 67.8 per cent compared to last year. However, it dropped 44.3 per cent year-to-date.
Home prices took a bit of a dip in February. The residential benchmark price sits at $217,000, a decrease of 5.2 per cent compared to last year.
Compared to the rest of the country, Guerette said Moose Jaw’s residential benchmark price is fairly stable.
“That is minor compared to what the rest of the country is seeing. They're well over in the double digits, and so, we're still looking at Saskatchewan as being very resilient in the real estate market,” she said.
Year-to-date, the average price for a detached home is $235,000, which is down 18 per cent. The price of attached homes dropped 57 per cent to $177,700. The average price of a condo or apartment sits at $74,200, down 51 per cent and mobile homes dropped 11 per cent to $83,500.