Year Over Year October House Sales Up But Prices Down

It was a bit of a mixed bag last month in the home market as the monthly year over year house sales increased in October while the composite house price slid in September 2019 vesus September 2018.

According to the Regina Realtors Association residential there were 43 sales in the MLS® System in October which is up 13.2 percent from the 38 sales from September 2018.

The number of sales was up by one home or 2.4 percent higher versus the five year average of 42.and up 7.5 percent from the ten-year average of 40 sales.

Year-to-date sales in the city of Moose Jaw are up 4% to 394 last month from 379 in 2018.

Sign of the Season - A House Sold This Past October on 1st Avenue NW - MJ Independent File Photo

With the increased sales in October may have been a postive sign the September MLS® Home Price Index reported a slight price drop from September 2018. The Composite Benchmark Price of $206,200, with an index of 278.1, down 1.3 percent from $209,000 last year. The MLS Home Price Index measures residential price trends based on four benchmark home types is a much more accurate measure of housing price trends than average or median prices. The benchmark price continues a downward slide due primarily to weakened demand.

The number of homes listed for sale in the city saw an increase of 11.9% from 59 in 2018 to 66 last month. This falls well below the five-year average of 72 in the city, as well as the ten-year average of 70 in Moose Jaw.

Year to date listings are down 8.5 percent in the city from 891 to 815.

The ratio of sales to new listings for the city of Moose Jaw this month was 65. Balanced market conditions include anything in the 40-60 percent range. Below 40 percent is considered to be more of a buyer’s market while above 60 percent is deemed more favourable to sellers.