House Values and Sales Dip

If you think it is a buyer’s market in housing you would be correct

The downward pressure continued in the residential housing market in January according to the latest figures released by the Association of Regina Realtors.

In their monthly statistics for houses listed and sold through the Multiple Listing System (MLS) in January the professional association reported a continuing soft housing market.

The realtor professional association reported there were 20 homes sold in January just below the five year January average of 21 and below the 10 year average of 24.

The MLS Home Price Index also showed a continued softening of house prices in the Moose Jaw market. The composite price of homes saw a decline of 8.3 percent from January to the same month in 2018. The composite value was $199,600 in January 2019 compared to January 2018.

The Benchmark price continued decreasing which indicated downward price pressure on house prices due to elevated supply and weakened demand.

In Moose Jaw there are 227 active residential listings at the end of January up 15 properties in January 2018 when there were 212 homes available on the MLS system.

In January there were 50 additional homes listed which is down from 63 in 2018.

“One bright spot now might be the amount of choice that buyers have, that could be very positive heading into the pre-spring market,” Rob Rayner, Manager of Operations and Member Services at the Association of Regina Realtors Inc.

For January there was 10.9 months of supply on the market which is up from the same time last year when there was 9 months of supply available on the market.

The downward housing market in January follows 2018 when throughout the year there was a drop in house sales and values.

“Much of the gains homeowners have seen in the Moose Jaw area over the past 10 years have been eaten into over the past 12 to 24 months,” Reynar said in a release.