February Home Sales Drop But Values Up

The numbers are in and February home sales slowed down in Moose Jaw but the selling price and dollar values of homes sold was up compared to February 2019 according to figures released but the Saskatchewan Realtors Association.

Sales in the city were down 10.7 percent from 28 to 25, and in the region, down 5.9 percent from 34 to 32.

Sales in Moose Jaw were also down from the 5-year average of 34 and 10-year average of 38. Despite a decrease in sales, dollar volume was up 1.4 percent in the city to $5.9 million, and down a slight .5 percent in the region to $6.66 million from $6.67 million.

The average selling price was up 13.6 percent to $235,419 in February 2020 compared to February 2019. In the Moose Jaw region the average selling price was up 5.8 percent compared to February 2019. The average Moose Jaw region home price was $208,077

The number of homes on the market remains high compared to long term residential markets with new listings down in the city 7.6 percent from 66 to 61, but up 26 percent in the full region from 81 to 102. Active listings of 456 were down from 472 in 2019, but up from the 5-year average of 436 and 10-year average of 385.

The sales to listing ratio shows it is still a buyers market especially in the Moose Jaw region but within Moose Jaw the February numbers indicate a market heading towards equalibrium. The sales to listing ratio was 31 percent in the region, favouring buyers and 41 percent in the city, nearing a balanced market.

Homes remained on the market for 83.2 days in Moose Jaw, down significantly from 111.7 in 2019 and 100.4 in 2018. However it is still lagging well behind the housing boom market of 2010 when homes were on the market for an average of 39.4 days.

In the region, the 97.3 average days on market was down from 132.4 last year, and slightly below the 5-year average of 98.8, while still above the 10-year average of 87.2.

Average prices in the city were up 13.6 percent to $235,419, and the MLS® HPI rose 8.2 percent from $192,700 last February to $208,500 in 2020. In the region, average prices were up 5.8 percent to $208,077.