Real Estate Rebound Continues In July

For the second straight month provincial home sales grew as the Province continues to relax restrictions under it’s declared State of Emergency.

A trend closely followed in Moose Jaw.

The economic restrictions designed to lessen the spread and health impact of the COVID - 19 pandemic have until restrictions were eased dampened the provincial real estate market.

According to figures provided by the Saskatchewan Realtor Association provincially in July the real estate market sales took a 56 percent jump compared to July 2019. When compared year to date sales in 2020 are nine percent higher compared to the July 31, 2019.

Provincially new listings are up in July by nine percent year over year but down 11 percent year to date.

The median price of a home was 2.7 percent higher in July 2020 compared to July 2019. Year to date the median price of a home has dropped slightly by 0.9 percent.

Provincially the number of homes for sale in July 2020 was down compared to July 2019.

Sales in Moose Jaw were up 38.3 percent in July 2020 compared to July last year. The monthly sales this year was 83 compared to 60 last year.

The effects of the economic slowdown caused by the COVID - 19 pandemic coupled with a slowing provincial economy had an effect on year to date sales in Moose Jaw which are down 3.4 percent. This year 284 homes have been sold to the end of July compared to the same period in 2019.

Sales volume was up substantially by 46.1 percent in July ($21.2 million in July 2020 versus 14.5 percent in July 2019) compared to July 2019.

Despite slow January and February sales the market is changing with less inventory. Year to date there is a drop in listings to 537 compared to 643 over the same period last year.

The SRA gave no reasons for the drop in the number of houses up for sale.

The number of days an average home on the market is 62 days in July 2020 compared to 91 days in 2019. The numbers suggest a stronger demand but also a strengthing of the economy. The five year average is 67 days with the 10 year average of 59 days.

With less available inventory and more sales there was also a slight rebound in prices.

July's median price was $235,000 compared to $211,750 or 11.5 percent higher than July 2019.

Year to date house prices are slightly lower at $214,429 versus $217,386 versus the year to date in 2019.