Sales and Home Values Down in 2018
Based on activity through the MLS® System, total residential MLS® sales and listings in Moose Jaw's city and region were down in 2018 from 2017. 2018 saw 564 Residential MLS® sales in the Moose Jaw Region, compared to 616 in 2017, an 8.4% decrease. For all property types, sales were down 5%, 633 compared to 667 in 2017. For the five MLS® districts inside the city of Moose Jaw, sales were off 5%, with 417 sales occurring in 2018 compared to 439 in 2017.
Listing levels also dropped in 2018 for the city of Moose Jaw. 961 residential listings were added in the five MLS® districts inside the city of Moose Jaw in 2018 compared to 994 in 2017. Listing volume was down for the total MLS® System in 2018 versus 2017. There were 1,705 listings in Moose Jaw and region in all property types, compared to 1,744 in 2017.
Property values finished 2018 on a downward trajectory. The MLS® Home Price Index (HPI) reported a composite index level of 271.7 and residential benchmark price of $201,400 for December, down 8.3% from December of 2017, 8.8% over three months, and 11% over the last six months. The MLS® HPI is a much more accurate measure of housing price trends than average price or median price. Average or median are susceptible to wide month to month variance because of a larger proportion of higher or lower priced homes selling.
The MLS® HPI is not designed to predict the value of an individual property. However, since it is based on MLS® listing content, the MLS® HPI provides a more precise picture of home price trends in Moose Jaw and region.
“Much of the gains homeowners have seen in the Moose Jaw area over the past ten years have been eaten into over the past 12 to 24 months,” said Rob Reynar, ARR Manager of Operations. “An overall lessening of demand combined with the negative effects of two rounds of federal mortgage rule changes in 2018 have created conditions for price drops. With sales levels below the five-year average for the market, this will be something to watch as we head into 2019”.
For more information contact: Rob Reynar,
Manager of Operations and Member Services
Association of Regina REALTORS® Inc.