The 2019 Moose Jaw residential market is off to a moderate start based on sales in January through the MLS® System, said the Association of Regina REALTORS® Inc.
There were 24 sales reported during the month in all geographic areas, down from 2018 when 30 sales occurred. This was below the 5-year average of 29 and the 10-year average of 30. There were 20 sales reported in the city, just three less from 2018’s when 23 were posted. The number of sales in the city was just about on par the 5-year average of 21 but below the 10-year average of 24 for the month.
For January, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price, reported a composite Benchmark residential price of $199,600 in the city and an index of 296.3, down 8.3% from $217,600 one year ago. The Benchmark price continued its move in a downward direction, indicating downward pressure on home prices due predominately to elevated supply levels and weakened demand. Over the last three years, the Benchmark price is down 11% and 7.2% over the past five years. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.
Total dollar sales volume is also down from last year at this time. A sales volume of $5.2M was posted in all geographic areas, down 11.8% from January of 2018. Dollar volume in the city of $4.6M was down 8.3% from January of 2018.
In the city, there were 227 active residential listings on the market at the end of January, up 15 properties from 2018’s 212.
There were 74 new listings placed on the MLS® System during the month in all geographic areas, a decrease of 19% from 2018’s 92. There were 50 listings posted in the city, down 20% from 63 in 2018.
The ratio of sales to new listings for the month was 40% in the city and 32% all geographic areas. These relatively lower sales to list ratios tend to point to buyer’s market conditions. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market - above 60% is considered to be a market favouring sellers.
“It’s “Groundhog Day” for the Moose Jaw Real Estate market”, said Rob Reynar, Manager of Operations and Member Services at the Association of Regina REALTORS® Inc. “Moderate sales and months of inventory in the double digits continues into early 2019, along with downward pressure on pricing”
“One bright spot right now might be the amount of choice that buyers have, that could be very positive heading into the pre-spring market”, concluded Reynar.
The Association operates the Multiple Listing Service® System in Moose Jaw and area and publishes the Southern Sask Real Estate Review. The MLS® System is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties for sale.
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