Housing Market Shows Improvement But Prices Down Versus 2018
Despite a slight uptick in overall residential home sales to date in 2019 versus 2018 it is still a buyer's market in Moose Jaw if you are looking to purchase a home according to figures released by the Association of Regina Realtors.
Those figures show a drop in September 2019 sales of 32 homes versus 40 homes in 2018.
The September 2019 sales lag behind the five year average by 13.5 percent or 37 homes sold and are 20 percent less than the 10 year average of 40 homes sold in September.
On a year to date basis Moose Jaw home sales on the Multiple Listing Service (MLS) is up 2.9 percent with 351 sales versus 341 sales to this point in 2018.
The reason for the increased sales year over year is due to strong sales over the Summer.
Regionally year to date sales are down 4.6 percent from 2018. To September 30th, 2019 a total of 434 homes were sold versus 455 over the same period in 2018.
The MLS Housing Price Index (HPI) additionally shows a drop in home values from $220,000 to this point in 2018 versus the sane period in 2019 - a drop of 7 74 percent.
The MLS® HPI, which measures residential price trends based on four benchmark home types is a much more accurate measure of housing price trends than average or median prices.
“The benchmark price continues a downward slide due primarily to weakened demand,” the report from the Association of Regina Realtors states.
Recently many businesses showed a drop in confidence largely fueled by poor local demand.