MOOSE JAW — February was a gloomy month for home sales in Moose Jaw, as most sales-related categories declined by double-digit percentages, although benchmark home prices jumped by almost 10 per cent, new data show.
There were 28 home sales in The Friendly City last month, compared to 39 units — a drop of 38 per cent — in February 2024, the Saskatchewan Realtors Association (SRA) said.
There were 47 new listings last month, compared to 56 — a drop of 19 per cent — in February 2024. Furthermore, there were 112 units in inventory, compared to 115 — a decrease of three per cent — from the year before. Also, there were four months of supply, compared to 1.8 months — a jump of 55 per cent — and homes spent 49 days on the market.
The benchmark price was $255,100, an increase from $234,692 — a jump of eight per cent — year-over-year. Meanwhile, the average home price was $241,046, which was a decrease from $272,382 — a drop of 13 per cent — in February 2024.
“Benchmark price reflects the price of a typical or average home for a specific location. Average and median prices are easily swayed by what is sold in that time frame,” the SRA explained.
“As a benchmark price is based on a typical home, price changes more accurately represent true price changes in the market as it is an apples-to-apples comparison.”
The 10-year averages for February show there are usually 32 home sales, 68 new listings, 208 units in inventory, 7.14 months of supply, 67 days of homes on the market, a benchmark price of $208,800 and an average price of $227,777.
Furthermore, year-to-date (Jan. 1 to Feb. 28), there have been 54 home sales, 93 new listings, 112 units in inventory, 4.13 months of supply, 60 days on the market, a benchmark price of $255,550 and an average price of $234,317.
Meanwhile, 10-year averages for year-to-date data show there are usually 57 home sales, 132 new listings, 202 units in inventory, 7.56 months of supply, 69 days on the market, a benchmark price of $208,055 and an average price of $223,434.
Provincial data
Saskatchewan reported 986 sales in February, down one per cent year-over-year but above 10-year averages, the SRA said. Despite the slight decline, sales levels remained on pace with 2024.
New listings decreased by nearly 14 per cent year-over-year and were down 29 per cent compared to the 10-year average, the association continued. When paired with near-record demand in 2024 and a strong start to 2025, inventory challenges were worsening in many markets.
“Saskatchewan’s housing market continues to exceed expectations, as February marks 20 consecutive months of above-average sales in our province,” said CEO Chris Guérette. “These figures are even more impressive when you consider how dire the inventory situation has been over this stretch, what we’re seeing right now is unprecedented.”
With just 3,851 units available across the province at month’s end, inventory levels declined by 21 per cent year-over-year and remained nearly 50 per cent below levels seen in the first quarter, the SRA said.
Home prices continue to rise across Saskatchewan, as the province reported a residential benchmark price of $344,700 in February, up from $342,600 in January and nearly five-per-cent higher than February 2024.
“While several external factors are causing economic uncertainty across our nation right now, Saskatchewan’s housing market continues to experience strong demand through the first two months of 2025,” said Guérette.
“Our market has demonstrated resilience through persistent supply challenges, and now we’re adding tariffs to the mix,” she added. “A lot is being thrown at us, but we’re cautiously optimistic that our market will continue to weather this storm.”
