Local housing prices stable last year

The Moose Jaw housing market turned in a stable price performance during 2017 according to sales data from the Association of Regina Realtors.

Average house price sold on the Multiple Listing Service (MLS) was $239,152 — an increase of 1.9 per cent and in line with consumer inflation.

The modest price increase marked a departure from a two-year downward trend in average prices. Average price declined 3.9 per cent in 2016 and dropped 5.9 per cent in 2015.

New property listings were flat for the year at 994, up 10 from the previous year. Sales action was a little slower with 439 residences sold compared with 554 in 2016. Volume was $104.9 million, a reduction of 1.5 per cent. A benchmark price index calculated by the associations shows the price of single family homes at $219,000 is down 2.3 per cent for the year with two storey homes, $224,400, up 2.2 per cent, “Property values in Moose Jaw did jump around and ultimately dip in 2017 but nothing that would be a major cause of concern at this point,” says Rob Raynar, manager of operations for the Association of Regina Realtors.

“Some of the gains in the market over the last five years have eroded.” Listings and sales were below the five year average and are something to watch this year.

In December, sales of 18 homes were down 18 per cent from the previous December. Dollar sales volume of $3.63 million was down 43 per cent for the month. Sales of all property types were up four per cent to 669 for the year.

Ron Walter can be reached at ronjoy@ sasktel.net