Av­er­age Moose Jaw home price de­clined dur­ing 2018

Moose Jaw Express.com - - Classifieds -

Faced with a slow econ­omy, tighter mort­gage rules, and higher in­ter­est rates, Moose Jaw home­own­ers saw di­min­ished val­ues last year.

The Mul­ti­ple List­ing Ser­vice bench­mark home price in­dex showed a loss of 8.3 per cent over 2018.

That av­er­age price fell 11 per cent in the last six months of the year.

“Much of the gains home­own­ers have seen in the Moose Jaw area over the past 10 years have been eaten into over the past 12 to 24 months,” said Rob Rey­nar, As­so­ci­a­tion of Regina Real­tors man­ager.

“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.”

The Regina hous­ing mar­ket was lit­tle bet­ter.

The as­so­ci­a­tion re­port for the Queen City showed a 5.2 per cent de­cline in the MLS bench­mark home price in­dex to $267,400, a value loss of nearly $25,000. In Regina, an eight per cent drop in the num­ber of sales left sales vol­ume below the pre-re­ces­sion level of 2007 for the first time. Moose Jaw MLS real­tors sold 417 homes worth $98.6 mil­lion dur­ing the year for an av­er­age $236,438 price. The num­ber of real es­tate sales in all cat­e­gories fell 8.4 per cent to 564.

List­ings were down to 961 from 994 in 2017. Year-end in­ven­tory of 1,705 list­ings was up some from 1,744 in 2017.

Av­er­age sin­gle-fam­ily home price fell $18,300 to $201,400 dur­ing the year while the av­er­age two-storey price fell $12,700 to $202,700.

Ron Wal­ter can be reached at ron­[email protected]­tel.net

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