Spring has arrived and market activity is picking up!
We are now entering the busy second quarter of the year when there are typically more buyers looking for homes with mid-year possession dates. There continues to be an elevated number of listings in the city giving buyers plenty of options in all price ranges and locations.
In March, the MLS® Home Price Index, which is a more accurate measure of housing price trends than the average sale price, reported a composite index level of 267.8 and residential price of $282,200 for the city. This is down 4% from last year's levels of 279.0 and $294,000.This indicates that residential selling prices have fallen in the Regina market over the past year, according to reports by the Association of Regina REALTORS®.
Statistics for March 2015 compared to March 2014:
Regina (within city limits):
- Sales were down 2% - from 222 to 217
- Average sale price was down 10% - from $342,522 to $307,674
- New Listings placed on the market up 7% from - 515 to 550
- Active Listings in the city (YTD) at the end of March, an increase of 17% - from 1099 to 1242
Regina and area:
- Sales were up 1% - from 270 to 274
- Average sale price was down 9% - from $329,478 to $300,148
The increased supply of listings plus with the strong local economic activity, job and population growth, provides the components for a strong, healthy spring market.
If you are considering a move, please contact Alice King at CENTURY 21 Dome Realty and I will be happy to help you with your real estate needs.