Regina's real estate market proved to be a decent year with balanced market conditions prevailing for much of the year according to year-end statistics reported by the Association of Regina Realtors® Inc.
There were 3,718 residential sales recorded during the year on the multiple listing service (MLS) in the Regina area, down 7% from 2012 when 3,991 properties changed hands. There were 3,047 inside the city, a decrease of 4% from 2012's 3,177.
The average sale price for all areas exceeded the $300,000 mark, coming in at $311,047 a new annual high and an increase of 4% over last years $299,492. The average sales price in the city also set a new high at $319,880, up 3% over 2012's $311,193.
There were 7,272 new residential listings placed on the MLS system during the year which an increase of 12% from 2012's 6,503 and a 20 year high. Homes were on the market for an average of 37 days before selling, compared to 33 days in 2012. On average, listings sold at 97.0% of asking price compared to 97.4% in 2012.
Assuming comparable levels of economic, job and population growth occur in 2014, new households will continue to form. This will support strong levels of demand for housing. Supply is up from this time last year, giving buyers a wider variety to choose from.