In Regina and area, there were 1,714 active listings on the market at the end of March, up 29% from 1,332 in 2013. In the city, 1,062 homes were listed for sale, an increase of 46% from last year's 728. This is the highest number of homes for sale at the end of the first quarter in the last 10 years. There were 721 new listings placed on the MLS® system in March, up 23% from 588 in 2013.
In March, sales were down slightly with 273 sales in Regina and area, down 5% from last year's 286. There were 224 sales in the city, a decrease of 7% from 2013 when 240 residential properties were sold.
The average sales price in all market areas for the month of March was $328,781, an increase of 5% over last years $313,849. The average in the city was $340,728, up 6% from last year's $322,010. These increases are entirely attributable to a shift to higher priced homes in the sales mix and are not indicactive of increases in value of properties.
We are entering what is typically the busiest time of the year in the April-June time period. With the increase in listings, buyers will have a great choice and selection in most price ranges and locations. Sellers need to be careful when setting an asking price to ensure it reflects the current market.
If you are thinking about buying or selling or want to know more about the real estate market in your neighbourhood, please feel free to contact myself or visit my website.