REGINA HOME SALES SURGE IN SEPTEMBER
During the month there were 386 homes sold in the Regina area including bedroom communities. This is up 22% from 316 reported in September 2013, based on reports through the Association of Regina REALTORS® Inc.MLS® System.
This is the highest number of sales ever in September and was well above the 5 and 10-year average.
At the end of September, 1,349 properties were listed for sale, compared to 1,048 in 2013 and 700 in 2012. The number of listings in September was down 6% from 1,433 at the end of August 2014.
For September, the MLS® Home Price Index (HPI) which is a much more accurate measure of housing price trends than the average or median price – reported a composite residential price of $298,700 and index of 275.0 in the city. This is down 3.0% from last years levels of $308,000 and 283.6. This indicates that residential property values have actually declined in Regina over the past year which is contrary to what's been reported as the average price.
The average sales price in the city was $330,661, up 2% from last year's $324,476. There is a variance of over $30,000 between the average price in the city and the HPI composite benchmark price. This is entirely attributable by the skewing effect on the average price of a shift to a larger proportion of higher priced homes selling. The average sales price in all market areas for the month was $314,756, a 1% decrease from 2013's $315,996.
It appears that the growth in the number of listings for sale has levelled out during the summer months, which even saw a small decline from August. As we enter the fall months, demand levels appear to be very steady.