Based on activity reported through the Regina and area MLS® System, residential sales in March were the highest recorded so far in 2016 and were well above 2015 results, said the Association of Regina REALTORS® Inc.
There were 302 sales reported during the month in all geographic areas, up 14% from 2015 when 264 sales were reported. The number of sales was on par with the immediate past five-year average of 302 and slightly below the ten-year average of 306. There were 252 sales recorded in the city, up 18% from 2015 when 214 were reported.
For the year-to-date, 657 sales have occurred in all areas compared to 617 last year – an increase of 6%.
For March, the MLS® Home Price Index (HPI) - a much more accurate measure of housing price trends than average or median price - reported a composite residential price of $286,300 and index of 267 in the city, up 0.5% from 2015’s $284,800. This indicates that residential property values are very comparable to what they were one year ago. However, the composite price is also up 3.0% from three months ago indicating a recovery in price losses that had been occurring during the past year. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.
The average sales price in all market areas for the month was $307,609, an increase of 2% from last year’s $300,892. The average in the city was $317,327, up 3% from last year’s $307,648.
The YTD average price in all areas was $308,397, up 2% from $301,769 in 2015. In the city, the YTD average was $311,952, an increase of 1% from 2015’s $308,364.
Sales dollar volume of $92.9M was posted in all geographic areas, an increase of 17% from 2015’s $79.4M. Dollar volume in the city of $80.0M was up 21% from 2015’s $65.8M.
For all MLS® System geographic areas there were 1,875 active residential listings on the market at the end of March. In the city there were 1,179 homes for sale with about 28% being condos.
There were 686 new listings placed on the MLS® System during the month in all geographic areas, down 13%% from 2015’s 787. In the city 503 new listings were added during the month, a decrease of 9% from 550 in 2015.
March was the second month in a row that sales were above 2015 levels and it is anticipated this trend will continue in the second quarter of this year.