Based on activity reported through the Regina and area MLS® System residential sales in September were down slightly from last year but in line with historical levels for the month, said the Association of Regina REALTORS® Inc.
There were 308 sales reported during the month in all geographic areas, down 2% from 2015 when 314 sales were reported. The number of sales was below the immediate past five-year average of 327 and the 10-year average of 311. There were 255 sales reported in the city, up 1% from 2015 when 253 were posted.
For the year-to-date, 2,803 sales have been recorded in all areas compared to 2,696 in 2015 – a 4% increase.
For September, 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 $297,300 and index of 278 in the city, up 5.7% from 2015’s $281,400 and 263. This continues to indicate that much of the price losses that had been occurring since 2013 have been recaptured. 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 $308,824, an increase of 1% from $305,395 recorded in 2015. The average in the city was $312,191, virtually identical to last year’s $312,510.
The YTD average price in all areas was $315,226, up 1% from $312,922 in 2015. In the city, the YTD average was $320,644, an increase of 1% from 2015’s $318,543.
Sales dollar volume of $95.1M was posted in all geographic areas, down 1% from 2015’s $95.9M. Dollar volume in the city of $79.6M was up 1% from 2015’s $79.1M.
In the city there were 1,228 homes for sale at the end of the month, a decrease of 10% from last year’s 1,359. About 25% of active listings in the city are condos.
There were 638 new listings placed on the MLS® System during the month in all geographic areas, down 7% from 2015’s 686. In the city 495 listings were added, down 4% from 514 in 2015.
The ratio of firm sales to new listings for the month was 52% in the city and 48% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be a buyer’s market - above 60% is considered to be a market favouring sellers.
Homes that sold in the city were on the market for an average 38 days before selling. This compares to 47 days in 2015.
“Sales results for September are an indication of how steady and stable the housing market is locally. Both demand and supply levels are pretty consistent with past results for the month,” said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.