Realty boom continues in Regina
There were 443 home sales reported in Regina for the month of April.
Photograph by: Troy Fleece , Regina Leader-Post
REGINA — The residential real estate market in Regina and area continues to boom, with sales and average prices setting records in April, according to the Association of Regina Realtors, which raised that possibility that prices will increase because new listings are selling relatively quickly.
There were 443 sales reported in the month in Regina and area, up 24 per cent over April 2011.
This beat the ARR’s previous record for the month of April. It was set in 2008, when 416 sales were reported.
As well, last month saw record sales volume in all areas, with $138.6 million reported, the first time that April sales have surpassed the $100-million level and also an increase over the $95.1 million posted in April 2011.
Another indicator of increased realty activity was the length of time that homes were on the market before being sold: an average of 31 days before selling at an average of 97.8 per cent of asking prices. By comparison, 2011 saw housing on the market for an average of 35 days, selling at 95.7 per cent of the asking price.
There were 624 new listings put onto the ARR’s multiple listing service (MLS) system in April, a drop of six per cent from 2011 — and hinting at what the association called “a potential supply shortage” in the city.
As well, “sales levels are higher and they’re occurring quicker so it’s coming much of the new supply that’s coming on the market more quickly,” said ARR executive officer Gord Archibald.
In the four-month period ending April 30, the ARR reported 1,359 sales, up 20 per cent from 2011. Up by 10 per cent was the average price, which was $295,303. Combined, the dollar volume of sales for 2012 to date was $401.3 million, up 33 per cent from 2011.
Discussing these figures, Archibald said the very high level of demand is “buoyed by strong economic fundamentals and population growth”, noting “a shift toward more sales taking place in higher price ranges”.
It’s possible price increases will continue because of a low supply of listings in late spring, traditionally a time of high demand. He added that April’s end saw the equivalent of about one month of unsold listings on the market, with an average asking price in the $370,000 range.
“Normally, there would be at least two to three months of supply at this time of year,” said Archibald, who added that the area covered by the ARR is, in theory, anywhere its licensed members sell properties. In practice, “the vast majority” is these are in Regina, its satellite communities and resort communities near the city.