Sales activity and supply levels in January are both indications of 2015 market conditions carrying over into 2016, although prices and listing levels have stabilized slightly.
There were 145 sales reported during the month in all geographic areas, down 8% from 2015 when 158 sales were reported. There were 123 sales reported in the city, a decrease of 9% from 135 sales in 2015.
In January, 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 $283,800 and index of 265 in the city. Basically the same as 2015’s $283,500 and 264.7, as reported by the Association of Regina Realtors®. This indicated that property values are relatively stable in Regina over the past year.
The average sale price in all markets for the month was $309,154, an increase of 4% from 2015’s $297,701. The average in the city was $304,384, down 1% from last year’s $307,419.
There were 1,640 listings on the multiple listing service (MLS®) at the end of January, down 2% from 1,671 during the same period in 2015. In the city, there were 1,032 homes for sale, an increase of 1.6% from 1,016 in January last year.
There were 478 new listings placed on the market in January in all geographic areas, this is down 8.6% from 2015’s 523. In the city, 362 listings were reported, down 7% from 391 in 2015.
Despite the slow start for residential sales, there are some interesting trends to watch in regards to price and listing levels. If you’re thinking about buying or selling a home, contact me. I know the market and know how to handle the process as quickly and smoothly as possible – and genuinely care about your needs and your dreams.
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