June 2016 marks the 2nd consecutive month of surging home sales in Regina

Have you heard the news? In June CENTURY 21 Dome Realty Inc. helped more home buyers reach their real estate dreams than any other brokerage in Regina! Our clients are always #1 and we will be there for you; from your first home, to your dream home.

 

 “This is the second consecutive month with a strong level of sales and is an indication of the strength in the local market.” said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.

Residential market sales in June based on activity reported through the Regina and area MLS® System surged from 2015 to historical levels, said the Association of Regina REALTORS® Inc.

 There were 439 sales reported during the month in all geographic areas, up 2% from 431 sales in 2015. This represented the second highest number of sales ever for the month – only behind 2007 when 453 sales took place. It was also well above the five-year average of 403 and ten-year average of 383. There were 341 sales reported in the city, down 2% from 2015 when 347 were recorded.

 Year-to-date (YTD) sales of 1,787 have been reported in all areas compared to 1,703 in 2015 – a 5% increase.

 

 In June, 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 $297,800 and index of 278 in the city, up 3.6% from 2015’s $287,500 and 268. This is the highest level since 2013 and indicates that most of the price loss that had occurred since then has now been recovered. 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 $321,726, an increase of 2% from $316,175 recorded in 2015. The average in the city was $333,552, up 5% from last year’s $316,189.

The YTD average price in all areas was $317,200, up 1% from $315,300 for the same period in 2015. In the city, the YTD average was $321,934, up 1% from 2015’s $319,160.

 Sales dollar volume of $141.2M was posted in all geographic areas, an increase of 4% from 2015’s $136.3M. YTD sales volume was $566.8M, up 6% from 2015’s $537M.

2 In the city there were 1,267 homes for sale at the end of the month, a decrease of 15% from last year’s 1,499. About 25% of active listings in the city are condos.

There were 808 new listings placed on the MLS® System during the month in all geographic areas, down 3% from 2015’s 831. In the city 559 listings were added, down 5% from 587 in 2015. The ratio of firm sales to new listings for the month was 61% in the city and 54% 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.

 Listings that sold in the city during the month sold at an average of 97.2% of the current asking price, and took an average of 36 days for a listing to sell.

For first time home buyers, it's easy to forget the little things. That's why at CENTURY 21 Dome we have a Pledge, a 21-point promise to find the perfect home for you!

 

 

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Christa Allingham

Christa Allingham

REALTORĀ®
CENTURY 21 Dome Realty Inc.
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