For November, the MLS® Home Price Index (HPI), reported a composite index level of 258.5 and residential price of $272,400 for the city. These are down 4.9% from last years levels of 271.8 and $286,500. This indicates that residential selling prices have fallen in the Regina market over the past year. The HPI also shows selling prices as being down 7.9% over the past three year period. The HPI is a much more accurate measure of housing price trends than the average price.
The average sale price for the Regina region for the month was $309,240, up 3% from $300,996 in November 2014, while the average in the city was $320,408, an increase of 6% from $302,408 last year. The higher average prices are due entirely to the larger proportion of higher-priced homes sold and should not be interpreted as an indication of rising property values.
In the city, there were 1,158 homes for sale at the end of November, up slightly from last year’s 1,134 and the lowest since February of this year. The number of listing for sale continues to be well above historical levels. There were 373 new listings in the city placed on the MLS® System during the month, up 8% from 345 in 2014. The role of a professional in the housing sale transaction has never been more important. Pricing your home right and the marketing expertise a professional can bring can enhance your home against others in the market place.
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