In May, the Association of Regina REALTORS® reported 444 sales in the Regina area. This is an increase of 11 per cent over May 2011. The average sale price of $303,585 for Regina and area is up 2 per cent from last year’s $296,851. This is the second consecutive month that the average sale price is above the $300,000 mark.
The strong residential resale market that emerged early in the year has continued into May. During the month, homes which sold were on the market for an average of 25 days and sold at an average of 97.7% of asking price. The average in the city was 21 days and 98% of asking price. Demand levels continue to be high.
There were 1,351 active listings on the market at the end of May including 616 in the city, although 127 of those were already conditionally sold. There were 762 new listings placed on the MLS® System during the month, down 2% from 2011.
Housing starts in the Regina area increased for the sixth consecutive month to 146 units in May from 115 units in May 2011, according to Canada Mortgage and Housing Corporation’s (CMHC) monthly survey of residential construction.
Single-detached housing starts in Regina totalled 117 units in May, a 30-per-cent increase over the previous year. To the end of May, single-detached starts totalled 486 units.
Multi-family starts, which consist of semi-detached units, rows, and apartments, also reported a gain in May, as the 29 starts were 16 per cent higher than those reported in May 2011. Year-to-date multi-family starts in Regina totals 758 units.
Regina still holds a slight lead over Saskatoon in total year to date starts at 1,244 versus 1,101 in the Bridge City; the big difference is that the Queen City saw starts more than double from 587 last year, while Saskatoon posted a 2.2-per-cent decline from 1,126 for the same period last year.
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