During the month, residential sales were down while the number of active listings for sale in the city continued at elevated levels, according to the Association of Regina Realtors®.
There were 330 residential sales reported in all geographic areas, down 2% from 2014 when 336 sales were reported. Single detached home sales were up 1% - while other types of housing sales, mostly condominiums, were down 8%. There were 258 sales reported in the city, a decrease of 2% from 2014 when 263 sales occurred.
For August, the MLS® Home Price Index (HPI), reported a composite index level of 264.9 and residential price of $279,200 for the city. These are down 3.5% from last years levels of 274.6 and $289,400. This indicates that residential selling prices have fallen on the Regina market over the past year. The HPI also shows selling prices as being down 6.4% over the past three year period. The HPI is a much more accurate measure of housing price trends than the average price.
In August, there were 450 new listings in the city placed on the MLS® System, down 12% from 513 in 2014. At the end of the month there were 1,369 homes for sale, a decrease of 4% from last year’s 1,433 and the lowest since March of this year.
Sellers are reminded that because buyers have many options the most important factor in selling a property is setting a realistic asking price which takes these market conditions into account.