During the month there were 351 residential sales reported in all geographic areas, down 8.4% from 383 reported in 2014. This was also below the five-year average of 364, but above the ten-year average of 345. Sales inside the city were down marginally with 292 occurring compared to 300 in 2014, according to the Association of Regina Realtors®.
For July, the MLS® Home Price Index (HPI), reported a composite index level of 267.2 and residential price of $281,600 for the city. These are down 3.3% from last years levels of 277.3 and $291,200. Despite the small year over year drop, the HPI is level over the last 1, 3 and 6-month period, showing a leveling in home prices in the city of Regina. Home owners should also note there is an almost 10% increase in values over the last 10 years.
The HPI is a much more accurate measure of housing price trends than average or median price. The average sales price in the city was $319,688 from last year’s $331,565. There is a variance of almost $40,000 between the average price in the city and the HPI composite price. 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 ratio of firm sales to new listings for the month in the city was 53% and 49% 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.
In July, there were 548 new listings in the city placed on the MLS® System, down 3.5% from 568 in 2014. At the end of the month there were 1,449 homes for sale, almost identical to the 2014 total of 1,445.
Did you know that when you buy or sell Real Estate with a CENTURY 21 Dome Realty agent in 2015 you are eligible for our monthly AIR MILES® giveaway? Click here for full details.