Regina home prices steady in July

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.

If you are considering a move, please contact CENTURY 21 Dome Realty Inc. and we will put you in touch with one of our highly trained sales professionals.

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Iris Viney

Iris Viney

CENTURY 21 Dome Realty Inc.
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