REGINA – For people looking to buy a home, the options haven’t been this good in decades.
The number of residential properties for sale hit a twenty year high in Regina this summer. At the end of August, 1,433 properties were listed compared to 1,039 at the same time last year and 644 in 2012.
“It’s taking longer for homes to sell. They’re selling at less than asking price or lower percentage than asking price and property values have come down slightly,” said Gord Archibald, executive officer with the Association of Regina Realtors. “There’s been a lot of new buildings starts over the last number of years, so there’s a lot of that in the market.”
According to the Association of Regina Realtors, the average house price is down 2.4 per cent from last year.
Residential properties were on the market for an average of 48 days in August, compared to 32 days last year.
“It’s a more discerning customer right now. I think they’re a little pickier. They’re not going to jump as quick,” said James Hillis, sales manager at Daytona Homes.
However, Hillis said Daytona Homes is selling just as much as last year. “There was an over supply last year, probably a few of the builders built a few more, anticipating the market to continue to skyrocket. That’s corrected a bit but the sale rates have been basically the same.”
Realtors say people are still buying but sellers may have to settle for less if they need to move quickly.
“Generally speaking, within a couple day period, there will be twice as many listings as there are sales,” said Karin Wees with Realty One Real Estate Services. “If you’re priced properly in the market, then you just have to be patient waiting for the right buyer.”
Taken From: September 17, 2014 5:59 pm - Kim Smith - Report for Global Regina News Team