Regina Home Sales Dropped During August

Article taken from:  Leader-Post September 3, 2015

Regina home sales dropped during August
 

Home sales in Regina were at their lowest level in seven years in August, while the number of homes listed for sale remained high, contributing to downward pressure on selling prices, said the Association of Regina Realtors.

Photograph by: Don Healy , Regina Leader-Post

Home sales in Regina were at their lowest level in seven years in August, while the number of homes listed for sale remained high, contributing to downward pressure on selling prices, said the Association of Regina Realtors.

There were 330 sales reported in the Regina area, down two per cent from August 2014 when 336 sales were posted. August's sales were below both the fiveyear average of 361 and the 10-year average of 343 for the month and the lowest number of sales since 2008 when 254 sales were posted.

Single-family detached home sales were up one per cent, while other types of housing sales, mostly condominiums, were down eight per cent.

The average sale price in the Regina area for the month was $311,318, up five per cent from $296,293 in 2014.

But the higher average price figure is entirely attributable to a larger proportion of higher-priced homes selling and should not be interpreted as an indication of property values, the association said Wednesday. For August, home price index (HPI) - a much more accurate measure of housing price trends than average price - reported a composite residential price of $279,200, down 3.5 per cent from $289,400 last year, indicating that residential selling prices have fallen in the Regina market over the past year. The HPI also shows selling prices as being down 6.4 per cent over the past three-year period. Home sales in the Regina area in August totalled $102.7 million, compared with $99.6 million in 2014, a three per cent increase.

For the year to date, 2,384 sales have been reported in the Regina area, a six per cent decline from 2,537 in 2014. Year-to-date sales volume stood at $748.1 million, down six per cent from $797.9 million for the first eight months of 2014.

There were 1,369 homes for sale at the end of the month, a decrease of four per cent from 1,342 last year and the lowest since March. Despite the decline, listings continue to be at well above historical levels, with nearly one quarter of listings in the city being condominiums.

"Although sales were off from what they have been in recent years, we did see the number of active listings begin to recede for the first time since the spring," said Gord Archibald, CEO of the association.

"Despite this, the number of active listings continues to be at elevated levels, providing choice and selection for buyers."

Jenni Bast

Jenni Bast

REALTORĀ®
Brian Bast Realty Inc.
Under Contract with CENTURY 21 Dome Realty Inc.
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