There were 386 homes sold in the Regina area in September,
up 22 per cent from 316 reported in September 2013, according to the Association of Regina Realtors.
Photograph by: Bryan Schlosser , Regina Leader-Post files
REGINA — There were 386 homes sold in the Regina area in September, up 22 per cent from 316 reported in September 2013, according to the Association of Regina Realtors.
“This is the highest number of sales ever in September and was well above the five-year average of 320 and the 10-year average of 288,’’ the association said in a press release Friday.
In the city proper, the number of sales was up 12 per cent, with 286 being reported compared to 255 last year. Last month, the average sales price in the Regina area, including bedroom communities, was $314,756, a one per cent decrease from $316,996 in September 2013, while the average sales price inside the city was $330,661 in September, up two per cent from $324,476 last year.
However, the composite housing price index (HPI) price of $298,700 — based on four benchmark home types — was down 3.0 per cent from last year’s average of $308,000. “This indicates that residential property values have actually declined in Regina over the past year,” the release said.
Total dollar volume of sales of $121.5 million was reported in the Regina area, up 21 per cent from $100.2 million in 2013. Dollar volume inside the city was also up year-over-year — $94.6 million in sales in September 2014, an increase of 14 per cent from $82.7 million last year.
For the year to date, 2,945 sales were reported to the end of September in the Regina area, on par with 2,955 in 2013. Year-to-date sales volume in the Regina area stood at $924.7 million, up slightly over $922.1 million for same period last year.
The relatively high number of listings continues to have a significant impact on the market inside the city, the association said, noting that listings have been in the 1,350 to 1,450 range for the past four months — the highest in over 20 years.
At the end of September, 1,349 properties were listed for sale, compared to 1,048 in 2013 and 700 in 2012. However, the number of listings in September was down six per cent from 1,433 at the end of August 2014.
“September unexpectedly proved to be an outstanding month for sales after a slow August,” said Gord Archibald, executive officer of the association. “As we enter the fall months, demand levels appear to be very steady. The question is: how long will it take for the elevated level of supply to be absorbed?”