After two strong months of sales, there was a slight dip in the number of homes sold last month in the Regina area, based on reports through the Association of Regina REALTORS® Inc.MLS® System.
There were 247 residential sales in Regina and area last month, down 4% from 257 in November 2013. The number of home sales inside the city proper was 199, down 10% from 221 last year.
Despite a decline from 1,255 in October, the number of homes listed for sale in the city remained above historical levels. At the end of November, 1,134 homes were listed on the multiple listing service (MLS), compared to 914 in November 2013 and 620 in November 2012.
For November, the MLS® Home Price Index (HPI) which measures residential price trends based on four benchmark home types, reported a composite residential price of $296,600, down 3.4% from last year's prices of $307.000. The HPI is a much more accurate measure of housing price trends than the average – indicating that residential property values have declined in Regina over the past year.
Year-to-date, 3,510 sales in the Regina area have been reported to the end of November, virtually identical to 3,520 in 2013.
The average sales price in the city was $302,408, down 7% from last year's $326,279. There is a variance of close to $6,000 between the average price in the city and the HPI composite benchmark price. This is entirely attributable by the skewing effect on the average price of a shift to a larger proportion of higher priced homes selling. The average sales price in all market areas for the month was $298,290, a 3% decrease from 2013's $307,258.
With the onset of winter-like conditions and very cold weather towards the end of the month had a dampening effect on sales. With only one month to go, it's expected that the sales in 2014 will be very close to 2013's.
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