During the month there were 318 residential sales in the Regina area, including bedroom communities. This is up 3% from 308 reported in October 2013, based on reports through the Association of Regina REALTORS® Inc.MLS® System.
This is the second highest number of sales for the month in the past 10 years and above the 5 year average of 308 and the 10 year average of 273.
At the end of October, 1,255 properties were listed for sale, compared to 996 in 2013 and 660 in 2012. There were 479 new city listings placed on the MLS® System during the month, up 6% from 454 in 2013.
For October, the MLS® Home Price Index (HPI) which is a much more accurate measure of housing price trends than the average or median price – reported a composite residential price of $297,400 and index of 273.8 in the city. These are down 3.4% from last years levels of $307,800 and 283.4. This indicates that residential property values have actually declined in Regina over the past year which is contrary to what's been reported as the average price.
The average sales price in the city was $333,294, up 4% from last year's $321,401. There is a variance of over $35,000 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 $331,161, a 5% increase from 2013's $316,881.
The market is continuing to show its strength and resiliency on the demand side after a slower start to the year, although elevated supply levels are continuing to have an effect.
If you’re thinking about moving, perhaps it’s time to talk to one of the highly trained sales professionals at CENTURY 21 Dome Realty Inc.. They can provide you with the assistance you need. Check out our listings.
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