Residential market sales in May based on activity reported through the Regina and area MLS® System were up from 2015 levels and represented the highest level of monthly sales so far in 2016, said the Association of Regina REALTORS® Inc.
There were 384 sales reported during the month in all geographic areas, up 16% from 2015 when 330 sales were reported. Despite the increase, the number of sales was below both the immediate past five year average of 405 and ten-year average of 398. There were 320 sales reported in the city, also up 16% from 2015 when 276 were posted.
Year-to-date sales of 1,348 have been recorded in all areas compared to 1,272 in 2015 – a 6% increase.
In May, the MLS® Home Price Index (HPI) – a much more accurate measure of housing price trends than average or median price – reported a composite residential price of $297,700 and index of 278 in the city, up 3.4% from 2015’s $288,000 and 269. This is the highest level since 2013 and indicates that most of the price losses that had occurred since then has now been recaptured. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.
The average sales price in all market areas for the month was $326,656, an increase of 2% from $318,964 recorded in 2015. The average in the city was $328,893, up 1% from last year’s $325,286.
The YTD average price in all areas was $315,724, up 0.2% from $315,003 in 2015. In the city, the YTD average was $318,439, down 1% from 2015’s $320,143.
Sales dollar volume of $125.4M was posted in all geographic areas, an increase of 19% from 2015’s $105.3M. Dollar volume in the city of $105.2M was up 17% from 2015’s $89.8M.
In the city there were 1,257 homes for sale at the end of the month, a decrease of 19% from last year’s 1,549. About 25% of active listings in the city are condos.
There were 832 new listings placed on the MLS® System during the month in all geographic areas, down 5% from 2015’s 878. In the city 589 listings were added, down 11% from 659 in 2015.
The ratio of firm sales to new listings for the month was 54% in the city and 46% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be a buyer’s market - above 60% is considered to be a market favouring sellers