Slower market continues in November

The total number of residential sales reported through the Regina and area Multiple Listing Service® (MLS®) System in November was up slightly from 2016, but below five and 10-year averages, said the Association of Regina REALTORS® Inc.

There were 239 sales reported in all geographic areas during the month, up 1% from 2016 when 236 sales were recorded. This compares to the immediate past five-year average of 242 and 10-year of 250. In the city there were 198 sales posted, also up 2% from 194 in 2016.

For the year-to-date (YTD) 3,114 sales have occurred in all areas this year, a decrease of 4% from 3,252 in 2016. There have been 2,545 sales in the city, down 5% from 2016’s 2,691.

The number of residential listings for sale in the city continued at a high level with 1,334 homes for sale at the end of the month—an all-time high for November but down from 1,445 at the end of October.

The MLS® Home Price Index (HPI) reported a composite residential price of $284,100 and index of 263.2, down 3.5% from 2016’s $294,400 and 272.7. This is primarily a function of the historically high level of supply on the market relative to demand levels, with the majority of the price loss occurring in the second half of the year. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005 and is a much more accurate measure of housing price trends than average or median price.

The average residential price of sales in November in the city was $309,558, up 4% from $297,773 last year. For the YTD the average price was $319,530, similar to last year’s $318,712.

The ratio of firm sales to new listings for the month was 62% in the city and 60% in all geographic areas. For the YTD, the ratio was 47 and 44 respectively. 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.

Homes which did sell during the month sold in an average of 61 days in the city – a substantial increase from 41 days in 2016.

There were 398 new listings posted on the MLS® System during the month, including 319 in the city. This compares to last year when 453 new listings were recorded in all areas and 347 in the city.

“We continued to see the effect of the large number of listings on the market with downward pressure on prices and it taking an average of almost three weeks more for a listing to sell. There is currently a great deal of choice for buyers in most geographic areas and price ranges”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.

“With only one more month to go, we are anticipating ending the year on the lower side of sales over the past 10 years”, concluded Archibald. 

Jonah Franklin

Jonah Franklin

REALTOR®
CENTURY 21 Dome Realty Inc.
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