In March, we saw the average sales price increase 9% while unit sales saw a decline.
For the eighth consecutive month residential sales have been down year-over-year from 2012, according to the Association of Regina REALTORS® Inc. Sales for the year-to-date are down 25% with 684 being reported during the first quarter, compared to 913 in 2012.
The average sales price in all market areas for the month was $314,353, a new high and an increase of 9% from $287,946 recorded in 2012. The average in the city was $321,832, also a new high, and up 10% from $293,857 posted last year.
The year-to-date average price to the end of March was $309,535, up 8% from $286,274 in 2012.
There were 1,332 active listings on the market at the end of March for all MLS® System geographic areas, including 728 in the city. There were 571 new listings placed on the MLS® System in March, down 9% from 630 in 2012.
The ratio of firm sales to new listings for the month was 58% in the city and 50% in all geographic areas. These ratios continue to remain at their lowest in the city and all geographic areas in quite some time leading to an increase in active listing supply, especially in the city.
The decrease in sales activity has contributed to an increasing supply and more choice for buyers, especially in the city. Despite the slow start to the year, strong local economic activity, job and population growth, plus the tight rental market all this points to a healthy spring real estate market.
If you're thinking of selling your home and are not sure what to do to sell it for top dollar, perhaps it's time to talk to your local CENTURY 21 Dome Realty Inc. expert. They can provide you with the assistance you need to get a quick sale of your property at the best price possible. You can also check our listings at www.century21dome.com.