Home Sales End 1st Quarter on High Note

Based on activity reported through the Regina and area MLS® System, residential sales in March were the highest recorded so far in 2016 and were well above 2015 results, said the Association of Regina REALTORS® Inc.

There were 302 sales reported during the month in all geographic areas, up 14% from 2015 when 264 sales were reported. The number of sales was on par with the immediate past five-year average of 302 and slightly below the ten-year average of 306. There were 252 sales recorded in the city, up 18% from 2015 when 214 were reported.

For the year-to-date, 657 sales have occurred in all areas compared to 617 last year – an increase of 6%.

For March, 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 $286,300 and index of 267 in the city, up 0.5% from 2015’s $284,800. This indicates that residential property values are very comparable to what they were one year ago. However, the composite price is also up 3.0% from three months ago indicating a recovery in price losses that had been occurring during the past 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.

The average sales price in all market areas for the month was $307,609, an increase of 2% from last year’s $300,892. The average in the city was $317,327, up 3% from last year’s $307,648.

The YTD average price in all areas was $308,397, up 2% from $301,769 in 2015. In the city, the YTD average was $311,952, an increase of 1% from 2015’s $308,364.

Sales dollar volume of $92.9M was posted in all geographic areas, an increase of 17% from 2015’s $79.4M. Dollar volume in the city of $80.0M was up 21% from 2015’s $65.8M.

For all MLS® System geographic areas there were 1,875 active residential listings on the market at the end of March. In the city there were 1,179 homes for sale with about 28% being condos.

There were 686 new listings placed on the MLS® System during the month in all geographic areas, down 13%% from 2015’s 787. In the city 503 new listings were added during the month, a decrease of 9% from 550 in 2015.

March was the second month in a row that sales were above 2015 levels and it is anticipated this trend will continue in the second quarter of this year.

Lynne Bobyck

Lynne Bobyck

Sales Representative
CENTURY 21 Dome Realty Inc.
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