Despite a drop in year-over-year activity, the number of sales in July was up over the five and ten-year averages while the inventory of homes for sale continued to rise to long-term highs, based on reports through the Association of Regina REALTORS® Inc.MLS® System.
There were 392 residential sales during the month in all geographic areas, down 7% from 420 in 2013.
At the end of July there were 1,445 properties for sale inside the city of Regina compared to 1,063 in July of 2013 - a 35% increase. 570 new listings were placed on the MLS® System during the month, an increase of 5% from 543 in 2013.
For July, 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 $301,300 and index of 277.4 in the city. This is down 1.6% from last years levels of $306,100 and 281.8. 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 $331,489, up 5% from last year's $315,788. There is a variance of over $30,000 between the average price in the city and the HPI composite price. This is entirely attributable by the skewing effect on the average price of a shift to more higher priced homes selling. The average sale price in all market areas for the month was $327,104, a 6% increase from 2013's $307,356.
It's expected that local economic activity will continue to support steady demand for housing for the remainder of the year.