During the first half of the year, we experienced very steady and solid levels of demand for housing. This is as a result of the local economy and continues population growth, which sustained demand for housing in the Regina area. With active listing inventory levels up, we are probably in the most balanced market we've seen in quite a number of years.
A balanced market does not favour buyers or sellers. Buyers have a lot more choice in the housing market, and the change of getting into a bidding war is reduced. For sellers, it's important to property price property to the current market conditions. The bid-up premiums the market experienced in 2007 and early 2008 no longer exist. and it's not unusual to see many price reductions on listings before the home sells.
According to the Association of Regina REALTORS®, homes that sold in the city in June were on the market for an average of 41 days before selling, up from 37 days in May. Homes sold at an average of 96.4% of asking price. This statistic is based on the final asking price, when price reductions may have already occurred. The more the price is consistent with market conditions, the greater likelihood it will sell and sell earlier.
I hope this information is useful, if you are wondering what home prices are doing in your neighborhood, please give me a call!