The first half of 2017 ended with sales down from last year and the number of active listings for sale in the city reaching all-time highs, said the Association of Regina REALTORS® Inc.
There were 375 residential sales in all geographic areas in June, down 14% from 437 posted in 2016. This was also below the 5-year average of 408 and 10-year average of 393. In the city, 293 sales were reported also down 14% from 2016’s 340.
For the year-to-date, 1,697 sales occurred in all areas compared to 1,783 last year for the same period, a decrease of 5%. In the city 1,379 have been reported, a decrease of 6% from 1,471 in 2016.
At the end of June there were 1,577 residential listings on the market inside the city. This represents the highest number for the last ten-year period and likely the highest ever for this market. About 28% of listings are condos.
For June, the MLS® Home Price Index (HPI) reported a composite residential price of $297,800 and index of 275.9 in the city, down 0.7% from 2016’s $299,900 and 277.8. Despite the slight decrease, this is an indication of underlying stability in prices in this market. 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. There is a $16,000 difference between the average residential price in Regina and the HPI Benchmark price. The residential average price in the city for June was $313,937.
A sales dollar volume of $117.8M was posted in all geographic areas, a decrease of 16% from 2016’s $140.6M. YTD sales volume was $532.3M for the first half of the year, a decrease of 6% from 565.6M in 2016.
The ratio of firm sales to new listings for the month was 43% in the city. This compares to 61% in 2016. 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. In the city, listings which did sell during the month sold at 96.7% of asking price in an average of 34 days. This compares to 97.2% and 36 days in 2016.
“At the mid-point of the year, there are two emerging stories to tell about the local market. The first is that economic fundamentals such as job and population growth are continuing to support decent and steady levels of demand. The second is on the supply side with the growing inventory of listings in the city currently reaching an all-time high, said Gord Archibald Chief Executive Officer of the Association of Regina REALTORS® Inc.
“In this market, it’s critical that sellers set their asking price for these conditions. Listings that are priced accordingly still have a good chance of being sold. Those which did sell during June sold on average in a little over a month. For buyers, there is plenty of choice in most areas and price ranges,” concluded Archibald.
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