The total number of listings in May, based on activity reported through the Regina and area MLS® System, were up from 2016 levels and represented the highest level of monthly listings so far in 2017, said the Association of Regina REALTORS® Inc.
There were 969 residential listings reported during the month in all geographic areas, up 16% from 2016 when 835 listings were reported. In the city, there were 661 Residential Listings added to the MLS® System in May, up 12% from 589 in 2016.
Inventory in the city is also at a yearly high, at month’s end there were 1,464 active listings on the MLS® System compared to 1,257 in 2016, a 16.5% increase. About 30% of the active listings in the city are condominium properties.
On the sales side, year-to-date, 1,324 residential sales have been recorded in all geographic areas compared to 1,346 in 2016 – a 1.6% decrease.
For May, the MLS® Home Price Index (HPI) reported a composite residential price of $292,900 and index of 273.4 in the city, down 1.7% from 2016’s $297,800 and 278 and down 1.8% over three years. This is an indication of underlying stability in house prices. 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 currently a $35,000 difference between the average residential price in Regina and the HPI Benchmark price. The residential average price in the city for May was $328,026.
A sales dollar volume of $123.1M was posted in all geographic areas, a decrease of 1.6% from 2016’s $125M. Dollar volume in the city of $102.6M was down 2% from 2016’s $104.8M.
The ratio of firm sales to new listings for the month was 47.4% in the city and 39.7% in all geographic areas. 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.
“The spring listing season appears to be in full force as inventory levels are now approaching buyer’s market territory. Sellers need to be cautious when determining the list price of their property,” said Rob Reynar, Manager of Operations and Member Services of the Association of Regina REALTORS® Inc.
“We are heading into what is traditionally the busiest time of year for the market and despite more inventory, prices are stable so far.” concluded Reynar.