Regina Listings Surge in April

 

Residential market sales in April through the Regina and area Multiple Listing Service® (MLS®) System were comparable to 2016’s sales in all geographic areas and down inside the city, said the Association of Regina REALTORS® Inc.

There were 305 sales reported during the month in all geographic areas, flat from 2016 when 307 sales were reported. There were 242 sales posted in the city, down 7% from 2016’s 261. The number of sales in the city is below both the immediate past five-year average of 292 and 10-year average of 304, resulting in the lowest number of sales recorded in the past 10 years. Sales in all geographic regions are at 10-year lows as well. 

*This report was rendered and created by Trenlii Market Dashboard. © 2017 TRENLII ANALYTICS INC. ALL RIGHTS RESERVED

For the year-to-date, 941 sales have occurred in all areas compared to 963 last year—a 2% decrease.

Based on sales activity in April, 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 $292,800 and index of 273.4 in the city. These numbers are similar to 2016’s $291,800 and 272.4. When looking at the Composite Index, it points to stable pricing in the city of Regina over the past five years. 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 $316,990, akin to 2016’s $317,088. The average in the city was $325,341, up 2% from last year’s $319,597.

*This report was rendered and created by Trenlii Market Dashboard. © 2017 TRENLII ANALYTICS INC. ALL RIGHTS RESERVED

Sales dollar volume of $96.6M was posted in all geographic areas, a slight decrease from 2016’s $97.3M. The dollar volume in the city of $78.7M was down 5.6% from 2016’s $83.4M.

In the city there were 1,329 homes for sale at the end of the month, an increase of 10% from last year’s 1,207. About 30% of active listings in the city are condos.

*This report was rendered and created by Trenlii Market Dashboard. © 2017 TRENLII ANALYTICS INC. ALL RIGHTS RESERVED

 There were 840 new listings placed on the MLS® System during the month in all geographic areas, up 6.5% from 2016’s 789. There were 570 listings added in the city, up 15.9% from 492 in 2016. 

The ratio of firm sales to new listings for the month was 42.5% in the city and 36.3% 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.

“Despite the lower level of sales in the city, it’s encouraging to see stable sales in the region as a whole, compared to last year” said Rob Reynar, Manager of Operations of the Association of Regina REALTORS® Inc. “Listing levels are following normal spring trends, buyers are starting to see more listings to choose from. There are typically more sellers and buyers in the market place as we head into May, we anticipate that sales activity will increase significantly,” concluded Reynar.

Lynne Bobyck

Lynne Bobyck

Sales Representative
CENTURY 21 Dome Realty Inc.
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