SALES STEADY – LISTING LEVELS AT HISTORICAL HIGHS


The total number of sales reported through the Regina and area MLS® System were down from 2016
while listing levels continued at historically high levels, said the Association of Regina REALTORS®
Inc.


There were 368 sales reported in all geographic areas during the month, down 7% from 2016 when
394 sales were posted. This compares to the immediate past 5-year average of 356 and 10-year of
354. In the city there were 303 sales recorded, down 4% from 314 in 2016.


On a year-to-date basis 2,332 sales have occurred in all areas this year, a decrease of 4% from last
year. There have been 1,905 sales in the city, down 5% from 2016’s 2,013.


The number of listings for sale in the city continued at a high level with 1,537 homes for sale at the
end of the month. This is an all-time high for August.


The MLS® Home Price Index (HPI) reported a composite residential price of $313,000 and index of
290.0, up 5.7% from 2016’s $296,300 and 278.0. This is an indication of underlying strength and
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.


The average residential price of sales in August in the city was $338,035, up 8% from $314,494 last
year. For the YTD the average price is $322,399, slightly down from last year’s $323,629.
The ratio of firm sales to new listings for the month was 53% in the city and 51% 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.

Homes which did sell during the month sold at an average of 97.2% of listing price – this compares to
96.6% in 2016.


There were 720 new listings posted on the MLS® System during the month, including 570 in the city.
This compares to last year when 667 new listings were recorded in all areas and 507 in the city.
“Despite being down a bit from last year, sales are continuing at a steady level and there has been
upward pressure on prices which is surprising given the amount of supply on the market. The number
of listings currently for sale is providing a wide choice of homes for buyers, said Gord Archibald, Chief
Executive Officer of the Association of Regina REALTORS® Inc.


“We are now heading into the early part of the fall when the market tends to flatten out after a busy
spring and summer period. We’re anticipating a steady level of sales while supply levels will likely
continue at historically high levels.” concluded Archibald.

Lynne Bobyck

Lynne Bobyck

Sales Representative
CENTURY 21 Dome Realty Inc.
Contact Me

Blog Archives

Tags