2008 MARKS SOLID YEAR FOR REAL ESTATE MARKET
Despite a decrease from the record-setting pace set in the previous year, 2008 marked a very solid
year for sales through the Regina and area MLS® while setting new highs in some key measurement
categories, said the Association of Regina REALTORS® Inc.
There were 2,812 residential properties sold inside the city during the year representing the second
highest on record, but a decline of 17% from 2007 when an all-time high of 3,380 sales was recorded.
For the entire MLS® including all geographic areas 3,347 sales were reported, down 17% from 2007's
record high of 4,043.
Sales dollar volume inside the city posted an all-time high of $675.2M, up 15% from the previous high
set in 2007 of $586.7M. Dollar volume for all MLS® geographic areas also set a record of $767.0M,
an increase of 15% over 2007's $666.9M.
The average price of residential properties sold in the city during the
year was $240,104, another record and up 38% over the previous high of $173,568 recorded in
2007. The average price in all MLS® areas was $229,173, an increase of 39% from 2007's previous high of
$164,942.
There were 5,213 city listings placed on the MLS® in 2008, marking a twenty-year high and up 30%
over 2007's 3,955 listings. There were 6,532 listings received for all geographic areas, an increase of
35% over the previous year's 4,822.
At the end of the year there were 864 active listings on the market
inside the city, an increase of 316% from 2007's 273 and
approximately double the normal average of 400-500 since 1999. Homes in the
city sold in an average of 26 days although this was substantially higher for each month during the
second half of the year.
For the month of December there were 152 sales in the city, down 16% from 2007's 181 sales. The
average price was $242,053, a new monthly record and an increase 16% over the previous high of
$208,107 set in 2007. Sales dollar volume for the month was $36.8M, down 2% from 2007's $37.7M.
"We actually saw two distinct types of market during the year. The first was the carryover from 2007
early in the year characterized by high demand, bidding up on prices, homes selling quickly and a
shortage of supply. The second began to emerge in the April-May timeframe when a twenty-year high
in new listings coming on the market occurred, causing sales to slow, extended time to sell, prices
flattening out and an increase in the number of active listings not seen on the Regina MLS® since the
1980s", said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
"Since hitting a high of over 1,200 in September, there has been a steady decline in the number of
active listings at the end of each month indicating we have begun to move back to more normal
market conditions. We are anticipating that the 2009 market will be much more balanced than in 2007
and 2008 with strong demand and above historical average sales buoyed by steady job and economic
growth projected for Regina and area. Because of this, we don't see the same decline currently being
experienced in and forecasted for many other Canadian housing markets occurring here", concluded
Archibald.
The Association operates the Multiple Listing Service® in Regina and area, publishes
ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications
cable TV channel 9.