Our 'normal' market in past years would have an average of 400-500 listings for sale in the city of Regina.
In 2008 we actually hit a high of 1200 listings at one point.
December 2008 we were at 750 listings (slower time of year, some sellers took their property off the market, some sold, some expired - contract was done and property didn't sell).
January 2, 2009 we had 762 listings.
Today - January 21, 2009 we have 791 listings.
To me, this indicates that our Regina market is still okay. Some properties are selling quick (priced right) and some are taking longer. We're definitely not in a sellers market or a balanced. We are in a buyers market.
What does this mean? To buyers - you MAY have the luxury of looking a quite a few more properties, you MAY have the opportunity to 'sleep on it' before making a buying decision and you MAY have a bit more negotiating power on your offer price.
To sellers - you DEFINITELY do have more competition, you DON'T have the luxury of multiple offers always and you really should think seriously before turning down an offer.
Little ol Regina is NOT in a mess like some other places in both the U.S. and Canada. Be thankful for that.