In the city there were 1,237 homes for sale at the end of the month, up slightly from last year’s 1,255. There were 391 new listings in the city placed on the MLS® System during the month, down 18% from 478 in 2014.
During the month, there were 279 sales reported across all geographic areas, down 9% from 2014 when 305 sales were posted. Single family detached homes were down 10% - while other types of housing sales, mostly condominiums, were even with 2014. There were 229 sales reported in the city, a decrease of 14% from 2014 when 265 sales occurred, according to reports from the Association of Regina Realtors®.
For October, the MLS® Home Price Index (HPI), reported a composite index level of 260.8 and residential price of $274,900 for the city. These are down 4.3% from last years levels of 272.5 and $287,200. This indicates that residential selling prices have fallen on the Regina market over the past year. The HPI also shows selling prices as being down 7.6% over the past three year period. Some believe this is not alarming but more of a correction in the market from past years when prices soared at rates that had been unheard of in Regina. The HPI is a much more accurate measure of housing price trends than the average price.
The sales activity in October remained fairly consistent with the pattern that has been occurring in most months this year with sales down, inventory at elevated levels and downward pressure on price. This pattern is expected to continue to the end of the year due to slower levels of population and job growth which has impacted the market this year. The role of a professional in the housing sale transaction has never been more important. Pricing your home right and the marketing expertise a professional can bring can enhance your home against others in the market place.
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