THERE WAS STEADY DEMAND FOR HOUSES IN REGINA AND AREA AND ELEVATED SUPPLY THROUGHOUT 2014
Home Sales in the Regina area were on par with sales in 2013, despite a 20-year high in homes listed for sale and a 3.5% decline in price during the past year according to the Association of Regina REALTORS® Inc.MLS® System.
During the year there were 3,709 residential sales reported in all geographic areas, down a mere 0.2% from 3.717 recorded in 2013. This is the 5th highest number of sales for the MLS® System in the past ten years. There were 2,940 sales in the city, a decrease of 3% from 2013's 3,046.
The number of active listings on the market, particularly in the city, was consistently at historical highs during the year - with supply being at the highest levels in over 20 years. At the end of the year, there were 941 listings on MLS® in the city, up 33% from last year's 705, 90% from 494 at the end of 2012 and 151% from 2011's 375.
For sales activity in December, the MLS® Home Price Index (HPI) which is a much more accurate measure of housing price trends than the average or median price – reported a composite residential price of $294,900 and index of 271.5 in the city. These are down 3.5% from last year’s levels of $305,600 and 281.3. This indicates that residential property values have actually declined in Regina over the past year which is contrary to what has been reported increase in the average price.
The average sales price in the city for December was $313,359, up 4% from last year's $301,616. There is a variance of over $18,000 between the average price in the city and the HPI composite benchmark price. This is entirely attributable by the skewing effect on the average price of a shift to a larger proportion of higher priced homes selling. The average sales price in all market areas for the month was $302,969, a 4% increase from 2013's $290,740.
Demand for housing remains strong, but listings are at a 20-year high, making Regina a 'buyers' market for the first time in many years. In 2015, Regina's real estate market should see a continuation of strong demand and strong supply. It is expected that it could take at least six months for the current supply of listings to be absorbed and be back to normal levels.
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