Very cold January temperatures were consistent with a cool start to the residential real estate market with 168 homes sold which is down 7% from January 2013 when 181 sales were reported by the Association of Regina REALTORS®. The number of homes sold was also below the five-year average of 199 and the 10-year average of 184 for the month. There were 143 sales in the city, a decrease of 8% from 2013 when 155 residential properties sold.
The average sales price in the Regina area, including bedroom communities, was $309,656, a new high for January and an increase of 3% from $299,852 recorded in January 2013. The average price in the city was $323,203, also a new high and up 8% from $300,372 posted last year. This increase is entirely attributable to a larger proportion of higher valued homes selling in 2014 compared to 2013, rather than an increase in home prices.
During the month homes which sold were on the market for an average of 52 days before selling at an average of 96.6% of asking price. This compares to 40 days and 97.3% in 2013.
At the end of January there were 1,379 active listings on the market, an increase of 36% over 2013's 1,017. In the city there were 833 homes for sale, an increase of 54% from last year's 558. There were 542 new listings placed on the multiple listing service (MLS) system during the month, compared to 441 a year ago.
The level of activity during the month was a continuation of a slower market which began in the second half of 2013. Increasing supply levels are providing more choice and selection to buyers in most price ranges and locations.
Despite the slow start in January, all economic indicators such as economic and job growth support continued steady demand for housing during the year. It is expected that market activity will pick up as we move into the late winter and early spring months.
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