Last month, 348 home sales were reported in the Regina area including bedroom communities. This is down 8% from 379 reported in 2013 while inventory of homes for sale continued to rise to long-term highs, based on reports through the Association of Regina REALTORS® Inc.MLS® System.
At the end of August there were 1,433 properties for sale inside the city of Regina compared to 1,038 in August of 2013.. There were 516 new listings placed on the MLS® System in the city during the month, an increase of 3% from 502 in 2013.
For August, 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 $299,600 and index of 275.8 in the city. This is down 2.4% from last years levels of $307,000 and 282.6. This indicates that residential property values have actually declined in Regina over the past year which is contrary to what's been reported as the average price.
The average sales price in the city was $320,706, down 1% from last year's $324,055. There is a variance of over $20,000 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 $294,338, a 5% increase from 2013's $308,551.
If you’re thinking about moving, perhaps it’s time to talk to Rory Clark.