Cool start to the 2013 Regina residential real estate market
Very cold January temperatures were consistent with a cool start to the residential real estate market with 181 homes sold which is down 27% from January 2012 when 247 sales were reported by the Association of Regina REALTORS®. The number of homes sold was also below the five-year average of 222 and slightly below the 10-year average of 184 for the month. There were 155 sales in the city, a decrease of 25% from 2012 when 208 residential properties sold.
The average sales price in the Regina area, including bedroom communities, was $299,700 - a new high for January and an increase of 5% from January 2012. The average price in the city was $300,356, also a new high and up 4% from $289,127 posted last year.
During the month homes which sold were on the market for an average of 43 days before selling at an average of 97.1% of asking price. This compares to 41 days and 97.4% in 2012.
At the end of January there were 1084 active listings on the market, including 558 in the city. There were 435 new listings placed on the multiple listing service (MLS) system during the month, up slightly from 431 in 2012.
The level of activity during the month was a continuation of a slower market which began in last summer. January was the sixth month in a row where sales were down over the previous year. Slower sales activity has contributed to an increase in supply, back to historical levels at this time of the year in the city, providing more choice to buyers.
Despite the slow month, it is expected that market activity will pick up as we move into the late winter and early spring months. Demand continues to be supported by strong economic activity, job and population growth, and a tight rental market.
As local market experts, CENTURY 21 Dome Realty sales professionals are uniquely trained and qualified to help home buyers navigate the opportunities that exist in the local real estate market and provide sellers with excellent marketing and exposure for their properties. To view property listings, please visit our website at www.century21dome.com.