Regina's real estate market posted another record breaking year in 2012 according to year-end statistics released this week by the Association of Regina Realtors® Inc.
There were 3,922 residential sales recorded on the multiple listing service (MLS) in the Regina area, up slightly over 2011 when 3,909 properties changed hands. This is the second highest number of sales in a year. The highest was in 2007 when 3,935 sales were reported. There were 3,176 inside the city, a decrease of 4% from 2011's 3,303.
The average sale price for all areas broke the $300,000 mark for the first time while setting a new annual high of $301,332, an increase of 9% over the previous record of $276,469 set in 2011. The average sales price in the city also set a new high at $311,190, up 9% over the previous year's $285,801.
There were 6,355 new residential listings placed on the MLS system during the year which is virtually identical to 2011. Homes were on the market for an average of 33 days before selling, compared to 38 days in 2011. On average, listings sold at 97.4% of asking price.
"Assuming comparable levels of economic, job and population growth occur in 2013, new households will continue to form. This will support strong levels of demand for housing. Supply is up from this time last year, giving buyers a wider variety to choose from going into the new year," said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.