Prices set a record

By Neil Scott, Leader-PostMarch 4, 2010 
 A record high for selling prices of homes was set in Regina in February and there is potential for prices to soar even higher in months to come.

Statistics released Wednesday by the Association of Regina Realtors indicate the average selling price of homes in Regina and the nearby metropolitan area was $263,753 in February. That February average was not only the record for February but also the record for any month in the history of the Multiple Listing Service System. It was also up by 13 per cent compared withFebruary 2009.

"February reflected the type of month we've seen for quite some time now -- strong and steady levels of demand for housing,'' said Gord Archibald, executive officer of the realtors' association.

The continuing strong demand for homes, combined with the fairly tight supply of homes for sale, has the potential to push prices even higher, Archibald said.

"Although there was some slight increase in the number of active listings on the market, we need to keep an eye on supply going forward,'' Archibald said.

That limited supply of homes for sale "may not be sufficient to satisfy demand as we are about to enter the busy spring period,'' Archibald said in a news release.

"The X factor is supply,'' Archibald added in a telephone interview. A continuing tight supply of houses could push prices higher whereas prices could become moderate if more homes go up for sale, he said.

The province's strong economy and the influx of migrants are among the other factors that are pushing prices higher, he said.

But Archibald said the February results might be a bit skewed, because quite a large number of high-end expensive homes were sold.

While the sale of expensive homes pushed up the average selling price, it may not perfectly reflect the actual increases in the cost of an average home, Archibald said.

The data released Wednesday indicated there were 267 residential sales posted in the metro Regina area in February. That was up 15 per cent from last year and was the second-highest number of sales ever recorded in February.

A total of 450 homes have been sold in the first two months of the year, the report said. That is an increase of 12 per cent over the same period last year.

The total dollar value of homes sold in February was $70.4 million, which was a record for the month of February and 30 per cent above the figure recorded in February of last year.

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