Regina Sales down; new price and volume highs set

Residential sales through the Regina and area MLS® System in November were down from 2009 but still above the ten-year average, said the Association of Regina REALTORS® Inc.

 For the entire MLS® System including all geographic areas, 257 sales were reported during the month, down five per cent from 2009’s 271. Despite the decrease, this was the third highest number of sales in November in the past ten-year period. Inside the city there were 220 sales, also a decrease of five per cent from 232 sales in 2009.

 Dollar sales volume of $68.3 million set a new high for November, eclipsing the previous record of $66.4 million set in 2009 by three per cent. Total dollar volume of sales in the city was $59.6 million, which also set a new high by surpassing the previous one set in 2009 of $58.2 million by two per cent.

 The month’s average sales price came in at $265,590, a new record for November and up 8 per cent over 2009’s $245,081. The average price inside the city also set a new high for the month at $271,028, an increase of eight per cent from 2009’s $250,794.

 For the year-to-date there have been 3,380 residential sales on the MLS® System, down 3 per cent from 2009’s 3,497. Year-to-date dollar sales volume to the end of November was $873.5 million, a new high and up two per cent from last year’s $855.0 million. The average selling price for the year-to-date was $258,418, another new high, and up six per cent over 2009’s $244,498.

 Homes which sold in November were on the market for an average of 50 days before selling, compared to 51 days in October. Homes sold at an average of 96.1 per cent of asking price at the time of sale.

 For all MLS® System geographic areas there were 1,217 active residential listings on the market at the end of the month, including 697 in the city. There were 331 new listings placed on the MLS® System during the month, an increase of five per cent from 2009’s 316. This marks the fourth consecutive two month that the active listing inventory has fallen and the lowest level since March. Although current supply levels are more than sufficient to satisfy demand, the ratio of sales for the month to new listings is typically an indication of a tightening of supply, especially when applied to inside the city.

 “November was typical of what we have experienced in the market since the late spring. Sales down slightly from 2009 levels each month and balanced market conditions prevailing. This has helped buoy property values while keeping upward pressure on prices in check at the same time”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.

 “With only December to go, we are on track for the third best year for sales ever and new yearly highs for average price and sales dollar volume”, concluded Archibald.

The Matthew Olsgard Team

The Matthew Olsgard Team

CENTURY 21 Fusion
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