Regina Home Prices Holding Steady Through July

Despite a drop in year-over-year sales activity, month-to-month home prices reported through the Regina and area MLS® System in July are holding steady, said the Association of Regina REALTORS® Inc.

During the month there were 313 residential sales reported in all geographic areas, down 10% from 349 reported in 2015. This was also well below the five-year average of 371, and the 10-year average of 364. Sales inside the city were down significantly with 246 occurring compared to 290 in 2015 – a 15% decline.

Listing levels are continuing a downward trend, both in total inventory and new listings added to the MLS® System. Inside the city of Regina at the end of July, there were 1,263 properties for sale, almost 13% less than July of 2015's 1,449. There were 440 new listings placed on the MLS® System in the city during the month, down 20% from 549 in 2015.

 In July, the MLS® Home Price Index (HPI), reported a composite residential price of $294,100 and index of 274.6 in the city. These are up 2.7% from last years levels of $286,300 and 267.3. The HPI indicates prices are essentially flat over the last three months, up nearly 5% over the past six months and 2.7% over the past year. Prices have also regained much of the losses incurred dating back to 2013.

The HPI is a much more accurate measure of housing price trends than average or median price and is not subject to large fluctuations based on a rare or unique high or low property sales. The average sales price in the city was $328,742, up 2.8% from last year’s $319,652. There is a variance of almost $35,000 between the average price in the city and the HPI composite price. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.

 A total dollar volume of sales of $98.2M was reported in all geographic areas, down 9% from 2015’s $108.7M. Dollar volume in the city is down year-over-year from July 2015 to 2016 by 12.8%.

Homes that sold during July in the city, were on the market for an average of 40 days before selling at an average of 97% of the current asking price.

 The ratio of firm sales to new listings for the month in the city was 56% and 53% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be a buyer’s market – above 60% is considered to be a market favouring sellers.

For first time home buyers, it's easy to forget the little things. That's why at CENTURY 21 Dome we have a Pledge, a 21-point promise to find the perfect home for you!


Like us on Facebook to see our promotions and more!

Wanda Smith

Wanda Smith

CENTURY 21 Dome Realty Inc.
Contact Me

Blog Archives