The elevated number of active listings in the city that developed in 2014 is having a definite impact on the current market. Buyers currently have more choice and selection than has been the case for many years. Sellers are advised to carefully set the asking price to reflect these market conditions, otherwise the home may not attract showings or offers. If you’re thinking about selling, contact one of the highly trained sales professionals at CENTURY 21 Dome Realty Inc. to help you get the results you want.
There were 1,099 homes listed for sale in the Regina area at the end of February, an increase of 19% from last years 924. This is the highest number of homes for sale at this time of the year in over 20 years. In February, there were 448 new listings in the city, up 18% from 380 in 2014, according to the Association of Regina REALTORS® Inc.
There were 203 sales reported in all geographic areas, down 5% from 2014s 214 sales. This is the lowest number of sales in February since 2006. There were 173 sales reported in the city, a decrease of 2% from 2014 when 177 residential properies exchanged hands.
For February, the MLS® Home Price Index (HPI) - a much more accurate indicator of housing price trends than the average price, reported an index level of 265.3 and composite residential price of $279,600 in the city. These are down 4.3% from last year’s levels of 276.7 and $291,600, indicating that residential property values have actually declined in Regina over the past year.
It's too early to tell but we are optimistic about the year provided that the economy performs well, creates jobs and attracts newcomers into the area.