After a slow start for the first four months of the year, buyers coming into the market in May caused sales to surge to their highest level in 2014 although the supply of listings on the market remains high, based on reports through the Association of Regina REALTORS® Inc MLS® System.
Statistics for May 2014 compared to May 2013:
- There were 421 sales during the month, the exact number reported for the month in 2013
- Active Listings at the end of May increased 33% – from 1,679 to 2,212. In the city, an increase of 40% from 961 to 1,342. This is the highest number of homes for sale at the end of May in the past ten years.
- In May, there were 913 new listings, down 2% from 932 in 2013
For May, the MLS® Home Price Index (HPI) which is a much more accurate measure of housing price trends than the average price – reported a composite residential price of $305,000 and index of 280.8 for the city. These are down 0.7% from last year’s levels of $307,300 and 282.9. This indicates that residential property values have actually declined in Regina over the past year. The decrease is evident in all housing types except apartment condos which were up 1.9%. The HPI measures residential price trends based on four benchmark home types.
The number of sales taking place in April and May has helped to absorb some of the active supply of listings on the market and maintain balanced conditions. Despite this, the number of homes for sale in the city is at a ten-year high. This is keeping selling prices in check - in fact, the Home Price Index is showing slight declines in the past year primarily due to the rising supply of homes on the market.
The supply of listings for sale has grown, bringing the number of homes on the market to a level not seen in recent years. This is offering choice to buyers in almost all price ranges and locations.