The number of sales reported through the Regina and area Multiple Listing Service® System in 2016 was up from 2015—selling prices were up slightly and the number of listings for sale was consistently lower than levels in recent years, said the Association of Regina REALTORS® Inc.

During the year there were 3,481 residential sales reported in all geographic areas, up 3% from 3,388 recorded in 2015. Sales in the city came in at 2,834, an increase of 2% from 2015’s 2,765.
The number of active listings for sale on the market, particularly in the city, was consistently lower throughout the year when compared to recent years. This contributed to some inventory shortages particularly with single family homes and upward pressure on prices.

At the end of the year there were 887 listings on the MLS® System in the city, a decrease of 7% from last year’s 957. This is the lowest level of active listings in the city since January 2014. Supply peaked at 1,267 listings in July and had been on a steady decline to the end of the year. New listings received on the System in the city for the year totaled 5,324, a decrease of 7% from 2015’s 5,727. This is the lowest number of new listings since 2013.

The ratio of total sales to new listings for the year was 53% in the city and 47% in all market areas both up over last year. These ratios indicate a tilt towards a more balanced market when compared to previous years.

Based on sales activity in December, the MLS® Home Price Index (HPI)—a much more accurate measure of housing price trends than average or median price—reported a composite residential price of $292,500 and index of 273.1 in the city. These are up 5.2% from last year’s levels of $278,000 and 259.8 but still down 2.8% from three years ago. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.

The year-to-date (YTD) average selling price in the city was $317,574 compared to $318,528 in 2015 a decrease of 0.3%. In all geographic areas, the YTD average price was $312,060—an increase of
0.2% from $311,284 posted in 2015.

Total sales dollar volume of $1,086.2M was reported in all geographic areas during the year, up 3% from 2015’s $1,054.6M. Dollar volume in the city was also up at $900.1M compared to $880.7M from
the previous year—a 2% increase.

For the month of December there were 158 sales posted in all areas, a 10% decrease from 175 in 2015. This compares to the immediate past five-year average of 194 and 10-year average of 183. Sales dollar volume was $49.3M, up 1% over $49.0M last year. There were 124 sales recorded in the city, a 14% decline from 145 recorded in 2015.

During the month in the city, homes which sold were on the market for an average of 53 days before selling at an average of 96.3% of the current asking price. This compares to 56 days and 96.2% in 2015.
“Despite economic challenges, the residential market was pretty steady during the year with sales up slightly over 2015 and some upward movement on price mostly due to lower inventory levels,” said
Gord Archibald, Chief Executive Officer of the Association.

“Going into 2017, most economic and job growth forecasts for the area remain modest—notwithstanding any unexpected spike in economic and job growth activity this will contribute to similar market conditions to what we saw in 2016—a steady number of sales and stable prices,” concluded Archibald.