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 up from last year at this time, said the Association of Regina REALTORS® Inc.
During the month there were 303 residential sales reported in all geographic areas, down 3.2% from 313 reported in 2016. Sales inside the city were down marginally with 239 occurring compared to 246 in 2016, a 2.8% decline. This was on par with the five-year average of 237, but above the ten-year average of 210.
Listing inventory remains at elevated levels. Inside the city of Regina at the end of July, there were 1,512 residential properties for sale, a 20% increase from July of 2016’s 1,263. There were 419 new listings placed on the MLS® System in the city during the month.
For July, the MLS® Home Price Index (HPI) reported a composite residential price of $306,800 and index of 284.2 in the city. These are up 3.6% from last year’s levels of $296,200 and 274.2.
The HPI is a much more accurate measure of housing price trends than average or median 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.
The average sales price for the city for the month of July was $324,009, a 1.4% decrease from 2016’s $328,742.
Residential total dollar volume of sales of $96.8M was reported in all geographic areas, down 1.4% from 2016’s $98.2M. Dollar volume in the city is down year-over-year around 4%.
In the city during July, homes which sold were on the market for an average of 40 days before selling at an average of 97.1% of the current asking price.
The ratio of firm sales to new listings for the month in the city was 57% and 52.1% 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.
“Despite a month to month drop in sales activity and an overall increase in inventory, the Regina and area market is seeing stable house prices. Based on the current number of properties for sale, the market is starting to swing out of balance and may lean away from sellers and towards buyers in some property types.”, said Rob Reynar, Manager of Operations of the Association of Regina
“It is important to note, about 28% of the active listings on the MLS® System in the city are Condominium properties.” Concluded Reynar.