The total number of residential sales reported through the Regina and area Multiple Listing Service® (MLS®) System in October was down from 2016, and was also well below five and 10-year averages, said the Association of Regina REALTORS® Inc.
There were 255 sales reported in all geographic areas during the month, down 8% from 2016 when 277 sales were recorded. This is the lowest level of sales since 2008 and was below the immediate past five-year average of 290 and 10-year of 296. In the city, there were 206 sales posted—down 10% from 229 last year.
For the year-to-date (YTD) 2,878 sales have occurred in all areas this year, a decrease of 5% from 3,016 in 2016. There have been 2,349 sales in the city, down 6% from 2016’s 2,497.
The number of residential listings for sale at the end of the month in the city continued at historical highs with 1,444 homes for sale at the end of the month—an all-time high for October.
The MLS® Home Price Index (HPI) reported a composite residential price of $289,000 and index of 267.7 in the city, down 0.8% from 2016’s $293,800 and 272.3. This is an indication of underlying strength and stability in house prices. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005 and is a much more accurate measure of housing price trends than average or median price.
The average residential price of sales in October in the city was $297,458, down 1% from $300,225 last year. For the YTD, the average price was $320,225, virtually identical to last year’s $320,338 for the same period.
The ratio of firm sales to new listings for the month was 45% in the city and 46% 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.
Homes which did sell during the month sold in an average of 61 days in the city—this compares to 53 days in 2016 and is the highest for the past 10-year period.
There were 548 new residential listings received on the MLS® System during the month, including 454 in the city. This compares to last year when 451 new listings were posted in all areas and 335 in the city.
“Almost all key market measures point towards a slow month in October. We continued to see the number of active listings on the market at a historical high for the month—a pattern for much of 2017 so far. This, combined with a drop in the number of sales, has affected balance in the market between sellers and buyers. Sellers are well advised to have their listing priced accordingly”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.
“With two months left in the year, we are projecting sales below last year’s level and possibly the lowest number over the past 10-year period”, concluded Archibald.
