Residential sales thorough the Regina and area Multiple Listing Service® System in March were similar to 2016 levels, and on par with the five-year average, said the Association of Regina REALTORS® Inc.
There were 298 sales reported during the month in all geographic areas, down 1% from 2016 when 301 sales were reported. The number of sales was close to the immediate past five-year average of 299, but below the past 10-year average of 320. There were 247 sales reported in the city, a decrease of 2% from 2016 when 252 sales were posted.
For the year-to-date (YTD), 636 homes have been sold in all geographic areas compared to 656 in 2016—a 3% decline. 532 homes have sold in the city, also down 3% from 551 sales a year ago.
Based on sales activity in March, 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 $291,300 and index of 272 in the city. These numbers are up 1.7% from $286,300, reported one year ago. This indicates that residential property values have risen in Regina over the past year, although are still down 2.2% 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 average sales price in all market areas for the month was $316,341, up 3% from $308,471 recorded in 2016. The average in the city was $318,830, up 0.5% from last year’s $317,327. The YTD average sales price was $307,238 in all areas and $306,036 in the city.
Sales volume of $94.3M was posted in all geographic areas for the month, an increase of 2% from 2016’s $92.8M. For the YTD, dollar volume was $195.4M, down 4% from last year’s $202.6M.
For all MLS® System geographic areas there were 1,930 active residential listings on the market at the end of March, up 3% from 2016’s 1,875. In the city there were 1,203 homes for sale, an increase of 2% from last year’s 1,179. These figures are indications of higher active listings in the market area. About 30% of listings in the city are condos.
There were 810 new listings placed on the MLS® System during the month in all geographic areas, an increase of 18% from 688 in 2016. 607 were posted in the city, up 21% from last year’s 503. For the YTD, 1,856 have been added to the system in all market areas compared to 1,781 a year ago—a 4% increase.
The ratio of firm sales to new listings for the month was 41% in the city and 37% 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.
“The number of sales taking place in March was the highest so far this year. Sales were consistent with activity over the last few years—all in all, it was a decent month. It’s certainly in line with similar economic conditions we’ve been experiencing locally in recent years”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.
“With inventory levels increasing, there is currently a good number of listings for buyers to choose from on the market”, concluded Archibald.
