The total number of residential sales reported through the Regina and area Multiple Listing Service® (MLS®) System in September was down slightly from 2016, and is also below the five and 10-year averages, said the Association of Regina REALTORS® Inc.
There were 295 sales reported in all geographic areas during the month, down 2% from 2016 when 302 sales were recorded. This compares to the immediate past five-year average of 312 and 10-year of 315. In the city there were 242 sales posted, down 5% from 255 in 2016.
For the year-to-date (YTD) 2,624 sales have occurred in all areas this year, a decrease of 4% from 2,739 in 2016. There have been 2,144 sales in the city, down 5% from 2016’s 2,268.
The number of residential listings for sale at the end of the month in the city continued at a high level with 1,492 homes for sale at the end of the month—an all-time high for September.
The MLS® Home Price Index (HPI) reported a composite residential price of $320,000 and index of 296.5, up 7.7% from 2016’s $297,200 and 275.3. 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 September in the city was $320,914, up 3% from $312,426 last year. For the YTD the average price was $322,423, similar to last year’s $322,369.
The ratio of firm sales to new listings for the month was 50% in the city and 49% 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 54 days in the city—this compares to 38 days in 2016.
There were 600 new listings posted on the MLS® System during the month, including 477 in the city. This compares to last year when 618 new listings were recorded in all areas and 491 in the city.
“The pattern of sales being slightly below historical levels, the number of active listings being at all-time highs and upward pressure on prices continued in September. It seems to defy economic logic that prices are moving up with the amount of supply on the market, but that’s what the numbers are showing”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.
“We are anticipating that the number of monthly sales for the remainder of the year will be at or near long-term averages. We also expect that supply levels will continue at historical highs offering buyers a wide variety of choice in price ranges, housing types and locations”, concluded Archibald.
