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Market Updates


April 2018 RESIDENTIAL MARKET YIELDS WEAK RESULTS

Key market metrics continued to demonstrate relatively weak conditions in the local residential real estate market in April, said Association of Regina REALTORS® Inc.

There were 228 sales posted in Regina for the month of April, a decrease of 4.6% from 2017 when 239 sales occurred. The number of sales in the city was below the 5-year average of 268 and 10-year average of 297.

In Regina for the April year-to-date there have been 697 sales compared to 761 last year, down 8.4%.

For April, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price reported a composite benchmark residential price of $275,600 and index of 255.3 in Regina, down 6.5% from $294,700 one year ago. This continued a downward trend that began in 2017 and is now 10.4% below the composite price reported in 2013 of $307,400. The majority of this price loss has occurred in the last twelve months primarily due to slowing demand and elevated supply levels. 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 sales dollar volume in Regina of $69.5M was down 11.2% from 2017’s $78.3M. This is due to fewer sales occurring and falling prices.

In Regina, there were 1,524 active residential listings on the market at the end of April, an increase of 16% from 2017’s 1,329. This is the largest number of active listings at the end of April in over a decade.

There were 551 new listings placed on the MLS® System during the month down 2.1% from 563 in 2017.

The ratio of sales to new listings for the month was 41% in Regina.

These comparatively low sales to list ratios point towards buyer’s market conditions. Balanced market conditions are generally in the 40-60% range. Below 40% is considered to be more of a buyers’ market while above 60% is considered to be a market favouring sellers.

Homes that did sell in Regina sold in average of 59 days. This compares to 37 days last year.

“April continued a pattern that began in 2017 of fewer sales, rising inventory levels and falling prices. It is certainly an ideal time for buyers to be looking for a home. There’s plenty of supply, great choice and prices are at the lowest level in a number of years”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.

“As projections for economic growth for the Regina area are very positive for 2018, we remain hopeful that this will eventually materialize into both job creation, population growth and added demand for housing”, concluded Archibald.

Information provided by:

ASSOCIATION OF REGINA REALTORS® INC.

 

2018 MARCH RESIDENTIAL MARKET SLIDING SALES

The number of residential sales reported through the Regina and area on the MLS® System in March fell significantly from 2017 and was well below historical averages for the month, according to our Association of Regina REALTORS® Inc.

For example, there were 175 sales posted in Regina, a decrease of 28.3% from 2017 when 244 sales occurred. This number of sales was below the 5 year average of 235 and 10-year average of 258.

For the year-to-date there have been 470 sales to the end of March compared to 522 last year, down 10.0%.

For March, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price reported a composite benchmark residential price of $280,000 and index of 259.4 in Regina, down 4.6% from $293,400 one year ago. This continued a downward trend that began in 2017 and is now actually 9.1% below the composite price reported in 2013 of $308,200. The

majority of this price loss has occurred in the last 6-7 months primarily due to slowing demand and elevated supply levels.

Sales volume as well as dollar volume was down in Regina for the month of March compared to 2017. For example, in dollar volume Regina was down 31.6%.

More bad news for sellers. In Regina there were 1,384 active residential listings on the market at the end of March, up 16% from 2017’s 1,195. This is the largest number of active listings at the end of March in over a decade. That being said, however, there were 525 new listings recorded in March which was down 10.4% from 586 in 2017.

Homes that did sell in March in Regina sold in average of 56 days.

“March is typically when we experience an upturn in the market from a seasonal point of view. That was not the case so it was very disappointing to see the results that actually occurred. We are hoping to see April results return more to historical patterns”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. “With projections for economic growth for the Regina area to be very positive for 2018, we remain optimistic that this will eventually translate into both job and population growth. This will in turn stimulate

demand for housing in the area”, concluded Archibald.

Information provided by:

ASSOCIATION OF REGINA REALTORS® INC.

 

2018 FEBRUARY RESIDENTIAL MARKET MIXED RESULTS

The number of residential sales reported through the Regina and area MLS® System in February was up over 2017 but below historical averages, said the Association of Regina REALTORS® Inc.

There were 152 sales posted in Regina, an increase of 9.4% from 2017 when 139 sales occurred. The number of sales, however, was below the 5-year average of 170 and 10-year average of 199.

For February, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price reported a composite benchmark residential price of $278,700 and index of 258.2 in the city, down 4.8% from $292,800 one year ago. This continued a downward trend that began in 2017, and is now actually 9.2% below the price reported in 2013 of $306,700. The majority of this price loss has occurred in the last six months primarily due to elevated supply levels.

In Regina there were 400 new listings recorded. This is up 2.8% from 389 in February 2017.

Homes that did sell in the city sold in average of 56 days. This compares to 50 days last year.

“The trend of increasing supply levels, longer days on the market and corresponding sale price decreases continued during the month. Sellers certainly need to set their asking price accordingly for these market conditions”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS.

“With projections for economic growth for the Regina area to be very positive for 2018, we are hoping that it will translate into both job and population growth. This will stimulate demand for housing in the area”, concluded Archibald.

Information provided by:

ASSOCIATION OF REGINA REALTORS® INC.

 

2018 JANUARY RESIDENTIAL SALES AND HOME PRICES MOVE IN OPPOSITE DIRECTION

2018 residential sales are off to a solid start when compared with 2017 and 2016 based on the Regina and area MLS® System activity in January. In Regina there were 143 sales reported, an increase of 2.8% from 2017 when 139 sales occurred. The number of sales in the city was above the five-year average of 139 but below the ten-year average of 162 for the month.

On the other side, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price, reported a composite Benchmark residential price of $279,400 and index of 258.8 in Regina, down 4.85% from $293,600 one year ago. The Benchmark price continued

its move in a downward direction, indicating increasing downward pressure on home prices due to elevated supply levels.

In Regina, there were 1,133 active residential listings on the market at the end of January, up over 20% from 2017’s 952. During the month 468 new listings were posted, up 32.4% from 354 in 2017.

According to Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. “We continued to see the trend which began in 2017 of active listing inventory increasing in the city. This is contributing towards buyer’s market conditions for some property types. For example, there is an ample supply of condos with it accounting for about 28% of total active listings. However, on the demand side, we were pleased with the number of sales during the month. We’re off to a reasonably good start when compared to the last two years”.

Information provided by:

ASSOCIATION OF REGINA REALTORS® INC.

 

2017 SLUGGISH YEAR FOR RESIDENTIAL SALES

The number of sales reported through Regina and area on the Multiple Listing Service® in 2017 was down from 2016. (fewest in the past ten years). During the same period 2017 Supply levels were up and prices were down, said the Association of Regina REALTORS® Inc.

During the year there were 3,271 residential sales reported in all geographic areas, down 4% from 3,408 recorded in 2016. This is the fewest number of sales in the past ten-year period and the lowest since 2006. Sales in the city came in at 2,677, a decrease of 5% from 2016’s 2,814.

The number of Active listings for sale in Regina was consistently higher throughout the year when compared to recent years. This was due to fewer sales. It was taking longer for homes to sell and therefore a higher number of new listings were coming on the market during the year.

At the end of the year there were 1,183 listings on the MLS® System in Regina, an increase of 19% from last year’s 991. This is the highest level of active listings in the city at a year-end in decades.

Supply peaked at 1,537 listings in August and had been on a steady decline to the end of the year. New listings in Regina for the year totaled 5,685. An increase of 9% from 2016’s 5,239.

The ratio of total sales to new listings for the year was 47% in the city down from 54% in 2016. This indicates more of a tilt towards more of a buyer’s market when compared to previous years.

For the year-to-date 2017, the average selling price in Regina was $318,372 compared to $319,003 in 2016 (a decrease of 0.2%).

Information provided by:

ASSOCIATION OF REGINA REALTORS® INC.

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