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Market Updates


AUGUST SALES

UP OVER 2018 BUT BELOW LONG TERM AVERAGES

Based on activity through the Regina and area MLS® System homes sales in August exceeded 2018 levels but were below long-term averages: Association of Regina REALTORS® Inc.

There were 314 sales reported during the month in all geographic areas, up 3.0% from 2018 when 305 sales were posted. Sales were well below the 5-year average of 347 and 10-year average of 354 sales. There were 247 sales reported in Regina down 0.4% from 2018 when 248 were posted. The number of sales in Regina are also below the 5-year average of 277 and 10-year average of 289. 

For the year-to-date 2,216 homes have been sold in all areas up 1.0% over last year’s 2,195. In Regina 1,833 sales have been posted up 4.0% from 2018’s 1,762.  

For August, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price, reported a Composite Benchmark Price of $267,900 and index of 245.9 in Regina, down 3.9% from $278,700 one year ago. This reflects a general downward trend, indicating downward pressure on home prices due predominately to elevated supply levels and lower levels of demand. The Composite Benchmark Price is down 10.5% from three years ago and 9.4% from five 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. 

Total dollar sales volume in all areas was $94.7M an increase of 1.8% from 2018’s $93.0M. Year-to date dollar volume of $665.0M is down 1.0% from 2018’s $671.0M.   

In Regina there were 1,560 active residential listings for sale on the market at the end of August, down from 1750 one year ago.  

There were 549 new listings placed on the MLS® System during the month in all geographic areas a decrease of 15.9% from 653 last year. For the year-to-date new listings of 4,990 are down 9.9% from 5,540 in 2018. There were 437 listings posted in Regina compared to 513 last year a decrease of 14.8%. Year-to-date new listings in the city are down 10.0 % at 3,825 this year compared to 4,250 in 2018.  

The ratio of sales to new listings for the month was 56% in Regina and 57% all geographic areas. Balanced market conditions are generally in the 40-60% range. Below 40% is considered to be more of a buyer’s market and above 60% is considered to be a market favouring sellers. We caution that this would need to persist for several more months before the market would be considered to be in balance.

“Economic factors and federal mortgage stress rules have had a continued dampening effect on demand for housing. Sellers are well advised to set their asking price for these market conditions, otherwise there is a risk of no showings or offers,” said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. 

“Looking ahead, both projected economic and job growth in the local area are encouraging. This should translate into an uptick in demand and sales. There has been no better time for a buyer to purchase a home – there’s plenty of choice and prices are at their lowest level in many years” concluded Archibald. 

July 2019

THE REGINA MARKET MOVES TOWARDS BALANCE

Based on activity through the Regina and area MLS® System, homes sales for the region and the city of Regina in July were near and above 2018 levels respectively, but below long-term averages, said the Association of Regina REALTORS® Inc.  

There were 314 sales reported during the month in all geographic areas, down 1.6% from 2018 when 319 sales were posted. July totals are well below the 5-year average of 329 and 10-year average of 347 sales. There were 254 sales reported in Regina, up 5.3% from 2018 when 240 were posted. The number of sales in Regina are also below the 5-year average of 284 and 10-year average of 261.   

For the year-to-date, 1,903 homes have been sold in all areas, down less than a percentage point over last year. In Regina, 1,587 sales have been posted, up 4.8% from 2018.    

For July, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price, reported a Composite Benchmark Price of $269,400 and index of 247.3 in Regina, level from last month, and down 4.4% from $281,900 one year ago. This reflects a general downward trend, indicating downward pressure on home prices due predominately to elevated supply levels and lower levels of demand. The Composite Benchmark Price is down 9.6% from five 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. 

Total dollar sales volume in all areas was $92.9M, a decrease of 3.2% from 2018’s $96M. Year-to-date dollar volume is down near $570M, down just over 1% from 2018 at this time.

In Regina, there were 1,624 active residential listings for sale on the market at the end of July, down 7.2% from 2018’s 1751, however still well above historical levels.

There were 650 new listings placed on the MLS® System during the month in all geographic areas, level from 2018’s 649. For the year-to-date, new listings of 4,441 are down 9.1% from 4,887 in 2018.  

There were 496 listings posted in Regina, compared to 514 last year – a decrease of 3.5%. Year-todate, new listings in Regina are down 9.3% - 3,388 this year compared to 3,737 in 2018.  

The ratio of sales to new listings for the month was 51% in Regina and 48% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market - above 60% is considered to be a market favouring sellers. We caution that this would need to persist for a number of more months before the market would be considered to be in balance.  

Comparing the number of sales for the month against the number of listings for sale, there was 6.3 months of inventory on the market at the end of July. This is down from 7 months last year.    

“Although sales for Regina are below 5 and 10-year averages, they have jumped over numbers posted in July of ’16,’17, and ‘18, which is good news for the overall market”, said Rob Reynar, Manager of Operations of the Association of Regina REALTORS® Inc.

“The market appears to be swinging more into balance as we continue through the summer months.” Concluded Reynar.

The Association of Regina REALTORS® Inc. (ARR) operates the Multiple Listing Service® System in Regina and area with Gord Archibald the Chief Executive Officer.

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JUNE 2019 HOME SALES SOFT 

Based on activity through the Regina and area MLS® System homes sales in June were below both 2018 and long-term averages, said the Association of Regina REALTORS® Inc. (ARR)  

There were 299 sales reported during the month in all geographic areas, down 17.2% from 2018 when 361 sales were posted. This marks the lowest level of sales since 2005 when 298 sales occurred. It is also well below the 5-year average of 393 and 10-year average of 391 sales. There were 248 sales reported in Regina, down 12.7% from 2018 when 284 were posted. This number was also below the 5-year average of 308 and 10-year average of 319.   

Year-to-date (YTD), 1,592 homes have been sold in all areas - an increase of 1.3% over last year. In Regina, 1,335 sales have been posted, up 4.8% from 2018.    

For June, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price, reported a Composite Benchmark Price of $269,400 and index of 247.3 for sales in Regina, down 4.0% from $280,800 one year ago. This reflects a general downward trend, indicating downward pressure on home prices due predominately to elevated supply levels and lower levels of demand. The Benchmark Composite Price is down 10.1% from five 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.   

Total dollar sales volume in all areas was $88.8M, a decrease of 22.5% from 2018’s $114.5M. The YTD stood at $478.4M, down 0.7% from $481.9M in 2018.   

In Regina, there were 1,594 active residential listings for sale on the market at the end of June, down 8.5% from 2018’s 1,743 at the same time, although still well above historical levels. The decrease is primarily due to fewer new listings coming on the market so far in 2019.  

There were 620 new listings placed on the MLS® System during the month in all geographic areas, a decrease of 16.2% from 2018’s 740. YTD, new listings of 3,791 are down 10.6% from 4,238 in 2018. There were 471 listings posted in Regina, compared to 583 last year (a decrease of 19.2%.).  YTD new listings in Regina are down 10.3% - 2,892 this year compared to 3,223 in 2018.   

The ratio of sales to new listings for the month was 52% in Regina and 48% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market - above 60% is considered to be a market favouring sellers. We caution that this would need to persist for a number of more months before the market would be considered to be in balance.  

Comparing the number of sales for the month against the number of listings for sale, there was 6.4 months of inventory on the market at the end of June. This is up from 6.1 months last year and substantially more than any June in the previous ten years. This reflects historically high levels of inventory along with weakened demand and fewer sales.    

“After a comparatively good start to the year up to April, sales levels in May and June were very disappointing, falling well below historical levels. These two months are typically two of the strongest each year, but that was not the case in 2019,” said Gord Archibald, Chief Executive Officer of the ARR.   

“The effects of weaker economic growth coupled with a federal policy making it more difficult for buyers to qualify for financing has dampened demand and the number of sales. On the other hand, there is plenty of choice of listings and prices are lower than five years ago for buyers,” concluded Archibald. 

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MAY 2019  REAL ESTATE MARKET SLOWS, ENDING 2019’S UPWARD TREND

MLS® System activity in Regina through the month of May 2019 shows the first decline in sales following a strong start to 2019, said the Association of Regina REALTORS® Inc. (ARR).

There were 340 sales reported during the month in all geographic regions, down 6.8% from 2018 when 365 sales were posted. This is the first decline in sales in 2019, following four consecutive months of sales increases over 2018, and falls well below both the 5-year average of 379 sales and 10-year average of 391. There were 284 sales reported in Regina, down 3.4% from 2018 when 294 were posted. Again, sales were down from both 5- and 10-year averages for the month of 309 and 324, respectively. 

Year-to-date (YTD), 1292 homes have sold in all areas – an increase of 6.8% over last year. In Regina, 1,086 sales have been posted, up 9.7% from 2018. 

For May, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average of median price, reported a Composite Benchmark Price of $266,500 for sales in Regina, down 3.9% from $277,300 one year ago. The benchmark price continues to slide downwards, indicating pressure on home prices due predominantly to elevated supply levels and weakened demand. Over the past five years, the benchmark price is down 12.1%. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005. 

Total sales volume in all areas was $108.5M, down 5.4% from 2018’s $114.7M. The YTD stood at $389.6M, up 6% from $367.5M from 2018.

In Regina, there were 1,575 active listings for sale on the market, down 9.2% from 1,734 at the same time in 2018, although still above historic levels. 

There were 834 new listings placed on the MLS® System during the month in all geographic areas, a decrease of 13% from 2018’s 959. YTD, new listings of 3,171 are down 9.3% from 3,498 in 2018. 

There were 628 new listings in Regina, compared to 696 last year. YTD, new listings in the city are down 8.3% from 2,640 in 2018 to 2,421. 

The ratio of sales to new listings for the month was 45% in the city and 40% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market, and above 60% is considered a market favourable to sellers. We caution this would need to persist for several more months before the market would be considered to be in balance. 

“The effects of a relatively weak economy coupled with federal mortgage stress rules are continuing to have a cooling impact on demand levels,” says Gord Archibald, Chief Executive Officer of the ARR. Indications are that we have now leveled out as far as both increasing levels of supply and decreasing demand. Price losses also appear to have bottomed out.

“We are hopeful that the upcoming summer months will result in more sales taking place. There has been no better time for buyers to enter the marketplace in the past number of years than now, provided they can qualify for mortgage financing,” concludes Archibald. 

The Association of Regina REALTORS® Inc. (ARR) operates the Multiple Listing Service® System in Regina and area with Gord Archibald the Chief Executive Officer.

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APRIL 2019 RESIDENTIAL SALES SURGE

Based on activity through the Regina and area MLS® System, homes sales in April were well above 2018 levels and in-line with or above long-term averages, said the Association of Regina REALTORS® Inc. (ARR). 

There were 347 sales reported during the month in all geographic areas, up 28.0% from 2018 when 271 sales were posted. This marks the fourth consecutive month that sales were up over the previous year and is the highest for April since 2014. This was well above the 5-year average of 317 and in-line with the 10-year average of 344 sales. There were 283 sales reported in Regina, up 24.1 % from 2018 when 228 were posted. The number of sales in the city was above the 5-year average of 258 and comparable to the 10-year average of 285 for the month. 

Year-to-date, 953 homes have been sold in all areas, an increase of 12.8% over last year. In Regina, 803 sales have been posted, up 15.4% from 2018.  

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 Price of $262,200 and index of 245.5 for sales in Regina, down 4.3% from $273,900 one year ago. Despite the surge in sales in April, the Benchmark Price continued a general downward trend, indicating downward pressure on home prices due predominately to elevated supply levels and weakened demand. Over the last five years, the benchmark price is down 12.8%.

Total dollar sales volume in all areas was $102.9M, up 25.6% from 2018’s $82.0M. The YTD stood at $281.1M, up 11.2% from $252.8M in 2018. 

In Regina, there were 1,417 active residential listings for sale on the market at the end of April, down 8.8% from 2018’s 1,554 at the same time, although still well above historical levels. The decrease is primarily due to fewer new listings coming on the market so far in 2019 and more sales taking place in April. 

There were 794 new listings placed on the MLS® System during the month in all geographic areas, an increase of 7.6% from 2018’s 738. Year-to-date, new listings of 2,346 are down 7.6% from 2.539 in 2018. There were 573 listings posted in Regina, compared to 551 last year. YTD, new listings in the city are down 7.8% - 1,793 this year compared to 1,944 in 2018.  

The ratio of sales to new listings for the month was 49% in Regina and 40% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market - above 60% is considered to be a market favouring sellers. We caution that this would need to persist for several more months before the market would be considered to be in balance. 

“April was the best month we have had for sales in a few years, with more buyers acting on the range of supply and lower prices. This is despite economic and mortgage stress test headwinds which have weakened demand in the local market for over a year and have contributed to declining prices and property values,” said Gord Archibald, Chief Executive Officer of the ARR.  “We are hoping that the upward trend in sales will continue through the remainder of the spring and into the summer months when the market traditionally peaks”, concluded Archibald. 

The Association of Regina REALTORS® Inc.

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JANUARY to MARCH 2019

MIXED RESULTS FOR 1ST QUARTER HOME SALES 

Based on activity through the Regina and area MLS® System, homes sales in March were up over 2018 but below long term averages, said the Association of Regina REALTORS® Inc (ARR).

There were 237 sales reported during the month in all geographic areas, up 10.8% from 2018 when 214 sales occurred. This marks the third consecutive month that sales were up over the previous year, although below the 5-year average of 270 sales and the 10-year average of 303. There were 207 sales reported in Regina, up 19.0 % from 2018 when 174 were posted. The number of sales in the city was below the 5-year average of 222 and the 10-year average of 249 for the month.

For the first quarter of the year, there have been 606 homes sold in all areas, a 5.6% increase over last year. In Regina, 520 sales were posted, up 11.1% from 2018.

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 Price of $264,100 and index of 247.3 for sales in Regina, down 4.6% from $277,000 one year ago. Despite some slight recovery in March from February, the Benchmark Price has continued a general downward trend, indicating downward pressure on home prices due predominately to elevated supply levels and weakened demand. Over the last five years, the Benchmark price is down 12.1%.

Total dollar sales volume in all areas was $68.7M, up 8.1% from 2018’s $63.5M. The year-to-date (YTD) sales stood at $178.2M, up 4.3% from $170.9M in 2018.

In Regina, there were 1,315 active residential listings for sale on the market at the end of March, down 6.7% from 2018’s 1,409 at the same time, although still well above historical levels. The decrease is primarily due to fewer new listings coming on the market.

There were 684 new listings placed on the MLS® System during the month in all geographic areas, a decrease of 2.0% from 2018’s 698. Year-to-date, new listings of 1,559 are down 13.4% from 1,801 in 2018. There were 530 listings posted in Regina, compared to 525 last year. YTD, new listings in the city are down 12.4 % - 1,220 this year compared to 1,393 in 2018.

The ratio of sales to new listings for the month was 39% in the city and 34% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market, while above 60% is considered to be a market favouring sellers.

“It was encouraging to see sales up over the first quarter of last year, although we need to keep in perspective that 2018 was the poorest year for sales since 2005. Lower levels of economic growth and job losses coupled with the impact of federal mortgage stress levels have cooled demand levels for over a year now. Stress rules have taken many buyers, particularly first-timers, out of the market over the past year due to more difficulty qualifying for mortgage financing even though they can afford monthly payments”, said Gord Archibald, Chief Executive Officer of the ARR.

“We anticipate that forecasts of an upswing in both economic growth and employment levels will translate into more sales. We are also hoping that announcements in the recent federal budget to assist first-time buyers will help offset the local effects of mortgage stress rules”, concluded Archibald.

The Association of Regina REALTORS® Inc.

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February 2019

DECENT START CONTINUES IN FEBRUARY

Based on sales through the Regina and area MLS® System, the positive start to the 2019 residential in January continued into February, said the Association of Regina REALTORS® Inc.

There were 197 sales reported during the month in all geographic areas, up 4.2% from 2018 when 189 sales occurred. This was slightly above the 5-year average of 193 but below the 10-year average of 222. There were 170 sales reported in Regina up 11.8% from 2018 when 152 were posted. The number of sales in the city was above the 5-year average of 163 but below the 10-year average of 191 for the month.  

For the year-to-date, there have been 370 homes sold in all areas, an increase of 2.7% over last year. In Regina, 314 sales have occurred, up 6.8% from 2018.    

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 $262,800 and index of 246.0 in the city, down 5.1% from $277,000 one year ago. The Benchmark price continued its move in a downward direction, indicating downward pressure on home prices due predominately to elevated supply levels and weakened demand. Over the last five years, the Benchmark price is down 12.3%.  The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.   

Total dollar sales volume in all areas was $60,5M, up 4.3% from 2018’s $58.1M. The YTD stood at $109.8M, up 2.3% from $107.3M in 2018.   

In Regina, there were 1,219 active residential listings on the market at the end of February, down 4.7% from 2018’s 1,279 at the same time.  

There were 384 new listings placed on the MLS® System during the month in all geographic areas, a decrease of 27.6% from 2018’s 530. There were 301 listings posted in Regina, down 24.8% from 400 in 2018.   

The ratio of sales to new listings for the month was 56% in the city and 51% all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market - above 60% is considered to be a market favouring sellers. Although because of the very low number of new listings for the month, we would caution against describing the market as balanced. The trend has been more of a buyer’s market for a number of years.    

“Although we are encouraged with the level of sales so far this year, economic factors coupled with federal mortgage stress levels are negatively affecting demand levels. Stress rules have unnecessarily taken buyers out of the market because they cannot qualify for mortgage financing even though they can afford monthly payments,” said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.

“With some positive economic growth forecasted for the year locally, we are hoping this will translate into job growth and further demand for housing. It would also help if the federal government relaxed the impact of the mortgage stress rules, allowing more buyers to qualify for financing,” concluded Archibald. 

The Association of Regina REALTORS® Inc.

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January 2019

RESIDENTIAL MARKET OFF TO DECENT START

The 2019 residential market got off to a decent start based on sales in January through the Regina and area MLS® System, said the Association of Regina REALTORS® Inc.

There were 173 sales reported during the month in all geographic areas, up 1.2% from 2018 when 171 sales occurred. This was above the 5-year average of 162 but below the 10-year average of 181.There were 144 sales reported in Regina, up 1.4% from 2018 when 142 were posted. The number of sales in the city was above the 5-year average of 137 but below the 10-year average of 154 for the month.  

For January, 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 $266,600 and index of 249.6 in the city, down 3.8% from $277,200 one year ago. The Benchmark price continued its move in a downward direction, indicating downward pressure on home prices due predominately to elevated supply levels and weakened demand. Over the last five years, the Benchmark price is down 10.7%.  The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.  

Total dollar sales volume is very consistent with last year at the same time. A sales volume of $49.2M was posted in all geographic areas, down just 0.14% from 2018’s $49.3M. Dollar volume in Regina of $41.8M was down 0.31% from 2018’s $42.0M.   

In Regina, there were 1,223 active residential listings on the market at the end of January, up 8% from 2018’s 1,133.  

There were 491 new listings placed on the MLS® System during the month in all geographic areas, a decrease of 14.3% from 2018’s 573. There were 389 listings posted in Regina, down 16.9% from 468 in 2018.   

The ratio of sales to new listings for the month was 37% in the city and 35% all geographic areas. These relatively lower sales to list ratios tend to point to buyer’s market conditions. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market - above 60% is considered to be a market favouring sellers.   

“Despite a relatively decent level of sales during the month, the market continues to be affected on the demand side by relatively weak economic conditions and the federal mortgage stress rules which are unnecessarily putting buyers on the sidelines”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. 

“We are encouraged by these results and although one month cannot be taken as a bellwether for the year, it is certainly a good start. Let’s hope it continues”, concluded Archibald. 

 The Association of Regina REALTORS® Inc.

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2018 (January to December)

RESIDENTIAL MARKET ENDS ON SOFT NOTE  

The total number of residential sales posted for 2018 through the Regina and area MLS® System was down from 2017 and the lowest since 2005.

During the year, there were 3,032 sales recorded in all areas, a decrease of 7% from 3,270 in 2017 and the lowest since 2005 when 2,840 sales were recorded. This is the first time the total number of annual sales has fallen below pre-2007 levels when the market had moved to a new plateau. In Regina there were 2,456 sales posted, down 8% compared to 2,676 in 2017.

There were 116 sales recorded during December in all areas, down 26% from 157 in 2017. This is the below the immediate past 5-year average of 176 sales and 10-year average of 183. There were 100 sales recorded in Regina, a decrease of 24% from 2017 when 132 sales were reported. The number of sales in the city was also below the 5-year average of 146 and 10-year average of 157. 

For December, 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 $267,400 and index of 250.4 in the city, down 5.2% from $282,200 at the same time last year. This is part of a price loss trend that began over one year ago and is now 11% below the composite price reported in December 2013 of $300,900. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005. 

A good portion of this price loss has occurred in the last twelve months due to slowing demand, elevated supply levels and the cooling impact of two rounds of federal mortgage stress rules introduced in the fall of 2016 and in January 2018. These rules have distorted and weakened demand locally by causing many buyers hoping to purchase a home to look down in price range to qualify for a mortgage or leave the market altogether. 

The sales dollar volume of $919.8M posted in all geographic areas for the year was down 11% from 2017’s $1,034.0M. This is the first time it has fallen below the $1 billion mark since 2010. Sales volume in Regina of $760.7M was down 11% from 2017’s $852.1M. 

In the city, there were 1,279 active residential listings on the market at the end of the December. Although this is down substantially from November’s 1,466, it is an all-time high for the month. It peaked at 1,751 at the end of July. 

There were 201 new listings placed on the MLS® System during December in all geographic areas, down 33% from 2017’s 301. For the entire year, there were 7,172 new listings posted to the System, down 4% from 7,458 last year.  

Homes that did sell in Regina in 2018 sold in average of 62 days. This compares to 53 days last year. 

“While the market held up during the first half of the year, there was a pronounced drop in the second half. Weak economic activity and job growth, coupled with the impact of mortgage stress rules making it more difficult for buyers to qualify for mortgage financing, all played a role in bringing activity down through weakened demand,” said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. 

“Now that we are about to head into 2019, there is plenty of choice for buyers in most price ranges, housing types and areas”, concluded Archibald. 

The Association of Regina REALTORS® Inc.

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NOVEMBER 2018  

SOFT MARKET CONDITIONS CONTINUE

Home sales through the Regina and area MLS® System in November continued to be soft, said the Association of Regina REALTORS® Inc.

There were 229 sales recorded during the month in all areas, down 4% from 239 in 2017. This is the lowest level of sales since 2012 when 228 sales occurred and below the immediate past 5-year average of 244 sales and 10-year average of 246. There were 184 sales recorded in Regina, a decrease of 7% from 2017 when 198 sales were reported. The number of sales in the city was also below the 5-year average of 202 and 10-year average of 207. For the November year-to-date there have been 2,916 sales recorded in all areas, a decrease of 6% from 3,113 last year. In Regina, there have been 2,356 sales posted compared to 2,544 in 2017, down 7%. For November, 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 $272,100 and index of 254.8 in the city, down 4.0% from $283,500 at the same time last year. This is part of a price loss trend that began one year ago and is now 10% below the composite price reported in November 2013 of $302,400. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005. A good portion of this price loss has occurred in the last twelve months due to slowing demand, elevated supply levels and the cooling impact of federal mortgage stress rules introduced in the fall of 2016 and a second round in January 2018. These rules have distorted and weakened demand locally by causing many buyers hoping to purchase a home to look down in price range to qualify for a mortgage or leave the market altogether. The sales dollar volume of $68.7M posted in all geographic areas for the month was down 8% from 2017’s $74.6M. Dollar volume in Regina of $58.5M was down 5% from 2017’s $61.3M. In the city there were 1,466 active residential listings on the market at the end of the month, an increase of 13% from 2017’s 1,300 but down from 1,594 listings at the end of October 2018. There were 391 new listings placed on the MLS® System during the month in all geographic areas, down 2% from 2017’s 399. Homes that did sell in the city sold in an average of 69 days in the city and 79 days in all areas. These compare to 61 and 64 days respectively last year. “We continued to see the soft market conditions, which have prevailed for much of the year in November. Weakened demand due to economic reasons and more difficulty for buyers to qualify for mortgage financing have both been factors contributing to the soft market,” said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. “We are anticipating ending the year with about 3,100 homes exchanging hands through the MLS® System, which is at the lower end of the range of annual sales over the past ten-year period,” concluded Archibald.

 The Association of Regina REALTORS® Inc.

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OCT. 2018 RESIDENTIAL SALES YIELD MIXED RESULTS

Despite being on par with 2017 home sales through Regina and area MLS® System in October were the lowest since 2008 and well below five- and ten-year averages, said the Association of Regina REALTORS® Inc.

There were 255 sales recorded during the month in all geographic areas, identical to the number of sales posted in 2017 with the exception of last year this is the lowest level of sales since 2008 when 231 sales occurred and well below the past 5 year average of 285 sales and 10 year average of 288. There were 215 sales posted in Regina an increase of 4.4% from 2017 when 206 sales were reported. The number of sales in the city was also below the 5 year average of 238 and 10 year average of 244. For the October year-to-date in Regina there have been 2,172 sales compared to 2,346 last year, down 7.4%.

For October 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 $277,100 and index of 259.4 in Regina down 3.6% from $287,400 at the same time last year. This is part of a price loss trend that began one year ago and is now 8.9% below the composite price reported in October 2013 of $304,500. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005. Much of this price loss has occurred in the last twelve months due to slowing demand, elevated supply levels and the cooling impact of federal mortgage stress rules introduced in the fall of 2016 and a second round in January 2018. These rules have distorted and weakened demand locally by causing many buyers hoping to purchase a home to look down in price range to qualify for a mortgage or leave the market altogether.

The sales dollar volume of $74.4M posted in all geographic areas for the month was down 1.0 % from 2017’s $74.9M. Dollar volume in Regina of $64.8 M was up 4.1% from 2017’s $61.3M. In the city, there were 1,594 active residential listings on the market at the end of October, an increase of 10.4% from 2017’s 1,444 but down from 1,652 listings at the end of September 2018. There were 538 new listings placed on the MLS® System during the month in all geographic areas, down 1.7% from 2017’s 547. Homes that did sell in the Regina sold in average of 66 days. This compares to 61 days last year. “Although there was some room for optimism in the October results we continued to see the basic pattern of weakened demand for economic reasons and due to more difficulty for buyers to qualify for mortgage financing. There also continues to be historically high number of listings for sale on the market” said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. “We are anticipating a similar market trend for the remainder of the year. While there is plenty of choice of homes in most areas for buyers, sellers are well advised to set their asking price by taking current market conditions into consideration” concluded Archibald.

The Association operates the Multiple Listing Service® System in Regina and area. The MLS® System is a co-operative marketing system used only by Canada’s Real Estate Boards to ensure maximum exposure of properties for sale.

The Association of Regina REALTORS® Inc.

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SEPT. 2018 MARKET DIP CONTINUES - MORTGAGE RULES HAVING IMPACT

Home sales through the Regina and area MLS® System in September were the lowest since 2005 and well below five- and ten-year averages, with federal mortgage qualification rules continuing to have a dampening impact on demand, said the Association of Regina REALTORS® Inc.

There were 238 sales recorded during the month in all geographic areas, down 19.3% from last year when 295 sales occurred. This is the lowest level of sales since 2005 when 228 sales occurred and well below the past 5-year average of 318 sales and 10-year average of 316. There were 195 sales recorded in Regina, a decrease of 19.4% from 2017 when 242 sales were posted. The number of sales in the city was also below the 5-year average of 258 and 10-year average of 263. For the September year-to-date there have been 2,433 sales recorded in all areas, a decrease of 7.1% from 2,619 in 2017. In Regina, there have been 1,957 sales compared to 2,140 last year, down 8.6%. For September, 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 $277,000 and index of 259.3 in the city, down 4.7% from $290,700 at the same time last year. This is part of a price loss trend that began one year ago and is now 8.8% below the composite price reported in September 2013 of $303,700. The majority of this price loss has occurred in the last twelve months due to slowing demand, elevated supply levels and the cooling impact of federal mortgage stress rules introduced in the fall of 2016, with a second round in January 2018. These rules have distorted and weakened demand locally by causing many buyers hoping to purchase a home to seek lower price ranges to qualify for a mortgage or leave the market altogether.

The sales dollar volume of $72.0M posted in all geographic areas for the month was down 22.6% from 2017’s $92.9M. Dollar volume in Regina of $57.6M was down 25.9% from 2017’s $77.6M. In the city, there were 1,652 active residential listings on the market at the end of September, an increase of 11.1% from 2017’s 1,482 but down roughly 100 listings from the summer months. There were 502 new listings placed on the MLS® System during the month in all geographic areas, down 16.2% from 2017’s 599. Homes that did sell in the city sold in an average of 61 days in the city and 68 days in all areas. These compare to 54 and 61 days respectively last year. “With demand already below recent levels due to economic factors, it has been impacted even further by federal mortgage rules making it more difficult for buyers to qualify for financing. These rules, primarily intended to cool off overheated markets in Vancouver and Toronto have been applied to all markets in the country whether needed or not, including ours,” said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. “The rules should be applied on a regional basis where needed, not with a broad-brush across all Canadian markets. As a result, many local buyers have been unnecessarily put on the sidelines.”

The Association of Regina REALTORS® Inc.

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2018 AUGUST HOME SALES SLUGGISH – MORTGAGE RULES HAVING DAMPENING IMPACT

Home sales through the Regina and area MLS® System in August were sluggish, with federal mortgage qualification rules introduced at the beginning of the year continuing to have a dampening impact on demand in the local housing market, said the Association of Regina REALTORS® Inc.

There were 305 sales recorded during the month in all geographic areas, down 15.8% from last year when 362 sales occurred. This is the lowest level of sales since 2008 when 254 sales were recorded and well below the immediate past 5-year average of 360 sales and 10-year average of 351. There were 248 sales recorded in Regina, a decrease of 16.8% from 2017 when 298 sales were posted. The number of sales in the city was also below the 5-year average of 289 and 10-year average of 285.

For the August year-to-date there have been 2,195 sales recorded in all areas, a decrease of 5.6% from 2,324 in 2017. In Regina, there have been 1,762 sales compared to 1,898 last year, down 7.2%.

For August, 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 $277,600 and index of 259.9 in Regina, down 4.8% from $291,500 at the same time last year. This is part of a price loss trend that began one year ago, and is now 8.7% below the composite price reported in August 2013 of $304,100. 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 majority of this price loss has occurred in the last twelve months due to slowing demand, elevated supply levels and the cooling impact of federal mortgage stress rules introduced in the fall of 2016 and a second round in January 2018. These rules have distorted demand locally by causing many buyers hoping to purchase a home to either look down in price range or leave the market altogether because they cannot qualify for mortgage financing.

The sales dollar volume of $93.1M posted in all geographic areas for the month was down 22.2% from 2017’s $119.5M. Dollar volume in Regina of $78.4M was down 22.8% from 2017’s $101.5 M.

In Regina, there were 1,750 active residential listings on the market at the end of August, an increase of 13.9% from 2017’s 1,537 and virtually identical to 1,751 at the end of July. The number of active listings has been in the 1,750 range since May, contributing to some stability on the supply side of the market.

There were 652 new listings placed on the MLS® System during the month in all geographic areas, down 9.6% from 2017’s 721. In Regina, there were 513 new listings added, a decrease of 10.0% from 570 in 2017. This also contributed to stabilizing the level of supply in the city.

Homes that did sell in Regina sold in average of 62 days. 68 days in all areas. These compare to 53 and 57 days respectively last year.

“A slower economy coupled with federal mortgage rules making it more difficult for buyers to qualify for financing have had an effect on the demand side of the local market. These rules, primarily intended to cool off overheated markets in Vancouver and Toronto, have been applied to all markets in the country whether needed or not”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.

“The effect of a slower economy has only been exacerbated by these rules which were not needed in this market. This has not only hurt buyers, but also sellers and all home owners through lower home values and equity. They should be applied on a regional basis where needed, not with a broad-brush across all Canadian markets”, concluded Archibald.

The Association of Regina REALTORS® Inc.

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2018 JULY Home Prices Stable with Sales Rebounding

Sales activity reported through the Regina and area MLS® System in July is up from last year at this time, said the Association of Regina REALTORS® Inc.

During the month, there were 376 residential sales reported in all geographic areas, up 3.8% from 362 reported in 2017. Sales inside Regina were up slightly with 240 occurring compared to 238 in 2017. Below the five and ten-year averages of 280 and 281.

Listing inventory remains at elevated levels. Inside the city of Regina at the end of July, there were 1,751 residential properties for sale. There were 514 new listings placed on the MLS® System in the city during the month, up considerably from July 2017 when 419 listings were added. Year-to-Date, listing inventory is up 2.8% in the city.

For July, the MLS® Home Price Index (HPI) reported a composite residential price of $281,100 and index of 260.4 in Regina, down 4.8% from last year’s levels of $295,300 and 273.6. However, the HPI has remained level over the last six months. The HPI is a much more accurate measure of housing price trends than average or median price.  

Residential total dollar volume of sales of $96.0M was reported in all geographic areas, down .48% from 2017’s $98.5M. Dollar volume in the city is down 4.3% year-over-year, with $73.7M in July 2018 versus $77.1M in July 2017.

In Regina during July, homes which sold were on the market for an average of 64 days before selling compared to 60 at this time last year.

The ratio of firm sales to new listings for the month was 46% in Regina 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 and above 60% is considered to be a market favouring sellers.

“With the traditional listing season coming to an end, we still see elevated listing inventories across the city. However, sales appear to be rebounding slightly. The price trend also appears to be stabilizing after many months of decline,” said Rob Reynar, Manager of Operations of the

Association of Regina REALTORS® Inc. “It is important to note, about 26% of the active residential listings on the MLS® System in the city are condominium properties,” concluded Reynar.

The Association of Regina REALTORS® Inc.

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2018 JUNE YIELDS MIXED RESULTS

Although down from 2017 residential sales through the Regina and area on the MLS® System included some room for optimism, said the Association of Regina REALTORS® Inc.

There were 361 sales recorded during the month in all geographic areas, down 1.9% from last year when 368 sales occurred. Although June marked the first time this year that there were two consecutive months with sales exceeding the 360 mark, it was below both the 5-year average of 398 and 10-year average of 385. There were 284 sales recorded in Regina, a decrease of 2.1% from 2017 when 290

sales occurred. The number of sales in the city was also below the 5-year average of 313 and 10-year average of 317.

For the June year-to-date in Regina there have been 1,274 sales compared to 1,362 last year, down 6.5%. For June, 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 $279,700 and index of 259.1 in Regina, down 6.1% from $297,800 one year ago. This was up slightly from May’s 276,500

but is part of a price loss trend that began one year ago and is now 8.3% below the composite price reported in 2013 of $304,800. The majority of this price loss has occurred in the last twelve months due to slowing demand, elevated supply levels and the dampening impact of federal mortgage stress rules introduced in the fall of 2016 and a second round in January 2018. These rules have caused many buyers hoping to purchase a home to either look down in price range or leave the market altogether because they cannot qualify for mortgage financing.

The sales dollar volume in Regina of $91.2M was down 0.6% from 2017’s $91.8 M. In the city, there were 1,743 active residential listings on the market at the end of June, an increase of 10.5% from 2017’s 1,577 but only up slightly from 1,734 at the end of May. This marked the smallest increase in listings for sale on a month-to-month basis so far this year. It is hoped that this is an indication of supply levels stabilizing in the city rather than elevating.

In Regina there were 583 new listings placed on the MLS® System during the month a decrease of 12.3% from 665 in 2017. This contributed to stabilizing the level of supply in the city.

The ratio of sales to new listings for the month was 48% in the city. 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, although this is more a result of the fewer number of listings being added to the system during the month than a shift to a balanced market.

Homes that did sell in the Regina sold in an average of 58 days. These compare to 34 last year. “After a relatively slow start to the year, it was encouraging to see the second month in a row of sales over the 360 mark in June. Both a weaker level of local economic growth and rules making it more difficult for buyers to qualify for mortgage financing have had a cooling effect on demand for much of the year”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.

“Despite these economic and regulatory challenges, we are hoping that the momentum from May and June will springboard into more sales in the second half of the year”, concluded Archibald.

Information provided by: ASSOCIATION OF REGINA REALTORS® INC.

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2018 MAY MARKET SLOWDOWN CONTINUES

Despite an uptick from previous months, sales in May through the Regina and area MLS® System continued at below historical levels, said the Association of Regina REALTORS® Inc.

There were 365 sales recorded during the month in all geographic areas, down 2.7% from last year when 376 sales occurred. This is below both the 5-year average of 388, the 10-year average of 390 and is the third lowest number of sales in the past ten years.

There were 294 sales posted in the city, a decrease of 5.5% from 2017 when 311 sales were posted. The number of sales in the city was also below the 5-year average of 319 and 10-year average of 326.

For the May year-to-date there have been 1,210 sales recorded in all areas, a decrease of 6.3% from 1,292 in 2017. In Regina there were 990 sales compared to 1,072 last year, down 7.7%.

For May, 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 $276,500 and index of 256.2 in Regina, down 6.2% from $294,700 one year ago. This was up slightly from April’s $275,600 but is part of a price loss trend that began in 2017 and is now 9.4% below the composite price reported in 2013 of $305,200. The majority of this price loss has occurred in the last twelve months 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 of $115.6M posted in all geographic areas for the month was down 5.8% from 2017’s $122.1M. Dollar volume in Regina of $95.1M was down 7.1% from 2017’s $102.3M.

In Regina, there were 1,734 active residential listings on the market at the end of May, an increase of 18.4% from 2017’s 1,464. This is likely the largest number of active listings at the end of May in any year. There were 959 new listings placed on the MLS® System during the month in all geographic areas, up 5.4% from 2017’s 910. In the city, there were 696 new listings recorded, up 5.9% from 657 in 2017.

The ratio of sales to new listings for the month was 42% in the city and 38% in all geographic areas. 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 the city sold in average of 56 days in the city and 58 days in all areas. These compare to 34 and 38 days respectively last year.

“Although the number of sales in May was the highest so far this year it continued a trend of below historical levels that has been occurring since 2017. A weaker level of local economic growth having a cooling effect on demand, coupled with record high inventory levels has slowed the market down”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.

“We also believe that a second round of federal mortgage stress rules introduced at the beginning of the year is also having a dampening impact on demand locally, causing many buyers to leave the market altogether as they are not able to meet the higher standard for mortgage financing. Although this measure was taken primarily to address the overheated Toronto and Vancouver markets, it impacts every market in the country, including ours, whether needed or not”, concluded Archibald.

Information provided by: ASSOCIATION OF REGINA REALTORS® INC.

 

2018 APRIL 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 (January to December)

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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