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Market Updates


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 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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