Regina home sales rebound in May to highest level in 2016

JUNE 8TH 2016 
Year-to-date sales of 1,348 have been posted in the Regina area, including bedroom communities, compared to 1,272 in 2015 — a six per cent increase.

The average sales price in the Regina area for the month was $326,656, an increase of two per cent from $318,964 in 2015. The average in the city was $328,893, up one per cent from $325,28 last year.

But the Home Price Index (HPI), which measures residential price trends based on four benchmark home types, reported a composite residential price of $297,700, up 3.4 per cent from $288,000 in 2015.

This is the highest level since 2013 and indicates that most of the price losses that had occurred since then has now been recaptured, the association said, adding that the HPI is a much more accurate measure of housing price trends than average or median price.

Sales dollar volume of $125.4 million was posted in the Regina area, an increase of 19 per cent from $105.3 million in 2015. Dollar volume in the city of $105.2 million was up 17 per cent from $89.8 million in 2015.

There were 1,257 homes for sale in the city at the end of the month, a decrease of 19 per cent from 1,549 last year. About 25 per cent of active listings in the city are condos.

There were 832 new listings placed on the Multiple Listing Service (MLS) during the month in Regina and area, down five per cent from 878 in 2015

The ratio of firm sales to new listings for the month was 46 per cent in the Regina area. Balanced market conditions are generally in the 40-60 per cent range; below 40 per cent is considered to be a buyer’s market, while above 60 per cent is considered to be a market favouring sellers.

“We were very encouraged by the level of sales taking place during the month,” said Gord Archibald, the association’s CEO. “It’s yet another sign of the market rebounding from a lower activity level these past couple of years.”

Archibald said the lower number of new listings coming on the MLS system is keeping listings in check and contributing towards more market balance. “We are hoping that this level of sales activity will continue as we begin to enter the summer months.”

Jeremy Cossette
Jeremy Cossette
2350 2nd Avenue Regina SK S4R 1A6