Based on activity through the Regina & area MLS® System, residential sales in August were down while the number of active listings for sale in the city continued at elevated levels contributing to downward pressure on selling prices, said the Association of Regina REALTORS® Inc.

There were 330 sales reported in all geographic areas, down 2% from 2014 when 336 sales were posted. The number of sales was below both the immediate past five-year average of 361 and the ten-year average of 343 for the month. This was the lowest number of sales since 2008 when 254 sales occurred. Single family detached home sales were up 1% – while other types of housing sales, mostly condominiums, were down 8%. There were 258 sales reported in the city only, a decrease of 2% from 2014 when 263 sales occurred.

For August, the MLS® Home Price Index (HPI) reported a composite index level of 264.9 and residential price of $279,200 for the city. These are down 3.5% from last year’s levels of 274.6 and $289,400. This indicates that residential selling prices have fallen in the Regina market over the past year. The HPI also shows selling prices as being down 6.4% over the past three year period. The HPI is a much more accurate measure of housing price trends than average price.

The average sales price in all market areas for the month was $311,318, up 5% from 2014’s $296,293. The average in the city was $319,870, down 0.3% from last year’s $320,706. There is over a $40,000 difference between the HPI composite price and average price for the city – the higher average price figure is entirely attributable to a larger proportion of higher priced homes selling and should not be interpreted as an indication of property values.

Sales in all areas totaled $102.7M compared to $99.6M in 2014 – a 3% increase. Dollar volume in the city of $82.5M was down 2% from last year’s $84.3M.

For the year-to-date to the end of August, 2,384 sales have been reported in all areas – a 6% decline from 2,537 in 2014. In the city, 1,945 sales have been reported, a decrease of 4% from last year’s 2,035. The YTD average price to the end of August was $313,821, down 0.3% from last year’s $314,498. YTD sales volume stood at $748.1M, down 6% from the previous year’s $797.9M.

During August, homes which sold in the city were on the market for an average of 44 days before selling at an average of 96.9% of the asking price. This compares to 48 days and 96.8% in 2014.

In the city there were 1,369 homes for sale at the end of the month, a decrease of 4% from last year’s 1,342 and the lowest since March of this year. Despite the decline, this continues to be at well above historical levels. Close to one-quarter of active listings in the city are condominiums. There were 450 new listings in the city placed on the MLS® System during the month, down 12% from 513 in 2014.

The ratio of firm sales to new listings for the month in the city was 57% and 54% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be a buyer’s market – above 60% is considered to be a market favouring sellers.

“Although sales were off from what they have been in recent years, we did see the number of active listings begin to recede for the first time since the spring. Despite this, the number of active listings continues to be at elevated levels providing choice and selection for buyers”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.

“Sellers are once again reminded that because buyers have many options the most important factor in selling a property is setting a realistic asking price which takes these market conditions into account”, concluded Archibald.

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