The number of sales reported through the Regina and area Multiple Listing Service® System in 2015 was down from 2014, selling prices were lowered and the number of listings for sale was consistently above historical levels, said the Association of Regina REALTORS® Inc.

During the year there were 3,392 residential sales reported in all geographic areas, down 7% from 3,642 recorded in 2014. This is the lowest number of sales for the MLS® System in since 2008. Sales in the city came in at 2,768, a decrease of 6% from 2014’s 2,947.

As was the case in 2014, the number of active listings for sale on the market, particularly in the city, was consistently at or near historical highs during the year – with supply being at the highest levels in over twenty years. This had a downward effect on selling prices.

At the end of the year there were 957 listings on the System in the city, up 2% from last year’s 941, however an increase of 26% from 2013 when there were 705 listings on the market. Supply peaked at 1,499 listings in June and had been on a steady decline since then, but continued to remain historically high at the end of the year. New listings received on the System in the city for the year totaled 5,727, a decrease of 3% from 2013’s 5,929.

The ratio of total sales to new listings for the year was 48% in the city and 44% in all market areas. These indicated a tilt towards to more of a buyer’s market when compared to previous years.

Based on sales activity in December, the MLS® Home Price Index (HPI) – a much more accurate measure of housing price trends than average or median price – reported a composite residential price of $273,400 and index of 259.4 in the city. These are down 4.0% from last year’s levels of $284,700 and 270.1 and 7.7% from three 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.

The average sales price in the city for December was $293,328, down 7% from 2014’s $314,641. There is a variance of $20,000 between the average price in the city and the HPI composite price. This is entirely attributable to the skewing effect on the average price of a shift to a larger proportion of higher priced homes selling. The average sales price in all geographic market areas for the month was $280,209, a decrease of 8% from 2014’s $304,301.

For the year-to-date, the average selling price in the city was $318,548 compared to $326,747 in 2014 – down 3%. For all geographic areas, the YTD average price was $311,235 – a reduction of 1% from $314,487 posted in 2014.

Total sales dollar volume of sales of $1,055.7M was reported in all geographic areas during the year, down 8% from 2014’s $1,145.4M. Dollar volume in the city was down as well coming in at $881.7M compared to $962.9M the previous year – an 8% decrease.

For the month of December there were 177 sales posted in all areas, an 8% decrease from 192 in 2014. Sales dollar volume was $49.6M, down 8% over $58.4M last year. There were 147 sales recorded in the city, a 9% decline from 162 recorded in 2014. During the month in the city, homes which sold were on the market for an average of 56 days before selling at an average of 96.2% of the current asking price. This compares to 46 days and 95.9% in 2014.

“Lower economic and job growth levels had a dampening effect on demand for housing in 2015. This, coupled with elevated supply levels experienced during the year, led to reduced sales activity and downward pressure on selling prices,” said Gord Archibald, Chief Executive Officer of the Association.

“Going into 2016, most economic forecasts for the area remain modest at best – unless there is an unexpected spike in economic and job growth levels this will continue to temper demand compared to recent years. Supply levels will likely continue at elevated levels as well, at least for the first quarter of the year – this will provide a great deal of choice and options for buyers,” concluded Archibald.

© Copyright (c) Regina Real Estate Association