The 2016 residential market got off to a slow start based on sales and other indicators reported through the Regina and area MLS® System, said the Association of Regina REALTORS® Inc.

There were 145 sales reported during the month in all geographic areas, down 8% from 2015 when 158 sales were reported. The number of sales was below both the immediate past five-year average of 194 and the ten-year average of 188 for the month. There were 123 sales reported in the city, a decrease of 9% from 2015 when 135 sales occurred.

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 residential price of $283,800 and index of 265 in the city, basically flat from 2015’s $283,500 and 264.7. This indicates that residential property values are relatively stable in Regina over the past year. 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 all market areas for the month was $309,154, an increase of 4% from $297,701 recorded in 2015. The average in the city was $304,384, down 1% from last year’s $307,419.

The decrease in the number of sales caused a decline in the total dollar sales volume. Sales volume of $44.8M was posted in all geographic areas, down 5% from 2015’s $47.0M. Dollar volume in the city of $37.4 was down 10% from 2015’s $41.5M.

For all MLS® System geographic areas there were 1,640 active listings on the market at the end of January, down 2% from 2015’s 1,671. In the city there were 1,032 homes for sale, an increase of 1.6% from last year’s 1,016.

There were 478 new listings placed on the MLS® System during the month in all geographic areas, this is down 8.6% from 2015’s 523. In the city 362 were reported, down 7% from 391 in 2015.

The ratio of firm sales to new listings for the month was 34% in the city and 30% in all geographic areas. The low sales to list ratio tends to point to buyer’s market conditions. 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.

“Sales activity and supply levels in January are both indications of 2015 market conditions carrying over into the new year. Prices and listing levels have stabilized slightly”, said Rob Reynar, Manager of Operations and Member Services of the Association of Regina REALTORS® Inc.

“Despite the slow start for residential sales, there are some interesting trends to watch in regards to price and listing levels.” concluded Reynar.

© Copyright (c) Regina Real Estate Association