Based on activity through the Regina & area MLS® System, residential sales in November were up slightly from 2014 while downward pressure continued on prices and elevated listings levels persisted, said the Association of Regina REALTORS® Inc.
There were 242 sales reported across all geographic areas, up 1% from 2014 when 240 sales were recorded. The number of sales was below both the immediate past five-year average of 260 and tenyear average of 244. Single family detached home sales were down 3% – while other types of housing sales, mostly condominiums, were up 17%. There were 196 sales reported in the city, a decrease of 2% from 2014 when 199 sales occurred.
For November, the MLS® Home Price Index (HPI) reported a composite index level of 258.5 and residential price of $272,400 for the city. These are down 4.9% from last year’s levels of 271.8 and $286,500 and the lowest since the HPI was adopted in 2012. 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 7.9% 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 $309,240, up 3% from 2014’s $300,996. The average in the city was $320,408, an increase of 6% from last year’s $302,408. There was close to a $50,000 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 $74.8M compared to $72.2M in 2014 – a 4% increase. Dollar volume in the city of $62.8M was up 4% from last year’s $60.2M.
For the year-to-date to the end of November, 3,216 sales have been reported in all areas – a 7% decline from 3,450 in 2014. In the city, 2,622 sales have been reported, a decrease of 6% from last year’s 2,785. The YTD average price to the end of November was $312,893, down 1% from last year’s $315,054. YTD sales volume stood at $1,006.3M, down 7% from the previous year’s $1,087.0M.
During November, homes which sold in the city were on the market for an average of 47 days before selling at an average of 96.2% of the asking price. This compares to 47 days and 96.0% in 2014.
In the city there were 1,158 homes for sale at the end of the month, up slightly from last year’s 1,134 and the lowest since February of this year. The number of listings for sale continued to be at well above historical levels at the end of the month. There were 373 new listings in the city placed on the MLS® System during the month, up 8% from 345 in 2014.
The ratio of firm sales to new listings for the month in the city was 53% and 52% 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.
“Activity in November mirrored the same trend that has occurred during the year – a moderating level of sales, inventory persisting above historical levels and downward pressure on prices. Lower levels of economic growth in the area have had a tempering effect on demand. Having said that, listings that are priced for these market conditions and are in good shape are selling”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.
“With one month to go in the year, we are on track for the number of sales to be below recent years and the HPI composite price to be at its lowest level since its inception in 2012”, concluded Archibald.
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