Based on activity through the Regina & area MLS® System, residential sales in October were down from 2014 while the number of listings for sale in the city continued at elevated levels, said the Association of Regina REALTORS® Inc.
There were 279 sales reported across all geographic areas, down 9% from 2014 when 305 sales were posted. The number of sales was below both the immediate past five-year average of 308 and ten-year average of 283. Single family detached home sales were down 10% – while other types of housing sales, mostly condominiums, were even with 2014. There were 229 sales reported in the city, a decrease of 14% from 2014 when 265 sales occurred.
For October, the MLS® Home Price Index (HPI) reported a composite index level of 260.8 and residential price of $274,900 for the city. These are down 4.3% from last year’s levels of 272.5 and $287,200. 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 7.6% 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 $316,025, down 5% from 2014’s $332,678. The average in the city was $332,464, down less than one percent from last year’s $334,108. There was close to a $60,000 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 $88.2M compared to $101.5M in 2014 – a 13% decrease. Dollar volume in the city of $76.1M was down 14% from last year’s $88.5M.
For the year-to-date to the end of October, 2,977 sales have been reported in all areas – a 7% decline from 3,210 in 2014. In the city, 2,426 sales have been reported, a decrease of 6% from last year’s 2,586. The YTD average price to the end of October was $313,035, down 1% from last year’s $316,105. YTD sales volume stood at $931.9M, down 8% from the previous year’s $1,014.7M.
During October, homes which sold in the city were on the market for an average of 44 days before selling at an average of 96.0% of the asking price. This compares to 48 days and 95.3% in 2014.
In the city there were 1,237 homes for sale at the end of the month, up slightly from last year’s 1,255 and the lowest since February of this year. Supply levels continued to be at well above historical levels at the end of the month. There were 391 new listings in the city placed on the MLS® System during the month, down 18% from 478 in 2014.
The ratio of firm sales to new listings for the month in the city was 59% and 54% in all geographic areas. These are the highest ratios in many months and could indicate the beginning of a shift to more balance. 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 in October more or less reflected the same pattern that has been occurring in most months this year – sales down, inventory at elevated levels and downward pressure on price. Buyers continue to have a great deal of choice in most areas and price ranges”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.
“With only a couple of months left in the year, we are expecting the number of sales and the HPI composite price to be down from 2014 levels at year end. Slower levels of population and job growth have had an impact on the market this year”, concluded Archibald.
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