Based on activity through the Regina & area MLS® System, residential sales in September were down from 2014 but in line with historical levels while the number of listings for sale in the city continued at elevated levels, said the Association of Regina REALTORS® Inc.
There were 317 sales reported across all geographic areas, down 14% from 2014 when 368 sales were posted. The number of sales was slightly below the immediate past five-year average of 326 while above the ten-year average of 302 for the month. Single family detached home sales were down 13% – while other types of housing sales, mostly condominiums, were down 16%. There were 254 sales reported in the city only, a decrease of 11% from 2014 when 286 sales occurred.
For September, the MLS® Home Price Index (HPI) reported a composite index level of 262.5 and residential price of $276,600 for the city. These are down 4.1% from last year’s levels of 274.6 and $288,500. 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 7.3% 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 $303,025, down 3% from 2014’s $313,443. The average in the city was $311,402, down 6% from last year’s $330,637. There was close to a $35,000 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 $96.1M compared to $115.4M in 2014 – a 17% decrease. Dollar volume in the city of $79.1M was down 16% from last year’s $94.6M.
For the year-to-date to the end of September, 2,700 sales have been reported in all areas – a 7% decline from 2,905 in 2014. In the city, 2,198 sales have been reported, a decrease of 5% from last year’s 2,321. The YTD average price to the end of September was $312,546, down 1% from last year’s $314,365. YTD sales volume stood at $843.9M, down 8% from the previous year’s $913.2M.
During September, homes which sold in the city were on the market for an average of 47 days before selling at an average of 95.7% of the asking price. This compares to 39 days and 96.5% in 2014.
In the city there were 1,359 homes for sale at the end of the month, up slightly from last year’s 1,349 and the lowest since March of this year. Supply levels continued to be at well above historical levels at the end of the month. There were 516 new listings in the city placed on the MLS® System during the month, down 8% from 562 in 2014.
The ratio of firm sales to new listings for the month in the city was 49% and 47% 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.
“Despite being down from an exceptional September last year, the number of sales was actually pretty decent and in line with historical levels for the month. Elevated supply levels in the city are continuing to provide buyers with a great deal of choice in most areas and price ranges”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.
“As we begin to head into the final quarter of the year, we don’t anticipate market conditions changing significantly”, concluded Archibald.
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