As we close out the year, we end on a high note for home sales in Regina. I don’t think anyone expected the Regina real estate market to so highly favor sellers during this time, but here we are ending off the year with an 85% list to sale ratio. Home sales in Regina surpassed any expectations we had for the year, even before the pandemic started and especially during the first shut down in March.
Home sales in Regina were up 44.9% during the month of December, going from 138 in December 2019 to 200 in December 2020, and up 48.2% in the overall region, going from 164 to 243. In Regina, sales were 43.9% above the 5-year average (and 32.0% above the 10-year average), while in the larger region, sales were 47.1% above the 5-year average (and 38.7% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 17.0% over last year, increasing from 2,594 to 3,036, while YTD sales in the larger region rose 22.0%, going from 3,081 to 3,758.
In Regina, the number of new listings in December 2020 rose 48.4%, going from 157 to 233 (17.8% above the 5-year average and 17.6% above the 10-year average), while in the region, new listings rose 42.6% from 195 last year to 278 this year (13.7% below the 5- year average and 14.5% above the 10-year average). YTD new listings in the city fell 1.6%, going from 5,080 to 4,997, while in the larger region, the number of new listings to date fell 3.1%, going from 6,428 to 6,227. Active listings fell 23.2% in Regina (down from 1,179 to 905) and fell 27.5% in the region (down from 1,624 to 1,177).
Inventory in Regina stood at 4.5 months (which is 47.0% below the level last year and 46.5% below the 5-year average), while the sales to listing ratio was 85.8%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.8 months (which is 51.1% below the level last year and 50.9% below the 5-year average), while the sales to listing ratio was 87.4%, suggesting that market conditions favour sellers.
Homes in Regina stayed on the market an average of 58 days in December—down 18.3% from 71 days last year (but below the 5-year average of 62 days and above the 10-year average of 53 days). Homes in the region stayed on the market longer than homes in the city at 64 days on average in 2020, but also down from an average of 76 days last year (and 5.3% below the 5-year average).
The MLS® Home Price Index (HPI)—a more accurate measure of house price trends— is up 6.5% from $267,300 to $284,700. Year-to-date, the median home price in Regina was $289,340 which is 1.1% above the $286,230 price from the same time last year.
Overall, homes sale in Regina during the entire year of 2020 was extremely positive. We had experienced many years prior where the list to sale ratio sat well below 50%, forcing a strong buyers’ market. And while home prices haven’t increased by much, the potential to successfully sell your home if you put it on the market should be motivation enough for someone who is debating whether or not to sell their home.
Contact Me
If you have any questions about buying or selling homes for sale in Regina, please give me a call at 306-552-7047 or fill out my online contact form.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.