New Year New Real Estate Market in Regina?

New Year new real estate market in Regina? It’s sure desirable but unlikely the market will make a complete 360 back to its previous high prices and the competitive sellers’ market we’ve seen in the past. However, I am thrilled to state that many real estate sources such as CMHC are predicting a “correction” year in 2020 that will bring us back to a more balanced market for buyers and sellers. Only time will tell!


Being a working member of the real estate community and having a large circle of friends & family who work in the trades, I heard an awful lot of negativity about the job market, economy and overall lack of success for many individuals and business in 2019. I spoke with a lot of people and business owners who struggled in their businesses and jobs and yet, the real estate market in Regina trumped 2018’s numbers in 2019. It seemed that many real estate agents, mortgage brokers and people alike were constantly shouting that “this is the worst year ever” from many different directions and that is just simply not true. Yes, housing prices were and still are down overall BUT there were more homes sold in 2019 than 2018, which suggests more buyers and sellers and overall a stronger market than last year. 

 

So, let’s take a look at the real estate market in Regina in December:

real estate market in Regina
 

December was a busy month for Regina Realtors® thanks to significant increases in sales. In the city of Regina, sales were up 38.4 percent from 99 units sold in 2018 to 137 units sold in 2019. While up from last year, these numbers remain below the 5-year sales average of 221 and 10-year average of 239.

At year’s end, 2,570 sales were recorded in Regina alone, up 4.68 percent from 2,455. Sales in the region (Regina, Pilot Butte, White City, Balgonie, Grand Coulee, Pense etc.) were also up 2.54 percent to 3,107 from 3,030 last year.

For December, the MLS® Home Price Index (HPI) reported a Composite Benchmark Price of $258,400, down 4.6 percent from $271,000 one year ago. the MLS® Home Price Index (HPI) is a much more accurate measure of housing price trends than average or median price. 

In the city, 153  new listings were placed on the MLS® System compared to 155 last year – a decrease of 1.3 percent.  There were 207 new listings during the month of December in all geographic areas, an increase of 4 percent from 199 last year. 

The total number of homes that came onto the Regina MLS® System was also down for the year – a 9.8 percent decrease from 5,552 in 2018 to 5,021 in 2019. In Regina & area the total new listings for the year were down 9 percent from 7,168 to 6,520.

Average days on market for homes in Regina during the month of December was 72 days. 

“After a disappointing November it was promising to see sales numbers rebound in December. The market experienced many fluctuations, but the year ended slightly ahead of where we were last year,” says Jason Yochim, CEO of the Saskatchewan REALTORS® Association (SRA). 

Year over year:


Total sales 2018: 2,455
Total sales 2019: 2,588
New Listings 2018: 5,552
New Listings 2019: 5,021
Average DOM 2018: 62
Average DOM 2019: 65
HPI Benchmark Price 2018: $271,000
HPI Benchmark Price 2019: $258,400
 

While 2019 was quite a bit lower than 2018 in terms of pricing it was better for sales which means more activity in the market and that is a huge positive. Thanks for reading!

 

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If you have any questions about the real estate market in Regina or would like to chat buying & selling, give me a call at 306-552-7047 or fill out my online contact form!

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