Welcome to 2022 everyone! My hope is that you had a safe, healthy & happy 2021 and that the new year is good to you! The Regina real estate market is expected to see some upward growth in terms of pricing and sales in this new year due to the low inventory and increasing interest rates.
Personally, the market was extremely busy for this Regina real estate agent. I experienced dozens of multiple offer situations both with my buyers and my sellers. I saw some sales prices that were $50,000-$90,000 above the asking price and I saw sales that were $10,000-$30,000 below the asking price. In my experience, single family homes did well but condo’s still struggled immensely, not at all recovering from the decline in pricing we’ve seen the last 4 years. While there was a slight increase in the average sale price, it was not enough to recoup the value lost from the decline in home prices from the last four years. Still, many sellers managed to just break even if they had purchased within the last 5 years.
See here for a few comments made by CEO Chris Guérette of the Saskatchewan Realtors Association:
“Saskatchewan set a housing sales record with 17,387 sales in 2021, a new high which surpassed the previous record in 2007 by 17 percent. While the pandemic has triggered vast disruptions and challenges for some sectors of the economy, housing boomed.
While new listings did improve this year, inventory levels still trended down throughout most of the year. 2021 inventory levels in the province were 16 percent below long-term trends, a significant shift from a few years ago where supply levels hit record highs.
Reductions in inventory and strong demand ensured the market favored the seller throughout most of the year. This resulted in an annual benchmark price gain of over seven percent. While the price gains were significant, it was not enough to erase the losses recorded throughout 2015- 2019 and prices remain three percent below 2014 high.
There is also significant variation depending on property type and location. In Saskatchewan, single-family home prices are only one percent below previous highs, whereas condominium properties remain 17 percent below 2014 high…
With tight conditions expected to persist throughout the earlier part of the year, we could continue to see some price growth in 2022 albeit at a much slower pace than was experienced in 2021.”
Stat Breakdown:
December 2021 statistics are fairly inline with an average December, with both listings & sales being on the lower side. It’s always interesting to note that even with the low inventory, high sales and a slight increase in prices that the Average Days on the Market remain above 60 days.
Looking at the December 2021 sales from a year to date perspective, sales were up 23%, listings were up 16%, inventory down 4%, months on supply down 22%, days on market was lower than the 10-year average and the average price of a home was up 6%.
Visual representation to show that while inventory is down, prices have not increased as much as one would think compared to higher-value years for Regina real estate between 2012-2015.
Contact Me
If you have any questions or want to discuss more about the Regina real estate market, 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.