We knew going into May that this would be the month we would truly see the full effect of COVID-19 on our market place but it seems that COVID-19 only had a small impact on our market. Month over month, homes sales in Regina are looking OK on all fronts. Year to date sales are down slightly while the HPI Benchmark price of homes for sale in Regina increased.
Home sales in Regina were down 18.2%, going from 286 sales in May 2019 to 234 in May 2020, and down 13.6% in the overall region (Regina, White City, Balgonie, Pense, Grand Coulee etc), going from 339 to 293. In Regina, sales were 19.2% below the 5-year average and 24.8% below the 10-year average. Year-to-Date (YTD) sales in Regina are down 22.2% over last year, decreasing from 1,100 to 856 sales, while YTD sales in the overall region fell 19.4%, going from 1,285 to 1,036.
In Regina, the number of new listings in May 2020 fell 23.9%, going from 637 to 485 (21.3% below the 5-year average and 20.9% below the 10-year average), while in the region, new listings fell 22.4% from 830 last year to 644 this year (21.4% below the 5-year average and 19.6% below the 10-year average).
YTD new listings in the city fell 22.4%, going from 2,449 to 1,901, while in the larger region, the number of new listings to date fell 21.6%, going from 3,143 to 2,463. Active listings fell 22.4% in Regina (down from 1,609 to 1,248) and fell 22.4% in the region (down from 2,284 to 1,772).
Homes in Regina stayed on the market an average of 61 days in May—up 15.1% from 53 days last year (and above the 5-year average of 48 days and above the 10-year average of 38 days).
The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 1.5% from $257,300 to $261,200 in May. The sales to listing ratio was 48.2%, suggesting balanced market conditions.
Overall, homes sales in Regina were down, new listings were down and the average price of homes was slightly up. Given the current situation in the world, I’d say Regina is doing okay all considering.
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