Houses in Regina for sale are off to a solid start when compared to 2017 and 2016 numbers’, said the Association of Regina REALTORS® Inc.
There were 143 sales reported in the city for the entire month of January, an increase of 2.8% from 2017 when 139 sales occurred. The number of sales in the city was above the five-year average of 139.
The MLS® Home Price Index reported a composite benchmark residential price of $279,400 and index of 258.8 in the city, down 4.85% from $293,600 one year ago. The Benchmark price has continued its move in a downward direction, indicating increasing downward pressure on home prices due to high inventory.
There were 1,133 houses in Regina for sale on the market at the end of January, up over 20% from 2017’s 952.
There were 570 new listings placed on the MLS® System during the month in all geographic areas, up 17.7% from 2017’s 485. In the city, 468 new listings were posted, up 32.4% from 354 in 2017.
Houses in Regina for sale were on the market an average of 64 days in January, similar to December and normal for the time of year.
The ratio of sales to new listings was 30%, including Regina & area. The relatively lower sales to list ratios tend to point to a buyer’s market but due to January being a slower month for sales in general, it’s too early to say whether or not we’re in a full-blown buyer’s market. 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.
The high inventory trend has continued into 2018 and could continue to push Regina into an unbalanced market. Condos are currently contributing to 28% of houses in Regina for sale that is listed on MLS.
Given the higher number of recorded sales in January 2018 versus January 2017, we are hopeful that the market is off to a strong start and 2018 is a comeback year for Saskatchewan’s economy.
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