Along with a lack of warm weather, the Regina housing market didn’t heat up like we expected it to. Maybe the abnormally cold weather for this time of year has contributed to the lack of home sales.
Let’s look at what happened in March:
“The number of residential sales reported through the Regina and area MLS® System in March fell significantly from 2017 and was well below historical averages for the month, said the Association of Regina REALTORS® Inc.”
There were 215 sales posted during the month in all geographic areas, down 26.6% from last year when 293 sales were recorded.
This is well below both the 5-year average of 284, the 10-year average of 315 and is the fewest number of sales for the month of March in over a decade.
There were 175 sales posted in the city, a decrease of 28.3% from 2017 when 244 sales occurred. The number of sales in the city was also below the 5- year average of 235 and 10-year average of 258.
For March, the MLS® Home Price Index (HPI) is $280,000 down 4.6% from $293,400 one year ago. Most of this price loss has occurred in the last 6-7 months primarily due to slowing demand and elevated supply levels.
In the city, there were 1,384 active residential listings on the market at the end of March, up 16% from 2017’s 1,195. This is the largest number of active listings in March in over a 10 years.
In the city, there were 525 new listings recorded, down 10.4% from 586 in 2017.
Homes that did sell in the city sold in average of 56 days. This compares to 45 days from March 2017.
The ratio of sales to new listings for the month was 30% in Regna and all geographic areas, which indicates we are in a full swing buyer’s market. Balanced market conditions are typically between 40%-60%.
Typically, March is the month the Regina housing market starts to pick up. It’s the start of a very busy spring market but this year the results were disappointing. We hope that April’s sales return to average number’s and we hope to see more sales to listings to even out the market conditions. A full blown buyer’s market is difficult for seller’s and will inevitably bring real estate prices down further.
Contact Us
If you have questions or want help buying or selling, 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.