The Regina housing market in April was similar to March. It was slower than usual! I was really hopeful that the extra snow dump we got in March was the reason behind the lack of sale’s but I have to be honest, seems like the market just isn’t doing very well right now.
Which isn’t great but it’s not the end of the world. Things will pick up again, its an inevitable part of making an investment, especially in real estate.
What goes up - must come down...
Here Are The Stats On The Regina Housing Market
There were 271 sales posted during the month in all geographic areas. There were 228 sales posted in the Regina, a decrease of 4.6% from 2017 when 239 sales occurred. The number of sales in the city was also below the 5-year average of 268 and 10-year average of 297.
For April, the MLS® Home Price Index (HPI), reported a composite benchmark residential price of $275,600, down 6.5% from $294,700 one year ago. The decline of the Regina housing market has been a trend for the last 12 months or so. Oversupply of housing and minimal demand of buyers is the culprit.
In the city, there were 1,524 active residential listings on the market at the end of April, an increase of 16% from 2017’s 1,329. This is the largest number of active listings at the end of April in over a decade.
The ratio of sales to new listings for the month was 41% in the city and 36% in all geographic areas. These comparatively low sales to list ratios point towards buyer’s market conditions. Balanced market conditions are generally in the 40-60% range. Below 40% is considered to be more of a buyers’ market while above 60% is considered to be a market favouring sellers.
Homes that did sell in the city sold in an average of 59 days in the city and 61 days in all areas. This compares to 37 and 44 days respectively last year.
On the positive side, it is a really good time to buy a home. With prices down and plenty of options, buyers can take their time looking and really get a good idea of what’s available to purchase right now. I am hopeful that the Regina housing market will pick up in June & July and that economic growth will help us out of this rut.
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If you have any questions about Regina housing prices or your ability to buy or sell in this market, give me a call at 306-552-7047 or fill out my online contact form.
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