What appears to be a declining market is the result of high inventory and low firm sales. This puts pressure on Regina real estate and causes the overall market to lean towards a buyer’s market, providing buyers plenty of choices and drives home prices downwards.
Regina Real Estate home prices down 4.8% from one year ago.
There were 152 sales posted in the city, an increase of 9.4% from 2017 when 139 sales occurred. The number of sales in the city was below the 5-year average of 170 and 10-year average of 199. For February, the MLS® Home Price Index (HPI), reported a composite benchmark residential price of $278,700, down 4.8% from $292,800 one year ago. Most of this price loss has occurred in the last six months primarily due to the high inventory of houses on the market.
In the city, there were 1,225 active residential Regina real estate listings on the market at the end of February, up 14% from 2017’s 1,052. There were 400 new houses listed, up 2.8% from 389 in 2017.
The ratio of sales to new listings for the month was 38% in the city and 35% in all geographic areas. These relatively lower sales to list ratios tend to point to buyer’s market conditions. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market - above 60% is considered to be a market favouring sellers.
Homes that did sell in the city sold in an average of 56 days.
“The trend of increasing supply levels, longer days on the market and corresponding sale price decreases continued during the month. Sellers certainly need to set their asking price accordingly for these market conditions”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc.
What I’ve noticed in the last few months is that our market really has no leniency right now. If the home is overpriced by even 10K, it’s sitting on the market until the seller decides to reduce the price. Buyers realize the market is down and are looking for those deals.
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