The Regina estate market has performed exceptionally well in January. Personally, I listed 6 homes, and 4 of them received multiple offers with backup offers in place. It’s a great time for sellers but may pose some challenges for buyers.
Sales in Regina were up 75.5%, going from 110 in January 2020 to 193 in January 2021, and up 68.9% in the overall region, going from 132 to 223. In Regina, sales were 32.4% above the 5-year average (and 29.2% above the 10-year average), while in the larger region, sales were 31% above the 5-year average (and 30.2% above the 10-year average).
In Regina, the number of new listings in January 2021 fell 1.7%, going from 344 to 338 (11.4% below the 5-year average and 9.5% below the 10-year average), while in the region, new listings fell 11.7% from 436 last year to 385 this year (17.4% below the 5- year average and 15.5% below the 10-year average). Active listings fell 30.2% in Regina (down from 1,202 to 839) and fell 32.7% in the region (down from 1,622 to 1,092).
Inventory for Regina real estate stood at 4.3 months (which is 60.2% below the level last year and 44.6% below the 5-year average), while the sales to listing ratio was 57.1%, suggesting balanced market conditions. Inventory in the larger region stood at 4.9 months (which is 60.1% below the level last year and 46.1% below the 5-year average), while the sales to listing ratio was 57.9%, suggesting balanced market conditions.
Homes in Regina stayed on the market an average of 57 days in January—down 32.1% from 84 days last year (but below the 5-year average of 67 days and below the 10-year average of 57 days). Homes in the region stayed on the market longer than homes in the city at 64 days on average in 2021, but also down from an average of 87 days last year (and 11.6% below the 5-year average).
In Regina, the MLS® Home Price Index (HPI)—which provides a more accurate measure of house price trends—was up 4.7% year-over-year, going from $266,100 to $278,600.
Overall, Regina real estate is off to a good start in the new year. With inventory and interest rates being extremely low, it’s a fantastic time to capitalize on this buyers’ market!
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If you have any questions about buying or selling homes for sale in Regina, please 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.