April 2021 was an exceptional month for Regina real estate as you may be reading all over the news. With sales in the city up almost 200%, it leads you to question what is going on. The sales look so incredible this April because last April the market came to a halt as the entire city was locked down due to the pandemic. The numbers are skewed because of an extreme low point in the market followed by an extreme high point the following year.
** Please note the Canadian Real Estate Association has not provided graphics on The City of Regina, so the following graphics apply to Regina & Area.
The SRA tracks 24 different real estate markets across the province, all of which seems to be thriving with sales given the current situation and all are experiencing low levels of inventory. In Regina, we are seeing an influx of luxury-style properties sell far quicker than we have seen in at least 5 years. With an influx of sales over $700,000 our “average home price” is also bound to increase. This average home price increase does not apply to the average home on the market, which has only seen a slight increase in value across the province if you compare the HPI Benchmark price to the Average Home Price.
Below are the statistics for Regina real estate in April 2021:
Sales in Regina were up 172.2% going from 144 in April 2020 to 392 in April 2021, and up 189.4% in the overall region, going from 169 to 493. In Regina, sales were 51.0% above the 5- year average (and 42.2% above the 10-year average), while in the larger region, sales were 57.0% above the 5-year average (and 49.6% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 91.0% over last year, increasing from 621 to 1,186, while YTD sales in the larger region rose 94.1%, going from 743 to 1,442.
For Regina real estate, the number of new listings in April 2021 rose 129.8%, going from 285 to 655 (23.6% above the 5-year average and 23.1% above the 10-year average), while in the region, new listings rose 111.4%, going from 376 last year to 796 this year (15.3% above the 5-year average and 14.5% above the 10-year average). YTD new listings in the city rose 44.5%, going from 354 to 512, while in the larger region, the number of new listings to date rose 35.8%, going from 455 to 618.
Active listings fell 1.9% in Regina (down from 1,224 to 1,201) and fell 10.6% in the region (down from 1,716 to 1,534).
Inventory in Regina stood at 3.1 months (which is 64.0% below the level last year and 41.5% below the 5-year average), while the sales to listing ratio was 59.8%, suggesting balanced market conditions. Inventory in the larger region stood at 3.1 months (which is 69.1% below the level last year and 48.1% below the 5-year average), while the sales to listing ratio was 61.9%, suggesting that market conditions favour sellers.
Homes in Regina stayed on the market an average of 40 days in April, down 35.5% from 62 days last year (but below the 5-year average of 52 days and below the 10-year average of 42 days). Homes in the region stayed on the market longer than homes in the city at 44 days on average in 2021, also down from an average of 70 days last year (and 21.7% below the 5-year average).
The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single-family home in Regina rise 8.5% year-over-year, going from $241,300 to $261,800.
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