November real estate records smashed
Posted: December 3, 2011
Total real estate sales have passed the $1 billion mark for the first time.
In fact, according to the Association of Regina Realtors, several records tumbled this month.
The number of November sales was up 21 per cent over last year - from 257 to 311.
That represents the ninth consecutive month sales have exceeded the 300 mark and is also the first time there have been more than 300 sales in November.
In the city itself, there were 259 property sales, up 18 per cent from last year.
Since January there have been 3,652 sales - up eight per cent over the total last year at this time.
But it's not just the number of sales that has increased - so too has the average price, up three per cent over last November, to $273,243.
Those selling their homes saw their house on the market for an average of 48 days before being snapped up, with 96.3 per cent of those going for the asking price.
That's a little longer than the year-to-date average, which was 37 days and 96.9 per cent.
Figures also point to a tightening of supply, something association executive officer Gord Archibald noted as a concern.
"Population and job growth combined with a supply shortage in the rental market are all contributing to demand," he said in a media release, "although this will likely be mitigated by a fall off in demand which typically occurs in December and January.
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