Regina Housing Market Update - April 2011

Sales off in April as Average Price Climbs

Posted: May 3, 2011

The number of sales through the Regina and area MLS® System for all geographic areas in April was down from one year ago although prices are up, said the Association of Regina REALTORS® Inc.

There were 349 sales reported during the month, down 9% from 2010 when 384 sales were recorded. This marks the third consecutive month that sales have decreased. 299 sales occurred in the city during the month, down 9% from last year when 329 homes exchanged hands. For the year-to-date, 1,115 sales have occurred, down 6% from last year’s 1,182 sales. In the city, 971 sales have been reported, a drop of 5% from 1,027 in 2010.

The average price of $269,061 set a new high for the month. This was up 5% over the previous high set in 2010 of $256,899. In the city, the average price was $274,626, up 4% over last year’s $264,070. For the YTD to the end of April, the average price in all geographic areas was $269,814, up 6% from 2010’s $254,252 and a new high for the period.

Due to the decrease in sales, the monthly total sales dollar volume of $93.9M was down 5% from the all-time high set in 2010 of $98.6M. For the YTD, sales volume of $300.9M is slightly ahead of the previous year’s $300.6M, representing a new high for the period.

During the month, homes sold were on the market for an average of 35 days before selling at an average of 95.7% of the asking price. This compares to 39 days and 96.7% for the YTD.

For all MLS® System geographic areas there were 1,283 active listings on the market at the end of April, including 726 in the city. This compares to 1,166 active listings at the end of March. There were 650 new listings placed on the MLS® System during the month, virtually identical to 648 in 2010.

“For the most part, balanced conditions are prevailing although it’s a tighter supply situation in the city than in the regional areas. There is also a pattern of more higher priced homes selling so far this year and fewer lower priced homes. This is causing the average price to increase,” said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.

“Provided the economy continues to generate jobs and attract newcomers to the area, the market will continue to perform well. We have just entered what is typically the busiest time of the year with more buyers in the market looking for summer possession dates. We are anticipating that the next 3-4 months will be very active,” concluded Archibald.

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