Regina Housing Market Update - August 2011
Residential Sales Pick Up In August
Posted: September 1, 2011
After a lull in July, residential sales reported through the Association of Regina REALTORS® Inc.’s MLS® System picked up in August, said the Association.
There were 388 sales posted during the month in all geographic areas, up 11% from 2010 when 349 sales were reported. This represents the second highest number of sales ever for the month August, only behind 2007 when 392 sales were posted, and is well above the immediate past five-year average of 331. There were 319 sales in the city, an increase of 10% over 2010 when 291 sales occurred.
For the year-to-date, 2,639 sales have taken place, an increase of 4% over 2010’s 2,542. This is the second highest number ever for the first eight months of any year, only behind 2007 when 2,880 sales were recorded for the same time period. In the city, 2,264 sales have taken place, up 3% from 2010’s 2,194.
The average price of sales in all market areas for the month was $280,972, an increase of 11% from $253,643 posted in 2010. The average in the city was $294,114, a new high for the month and up 9% from $268,823 posted last year.
YTD average price for both all geographic areas and in the city set new highs. The average price in all areas was $278,372, an increase of 7% over 2010’s $259,935. The city’s average price of $285,567 was up 8% over’s last year’s $265,117.
Dollar volume of sales for the month was $109.0M, a new high for August and an increase of 23% from 2010’s $88.5M. For the YTD, a new high of $734.6M has been achieved, surpassing the previous high of $660.8M set in 2010 by 11%.
During the month, homes sold were on the market for an average of 40 days before selling at an average of 96.7% of the asking price. This compares to 36 days and 97.1% for the YTD.
For all MLS® System geographic areas there were 1,460 active listings on the market at the end of August, including 745 in the city. There were 557 new listings placed on the MLS® System during the month, up 7% from 519 in 2010.
The ratio of firm sales to new listings for the month was 74% in the city and 70% in all geographic areas. This may suggest a slight shift to more of a seller’s market, especially in the city, although more time will be required to make this determination. Balanced market conditions are generally in the 40-60% range. For the YTD the same ratio at the end of the month was 66% in the city and 56% in all market areas.
“August was a continuation of the strong and steady market that has occurred for most of the year. A strong economy, job and population growth, historically low mortgage interest rates and consumer confidence levels are all contributing to demand for housing in the area,” said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
“As we approach the fall months, all indicators are pointing to an solid year for the market,” concluded Archibald.
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