Regina Housing Market Update - February 2011
Sales Down But Steady in February
Posted: March 3, 2011
Despite being down from 2010, MLS® residential sales in February posted the fourth highest number ever for the month and were above the ten-year average, said the Association of Regina REALTORS® Inc.
For the entire MLS® System, including all geographic areas, 239 sales took place in February, down 10% from 2010’s 265 sales. This was the fourth highest number of sales for the month and above the average of 222 for the immediate past ten-year period.
There have been 454 sales recorded for the year-to-date, an increase of 1% from 2010 when 448 sales were reported. This includes 392 sales in the city, virtually on par with 2010 when 391 sales occurred.
The MLS® average price in February of $272,609 set a new high for the month. It was up 3% over the previous high set in 2010 of $264,595. In the city, the average price was $274,676, up 5% over last year’s $260,934. The YTD average price was $266,701, a new high and up 5% over the previous record set in 2010 of $254,661.
Total dollar sales volume of $65.2M posted the second highest level ever, 7% behind 2010’s all-time high of $70.1M. A new high was set for YTD dollar volume with $121.1M in sales occurring in the first two months, up 6% over 2010’s $114.1M.
During the month, homes sold were on the market for an average of 46 days before selling at an average of 97.0% of the asking price.
For all MLS® System geographic areas there were 1,075 active listings on the market at the end of February, including 674 in the city. This compares to 981 active listings at the end of January. There were 466 new listings placed on the MLS® System during the month, down 3% over last year’s 479.
“Sales during the month were not spectacular, but were certainly in line with the market in recent years and above the immediate past ten-year period,” said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
“With the economy doing well and population growth occurring, demand continues to be very steady. Supply increased a bit from January, but we are hoping the level of new and active listings will build up over the next couple of months to satisfy demand when we begin to enter the busy spring period,” concluded Archibald.
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