December 2020 Regina Housing Market Update

Posted by Joyce Tourney on Monday, January 11th, 2021 at 8:48am.

 

Jan Photo

 

What has been happening in the Regina and Region Real Estate Market? Here is a brief look at what happened in December, 2020.

 

The end of 2020 was much anticipated. At Tourney Group, we celebrated the holiday and end of the year with our Zoom call office Christmas party. This is very different from a typical year for us but it was still a fun evening with good conversation and holiday cheer nonetheless. With the increased restrictions in the province brought on by the rise in COVID cases, we are continuing to employ safety protocols and practices to ensure the safety of our clients, the general public, and ourselves. We are positive that things will be looking up in 2021!

Christmas Tree

Overall, December 2020 was a strong month for real estate across the province, with sales up over 58% from last December. The number of new listings has increased by almost 13% from 1,005 to 1,132. The median sale price increased over 1% from $253,750 to $257,500, with Moose Jaw and surrounding area seeing the greatest increase and Yorkton and Melfort seeing the greatest declines. Although median prices did see an increase, overall there was more variability in prices. 2020 was off to much the same start as 2019 before the pandemic hit and the market suffered. However, by the end of June, despite virtually no market activity for two months at the beginning of the pandemic, sales had returned to their 2019 levels. SRA Economic Analyst Chris Gbekorbu remarks: "Although it's still to early to tell if we've got a new trend forming, COVID has certainly changed the features that people currently want in their homes and spaces. And as a result, people have been eager to buy homes that meet their new needs."

Home

 

In Regina, sales in December increased 44.9% from December 2019 and went from 138 in 2019 to 200 in 2020. Regina's sales were 43.9% over the 5 year average and 32.0% over the 10 year average. The year-to-date sales increased 17.0%, going from 2,594 to 3,036. Comparatively, in the larger region, sales were 47.1% over the 5 year average, 38.7% over the 10 year average, and year to date sales increased 22.0% from 3,081 to 3,758.

Regina's sales volume went from $38.2M to $55.6M in 2020. This was a 45.7% increase which is 36.7% above the 5 year average and 23.4% above the 10 year average. The year-to-date sales volume rose 18.5% from last year to $926.8M. The sales volume in the region increased 23.7%, 42.9% over the 5 year average and 32.6% over the 10 year average. The year-to-date sales volume in the region rose by 23.7% to $1,144.3M in 2020.

The number of new listings in Regina for December 2020 went from 157 to 233 (an increase of 48.4%). This is 17.8% over the 5 year average and 17.6% over the 10 year average. The year-to-date new listings in the city dropped from 5,080 to 4,997 (a decrease of 1.6%) and the active listings went from 1,179 to 905 (a decrease of 23.2%). The region's new listings increased from 195 in 2019 to 278 in 2020 (by 42.6%). This is 13.7% below the 5 year average but 14.5% over the 10 year average. Year-to-date in the region, the number of new listings decreased from 6,428 to 6,227 (a drop of 3.1%) and the number of active listings reduced by 27.5% from 1,624 to 1,177.

For Sale Sign

 

On average, Regina's inventory stood at 4.5 months for a total of 47.0% below 2019's level and 46.5% under the 5 year average. Market conditions seem to favour sellers with the sales to listings ratio sitting at 85.8%. Homes remained on the market for an average of 58 days (an 18.3% decrease from last year's 71 days, under the 62 days 5 year average, and over the 53 days 10 year average). Things are similar in the larger region, where inventory stood at 4.8 months (a total of 51.1% below 2019's level and 50.9% under the 5 year average) and the sales to listing ratio was 87.4%. Homes were on the market for an average of 64 days (down from 2019's 76 days and 5.3% under the 5 year average). 

Median home prices in Regina increased by 1.8% from $266,104 to $271,000. This was 5.5% under the 5 year average, 6.3% under the 10 year average and 1.1% (at $289,340) above last year's year-to-date median home price of $286,230. The HPI (a more accurate measurement of housing price trends) increased 6.5% from $267,300 to $284,700. The region's median home prices increased by 3.7% from $265,000 to $274,900. This is about 3.4% under the 5 year average, 3.7% under the 10 year average, and 1.2% (at $287,575) above 2019's year-to-date median home price of $284,208. 

These stats are courtesy of the Saskatchewan REALTOR®s Association.

 

 

 

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