February 2021 Regina Housing Market Update

Posted by Joyce Tourney on Monday, March 8th, 2021 at 7:02pm.

 

What has been happening in the Regina and Region Real Estate Market? Here is a brief look at what happened in February, 2021.

In February, the Tourney Group added a new member to our team! We are pleased to welcome Kelly Kuntz to the RE/MAX Joyce Tourney Realty and Tourney Group family. Kelly has been working in residential real estate since 2008, and is a dedicated and experienced agent. She is a great addition to our team! February was a busy month for Tourney Group agents, and we are expecting to see the Spring market start off with a bang!
In Saskatchewan, sales increased by 74% in comparison to February of last year! Year-to-date, the number of sales went from 663 to 1,157 for a 62.3% increase. Despite the amazing sales numbers, the number of new listings was similar to last February, only being down 2.1%. Inventories were down in all or the markets tracked by the SRA. Though there are not more new listings on the market than there were last year in many areas, more properties are selling! In addition to this, the median sales price increased almost 3%. Year-to-date the median sales price went from $265,000 to $272,000. This increase could be due to limited inventory in some markets, as well as other factors. 
In Regina specifically, sales rose from 154 in February last year to 239 this year. This amounts to a 55.2% increase! The sales numbers are 39.6% over the 5 year average and 32.3% over the 10 year average. The year-to-date sales went from 264 to 432 for a 63.6% increase! To compare these statistics to the larger region, the region's sales were also up 55.2%, with a 61.0% increase in year-to-date sales. For the region, sales were 40.9% over the 5 year average and 35.4% over the 10 year average. 
Regina's volume of sales went from $45.9M to $71.5M in 2021, for a 55.7% increase. Year-to-date sales volume increased by 65.9% from last year to $124.4M. The number of new listings also saw a 4.5% increase over last February; going from 357 to 373. The active listings fell 27.1% however, going from 1,212 to 884. Year-to-date the new listings went from 701 to 711, for a 1.4% increase.
In the region, sales volume went from $91.8M to $145.5M, for an increase of 58.5%. Year-to-date sales volume also rose by 58.5% to $145.5M. The region's new listings saw a 5.0% decrease in February, falling from 881 to 837. The active listings also decreased 29.9% from 1,647 to 1,154. 
This February, Regina's inventory stood 53.0% last year's level at 3.7 months. The sales to listing ratio was 64.1%, suggesting a "sellers' market". On average, homes in Regina stayed on the market for 32.1% less time than last February. This year homes stayed on the market for an average of 53 days, while last year the average was 78 days.  The MLS® Home Price Index (HPI)—a more accurate measure of house price trends— for Regina went from $264,300 to $282,100 for a 6.7% increase.
In the larger region, inventory stood 54.9% below last year's level at 4.1 months, with a 62.2% sales to listing ratio. Homes stayed on the market in the region longer than in the city with an average of 58 days. This is still a decrease from last year's average of 78 days. 
 
These stats are courtesy of the Saskatchewan REALTOR®s Association.

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