January 2021 Regina Housing Market Update

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

For Tourney Group, the new year started off with reflecting on our personal and business goals from 2020, and creating new ones for 2021. Tourney Group also announced that we are hiring experienced, licensed Real Estate Agents to become apart of our team! We have an exciting year planned and are continuing to fine tune our business model to work well in the future post-pandemic world. 

The 2021 Real Estate market is off to a strong start. Sales are up 49% from the previous January for the whole province! Where January is typically a slower time with fewer new listings on the market (this year inventories were down in most markets and new listings were about 10% down compared to historical averages), this year the number of sales continued to increase. There was a large demand for housing and many properties saw multiple offers and quick sales. SRA Economic Analyst Chris Gbekorbu remarks "Although it is only one month and another COVID-like event could slow things down again like it did last March and April, this strong start should help us be optimistic for 2021." Though some analysts have speculated that in 2021 the housing numbers could take a huge hit nationally, the majority of analysts predict that home prices will increase and the economy will grow. This combined with the current all time low mortgage rates seems to have fostered optimism in consumers about the real estate market, especially in terms of future good investments. 

Regina saw an unbelievable 75.5% increase in sales from January, 2020! This is above Regina's 5-year-average by 32.4% and above the 10-year-average by 29.2%. This increase was also reflected in the larger region, which saw a 68.9% increase in sales; 31% over the 5-year-average and 30.2% over the 10-year-average. The volume of sales in Regina for January 2021 rose 82.1%, going from $29.1M to an astounding $52.9M. This is 27.9% over the 5-year-average and 20.3% over the 10-year-average. Comparatively, the larger region saw a 64.9% increase in the volume of sales.

As is typical for January, the number of new listings in Regina fell in January 2021. They fell from 344 to 338, for a 1.7% decrease. This is 11.4% under the 5-year-average and 9.5% under the 10-year-average. The number of active listings in Regina therefore also decreased, going from 1,202 to 839 for a 30.2% decrease. In the region, new listings decreased 11.7% and the number of active listings decreased by 32.7%. 

In January 2021, Regina's inventory stood at 4.3 months. This is under last year's level by 60.2% and under the 5-year-average by 44.6%! The sales to listings ratio in the city of 57.1% appeared to show a balanced market. As far as days on the market go, in Regina, homes stayed on the market for fewer days than they did in January, 2020. The average in January 2021 for days on the market was 57 days, which is down 32.1% from last year's 84 days. This is under the 5-year-average of 67 days and under the 10-year-average of 57 days. To compare, the larger region's sales to listings ratio also appeared to show a balanced market at 57.9%, and inventory stood at 4.9 months. Homes in the region stayed on the market for fewer days than in January 2020 (where the average was 87 days) but at 64 days on average, they stayed on the market longer than homes in Regina. 

Coinciding with most market analysts predictions, in Regina the MLS® Home Price Index or HPI (a tool for Real Estate Agents which can more accurately quantify trends in home pricing) increased from $266,100 to $278,600 for a 4.7% year-over-year increase. 

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