May 2020 Regina Housing Market Update

Posted by Shauna Bailey on Tuesday, May 19th, 2020 at 1:58pm.

May 2020 Market Update


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


The Saskatchewan Government has deemed REALTOR®s to be an essential service.  The Tourney Group is continuing to work hard for our clients, although we are having to work a little differently.  Showing houses requires special precautions, and virtual and Facetime showings are options available to our clients.  When listing houses, special precautions are taken, and all paperwork can be signed electronically.  We are readily available by phone, text, and email, and Zoom conference calls have become a popular option.  We host virtual open houses on our Facebook page several times a week. Our main focus right now is to keep everyone safe and healthy.


In spite of Covid-19, there are people who still need to buy and home owners who need to sell, which means the real estate market remains active.  Covid-19 did have an effect on the housing market but according to Jason Yochim, CEO of the Saskatchewan REALTOR®s Association, “the real estate industry in Saskatchewan will likely emerge from this shut down with only minor cuts and scrapes.”


In April, Regina and Region recorded 171 sales which is down 51% from April, 2019.  There were also 286 new listings in April this year, which is down 50.8% from April, 2019.  The number of active listings fell 17.1% to 1697.


The sale to new listings ratio was 50.3% and the average days on market was 62 days.

In order to look at market trends over time we use a tool called the MLS® Home Price Index (HPI), which is more accurate than using average or median prices.  


A mean average is the average price (median price) obtained by dividing the total dollar volume of sales by the number of sales. There could be a month when a greater number than usual of high end homes sell, driving the average price up when compared to months when fewer high end sales occur. 


The HPI measures the rate at which housing prices change over time taking into account the type of homes sold.  The HPI breaks down sales for single family homes, one story homes, two story homes, townhouses, apartments, and a composite of all types. 


In April the Composite Benchmark price was $271,300 which is down 0.2% and the median/average home price was up 0.7% to $285, which is still 2.1% below the 5 year and 3.4% below the 10 year average median price.


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

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