November 2020 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 November, 2020.

The rise in COVID cases throughout the province and subsequent increased restrictions have not turned people away from buying and selling real estate. If anything, these restrictions have allowed people to feel more comfortable in buying and selling. The Tourney Group is continuing to look after all of our clients' health and safety. We are wearing masks at all times, limiting the number of people that are in a property at any given time and are not providing in-person public open houses. We are instead continuing to opt for our virtual open houses that are hosted on our Facebook page. With this in mind, and interest rates for mortgages remaining at a historical low, now is a great time to buy real estate!

The Saskatchewan housing market has remained strong despite early market predictions. In fact, throughout Saskatchewan sales are up 54% from last November and year-to-date they are up 22.7%. This is also reflected in the Regina Housing Market.

In Regina specifically, November sales were up 67.3% from 2019. Sales were also 26.3% above the 5-year average for November and 21.0% above the 10-year average. Regina's year-to-date sales have risen from 2,456 to 2,836 over the last year, which amounts to an increase of 15.5%. Comparatively, Saskatchewan's year-to-date sales had a 20.5% increase. The volume of sales in Regina was up 78.5% (from $41.5M to $74.1M), which is 25.6% above the 5-year average and 18.3% above the 10-year average. In the province, the year-to-date sales volume increased 22.2%.

The number of new listings in Regina in November saw an increase of 10.2%, which is 0.8% above the 5-year average and 0.1% above the 10-year average. Overall, in Regina the year-to-date number of new listings fell 3.2% and the number of active listings fell 20.5%. To compare, in Saskatchewan, the year-to-date number of new listings fell 4.6% and the number of active listings fell 25.4%. 

For November in Regina, the absorption rate stood at 4.3 months (which is 52.5% below last year's level). The sales to listing ratio for the month was 76.2%, and in the region the sales to listing ratio was 77.4%. This suggests that market conditions are in the seller's favour. On average, in November, homes in Regina remained on the market for 59 days. This is 9.2% down from the previous year's average of 65 days. In the province, homes stayed on the market longer than homes in Regina on average.

Regina median home prices increased by 5.6%, going from $280,000 to $295,750. These median prices were about 1.6% above the 5-year average and 0.8% above the 10-year average. The HPI is down 7.8% from $268,300 to $289,100. Regina's year-to-date median home price for November was 1.0% above last year's at $291,007. The province's median home prices increased by 2.0%, going from $280,000 to $285,000 and the year-to-date median home price was also 1.0% above last year's $285,955. 

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