What has been happening in the Regina Real Estate Market? Here is a brief look at what happened in December, 2019.
The temperatures may be cold but the Regina real estate market was HOT in December. In the city the sales were up 38.4% from 99 sales in 2018 to 137 sales in 2019. This is, however, down from the 5 year sales average of 221 sales per month. In 2019 there were 2570 reported sales in Regina which is up 4.68% from 2018.
Total new listings in the city were down 9.8% for the year. The ratio of sales to new listings is sitting around 89% with approximately 7.8 months of inventory. The average days on market for December 2019 was 77 day with a 70 day average for 2019.
In order to look at market trends over time we use a tool called the MLS® Home Price Index (HPI) which is more effective than using average or median prices.
A mean average is the average price obtained by dividing the total dollar volume of sales by the number of sales. In Regina there could be a month were several $750,000 plus homes sell and should this happen it is likely to drive up the average price when compared to months with fewer high end sales.
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 storey homes, two storey homes, townhouses, apartments, and a composite of all types.
In December the Composite Benchmark price was $258,400 which is down 4.6% from $271,000 one year ago. The Composite Benchmark Price is also down 12.8% from 3 years ago and 10.9% from 5 years ago.
Prices and mortgage rates remain low. Now is a good time to buy!
These stats are courtesy of the Saskatchewan REALTOR®s Association.