What has been happening in the Regina and Region Real Estate Market? Here is a brief look at what happened in February, 2020.
In February, Regina and Region saw 446 new residential listings with 181 residential sales. This gives us a sale to new listing ratio of 41%. Year to date we have approximately 10.1 months of inventory, with a list to sell ratio of 94.6%, and 83.3 is the average days on market.
Of the 181 sales last month, 47 homes sold under $200,000, 45 sold in the $200,000 to $299,900 price range, and 29 homes sold in the $300,000 to $350,000 price range. There were only two homes that sold over $750,000.
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 February the Composite Benchmark price was $249,800 which is the same as January 2020, but it is down 3.8% from three months ago. The average price, for comparison, was $298,052 which is down 1.4% % from February 2019 and 5.1% from February 2015.
“In Regina, we’re seeing opposite conditions from Saskatoon. Sales are down and listings are up – this combination is driving prices down however we are hopeful that the changes in mortgage rules coming up this April will have a positive affect on the residential market here in Regina,” says Jason Yochim ,CEO of the Saskatchewan REALTORS® Association (SRA). “In the meantime, it continues to be a great market if you’re looking to purchase a home.”
These stats are courtesy of the Saskatchewan REALTOR®s Association.