What has been happening in the Regina Real Estate Market? Here is a brief look at what happened in January, 2020.
Where is the snow?
In January, Regina and Region saw 436 new residential listings with 136 residential sales. This gives us a sale to new listing ratio of 31%. This also leaves us with 1560 active residential listings and approximately 11.5 months of inventory. Our average days on market is hovering around 88 days.
Of the 136 sales last month, 42 homes sold under $200,000, 36 sold in the $200,000 to $299,900 price range, and 19 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 January the Composite Benchmark price was $249,800 which is down 3.3% from December 2019 and 6.9% from January 2019. The average price, for comparison, was $263,270 for January 2020 which is down 9.5% from January 2019 and 15.5% from January 2015.
Prices and mortgage rates remain low. Now is a good time to buy!
These stats are courtesy of the Saskatchewan REALTOR®s Association.