by Joyce Tourney
on Thursday, December 12th, 2019 at 12:08pm.
What has been happening in the Regina Real Estate Market? Here is a brief look at what happened in November, 2019.
In the Regina and area MLS® System there were 145 reported sales which is down 21.2% from 2018. Regina also saw 291 new listings which is down 5.8%.
The average days on market for November was 66.2 and this is down from 69.8 days. Regina is sitting at approximately 8.8 months of inventory.
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 November the Composite Benchmark price was $259,600. This is down from $259,900 in October 2019, and $266,800 in September, 2019.
Prices are at the lowest point they have been in many years. Colder temperatures usually bring a slow down in the market but sales are remaining steady.
These stats are courtesy of the Association of Regina REALTOR®s.