What has been happening in the Regina Real Estate Market? Here is a brief look at what happened in October.
In the Regina and area MLS® System there were 256 reported sales which is up from 255 reported sales in 2018. In Regina the 5 year average is 274 sales and the 10 year average is 291 sales.
Regina also saw 482 new listings which is 10.2% lower than the 537 new listings in October of 2018. As of the end of October there were 1395 active residential listings for sale in Regina.
We often get asked if we are in a buyer’s market or a seller’s market. Balanced market conditions will see the ratio of sales to new listings sit around the 40-60% range. Below 40% would be considered a buyer’s market and over 60% would be considered a seller’s market. The ratio of sales to new listings for October was 53% which means we are sitting within the balanced market range.
In order to look at market trends over time we use a tool called the MLS® Home Price Index (HPI) which is more effect then 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 where 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. This also makes the market appear unstable.
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 October the Composite Benchmark price was $259,900. This is down 6.8% from one year ago. The Composite HPI Benchmark Price is down 12.6% from three years ago and 11.5% from five years ago. The HPI Composite price is now at its lowest level since being adopted by the Association of Regina in 2012.
These stats are courtesy of the Association of Regina REALTOR®s.