What has been happening in the Regina Real Estate Market? Here is a brief look at what happened in September.
In the Regina and area MLS® System there were 252 reports sales which is up from 195 reported sales in 2018. Regina also saw 369 new listings and this gives us roughly 5.6 months of inventory.
We often get asked how long we think it will take to sell. In September the average days on market was 65 which is up from 62 days in 2018, and 55 days in 2017.
In order to look at market trends over time we use a tool called the MLS® Home Price Index (HPI) which is more effective 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 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. 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 September the Composite Benchmark price was $266,800. This is down 0.4% from August and 11.2% from September 2016.
Prices are at the lowest point they have been in many years, but the number of sales in September is a very positive sign.
These stats are courtesy of the Association of Regina REALTOR®s.