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Home prices in Regina are remaining stable despite a slight drop in home sales.
Home prices in July were up slightly for residential properties, with the average price at $306,800. That’s an increase of 3.6 per cent over July of last year when the average price for residential properties was $296,200.
Despite the increase in home prices, there was a 1.4 per cent decrease in sale prices from July 2017 compared to July 2016.
Last month the average sale price was $324,009. Last July the average sale price was $328,742.
When it comes to selling, there were 239 residential sales in July in Regina, down 2.8 per cent from July of last year when 246 sales were made. The five-year average for residential sales in Regina is 237, so the city is on par with that, but the city is above the ten-year average of 210.
At the end of July of this year, there were 1,512 residential properties for sale, an increase of 20 per cent of last July’s 1,263 properties listed for sale. Of the 1,512 last month, 419 were new listings.
The average time a home was on the market in Regina last month was 40 days before being sold with sellers getting an average of 97.1 per cent of the asking price.
When it comes to firm sales and new listings, firm sales in the city are at 57 per cent while new listings are at 52.1 per cent. Normally a balanced market would sit at 40 to 60 per cent, where below 40 per cent is a buyer’s market and above 60 per cent is a seller’s market.
“Despite a month-to-month drop in sales activity and an overall increase in inventory, the Regina and area market is seeing stable house prices. Based on the current number of properties for sale, the market is starting to swing out of balance and may lean away from sellers and towards buyers in some property types,” said Rob Reynar, manager of operations of the Association of Regina Realtors, in a release.
“It is important to note, about 28 per cent of the active listings on the MLS system in the city are condominium properties.”
Overall residential total dollar volume of sales in the province was $96.8 million, down 1.4 per cent from 2016 when it was $98.2 million. In Regina, the city is down about 4 per cent.