Home sales were down more than 20 per cent in Regina in May, while the number of active listings for sale in the city remained at 20-year-plus highs, according to the Association of Regina Realtors.
Photograph by: Don Healy , Regina Leader-Post
REGINA — Home sales were down more than 20 per cent in Regina in May, while the number of active listings for sale in the city remained at 20-year-plus highs, according to the Association of Regina Realtors. There were 331 sales reported in the Regina area, down 21 per cent from 419 sales in May 2014, and below both the five-year average of 412 and the 10-year average of 396. This was the lowest number of sales since 2005 when 306 sales were reported, the association said.
Single-family detached home sales were off 12 per cent, while sales of other types of single-family housing units, mostly condominiums, were down 43 per cent.
The average sales price in the Regina area for the month was $320,393, an increase of one per cent from $318,276 in May 2014. “This is entirely attributable to a larger proportion of higher-priced homes selling and should not be interpreted as an indication of rising property values,’’ the association said.
The Home Price Index (HPI) — a more accurate measure of housing price trends than average price — reported a composite residential price of $285,300 for the city, down 3.2 per cent from last year’s composite HPI price of $294,800.
“This indicates that residential selling prices have fallen in the Regina market over the past year. The HPI also shows selling prices as being down 2.7 per cent over the past three-year period.”
Sales in the Regina area in May totalled $106 million compared to $133.4 million in 2014 — also 20 per cent decrease. For the year-to-date, 1,275 sales have been reported in Regina and area — a 13 per cent decline from 1,461 in 2014. Year-to-date sales volume stood at $402 million, down 13 per cent from $462.5 million for the same period last year.
There were 1,549 homes for sale at the end of the month. This is the highest number of homes for sale at this time of the year in over 20 years.
“We were hoping that sales taking place in the traditionally active second quarter would absorb much of the high inventory carried over from 2014 and added to in 2015,” said Gord Archibald, CEO of the association. “So far, this has not been the case,” he said.
“Elevated supply levels are not only persisting, but are continuing to grow and are having a definite impact.”