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Supply Rich Market Continues in April

SUPPLY RICH MARKET CONTINUES IN APRIL

Based on activity through the Regina & area MLS® System, residential sales in April were down while the number of active listings for sale in the city continued at twenty-year plus highs, said the Association of Regina REALTORS® Inc.

There were 326 sales reported in all geographic areas, down 17% from 2014 when 391 sales were posted. The number of sales was below both the immediate past five-year average of 383 and the ten-year average of 354 for the month. There were 252 sales reported in the city, a decrease of 21% from 2014 when 317 sales occurred.

For April, the MLS® Home Price Index (HPI) reported a composite index level of 269.3 and residential price of $283,800 for the city. These are down 3.7% from last year’s levels of 279.3 and $294,300. This indicates that residential selling prices have fallen in the Regina market over the past year. It also shows selling prices as being down 2.1% over the past three year period. The HPI is a much more accurate measure of housing price trends than average price. It measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.

The average sales price in all market areas for the month was $335,534, an increase of 6% from 2014’s $316,680. The average in the city was $338,863, up 3% from last year’s $330,198. There is over a $55,000 difference between the HPI composite price and average price for the city – 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.

Sales in all areas totalled $109.4M compared to $123.8M in 2014 – a 12% decrease. Dollar volume in the city of $85.4M was down 18% from last year’s $104.7M.

For the year-to-date to the end of April, 945 sales have been reported in all areas – a 9% decline from 1,042 in 2014. In the city, 775 sales have been reported, a decrease of 10% from last year’s 858. The YTD average price to the end of April was $313,514, down 1% from last year’s $315,908. YTD sales volume stood at $296.3M, down 10% from the previous year’s $329.2M.

During April, homes which sold in the city were on the market for an average of 39 days before selling at an average of 97.0% of the asking price. This compares to 34 days and 97.5% in 2014.

In the city there were 1,393 homes for sale at the end of the month, an increase of 15% from last year’s 1,215 and 74% from 2013’s 803. This is the highest number of homes for sale at this time of the year in over 20 years. There were 606 new listings in the city placed on the MLS® System during the month, down 5% from 639 in 2014.

The ratio of firm sales to new listings for the month in the city was 42% and 38% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be a buyer’s market - above 60% is considered to be a market favouring sellers.

“Elevated supply levels carried over from 2014 have persisted so far this year providing buyers with a wide range of choices in most areas and price ranges. This has led to downward pressure on prices and extended periods of time for homes to sell. Sellers are well advised to set their asking price to reflect these conditions”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.

“Despite the slower market, economic fundamentals are supporting steady demand for housing in the area. However the current number of homes for sale is having an impact”, concluded Archibald.

The Association operates the Multiple Listing Service® System in Regina and area, and publishes the Regina Real Estate Review. The MLS® System is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties for sale.

Additional market information may be accessed here.

 



 

HPI

Association of Regina REALTORS® Inc.
MLS® System Residential Statistical Summary
April 2015

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HPI

Association of Regina REALTORS® Inc.
MLS® System Residential Statistical Summary
April 2015

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HPI

Association of Regina REALTORS® Inc.
MLS® Home Price Index Summary Report
April 2015

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The MLS® HPI measures price trends over four property type categories, as outlined above.

  • Single Family - Composite of One- and Two-storey single family homes.
  • Composite - includes all homes used in models, including One- and Two-storey single family homes, Townhouses and Apartments

Sales transactions reported through the MLS® System of the Association of Regina REALTORS(R) Inc. are the source of data on which the MLS® HPI is estimated.

The base (reference) period against which indices are compared for all property types in the MLS® HPI is January 2005. The base index is 100. Ex. A HPI value of 250 indicates a 150% price increase from January 2005.

Benchmark Price = comparison of price levels

Home Price Index (HPI) = assessment of price growth (retraction)


 

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