For Week Ending August 8, 2015

That time of year is on its way: School. The summer's fun is winding down. Perceived as good for some weary parents, bad for some summer-loving kids and standard fare for real estate professionals that know August as a quiet identifier of the expectation of housing market slowdown. There have been some year-over-year inventory and price drops of late, but there's still little to be concerned about in the midst of what was largely expected after years of continuous increases.

In the Regina region, for the week ending August 8:

  • New Listings increased 3.2% to 159
  • Firm Sales decreased 13.9% to 62
  • Inventory decreased 6.0% to 2,336

For the month of July:

  • Median Sales Price decreased 3.2% to $300,000
  • Days on Market increased 19.0% to 50
  • Percent of Current List Price Received remained flat at 96.6
  • Months Supply of Inventory increased 6.3% to 6.7

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For Week Ending July 18, 2015

We have likely seen the peak of the summer selling season, and as anticipated, the numbers weren't quite as shiny as last year up to this point, but they were still nothing to complain about. Trends have maintained their line with past years, just at a quieter pace. Year-over-year comparisons may show declines, but in the grander scheme, all is still well. Complacency is not a recommended reaction, but overstating the situation is not either.

In the Regina region, for the week ending July 18:

  • New Listings decreased 18.7% to 148
  • Firm Sales decreased 13.8% to 75
  • Inventory decreased 3.5% to 2,423

For the month of June:

  • Median Sales Price increased 3.2% to $303,500
  • Days on Market remained flat at 40
  • Percent of Current List Price Received decreased 0.4% to 96.5%
  • Months Supply of Inventory decreased 20.0% to 5.6

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For Week Ending July 11, 2015

Earlier this summer, economists synthesized rising interest rates in conjunction with possible jumps in U.S. rates. However, in a rather unexpected move, the Bank of Canada dropped interest rates to 0.5 percent. As it stands, this is the second interest rate cut of the year and it comes with more than a few mixed reviews. Even though lower rates can entice previously ineligible buyers to the scene, it could provoke an undesirable off-kilter market in the future if lending is not made responsibly. Seeing what the second half of summer reveals will help dispel or cook up rumours that a change is gonna come.

In the Regina region, for the week ending July 11:

  • New Listings decreased 9.1% to 169
  • Firm Sales decreased 17.2% to 82
  • Inventory decreased 3.7% to 2,415

For the month of June:

  • Median Sales Price increased 3.2% to $303,500
  • Days on Market remained flat at 40
  • Percent of Current List Price Received decreased 0.4% to 96.5%
  • Months Supply of Inventory decreased 20.0% to 5.6

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Certain markets in Canada have experienced heavy price increases over the last seven or eight years. While a rise in prices is natural due to inflation, extreme jumps are the antithesis of a sustainable marketplace. Income equality has been a burgeoning topic of conversation, as a lack thereof could lead to a strain on housing and a new generation of buyers. At least Regina continues to be on more stable footing and should continue along that track through the remainder of the summer.

In the Regina region, for the week ending July 4:

  • New Listings increased 4.1% to 177
  • Firm Sales increased 37.5% to 88
  • Inventory decreased 1.8% to 2,455

For the month of June:

  • Median Sales Price increased 3.2% to $303,500
  • Days on Market remained flat at 40
  • Percent of Current List Price Received decreased 0.4% to 96.5%
  • Months Supply of Inventory decreased 21.4% to 5.5

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The past teaches meaningful lessons to the present and future. An interesting comparison of the 2015 housing market to the 1981 market was recently made in a Globe and Mail article. Homes may have been less expensive in 1981, but interest rates hung above 20 percent at one point. With today's prevailing rates for the medium-priced home at 10 percent down, monthly mortgage payments are about $1,000 lower, showing that low mortgage rates are more impactful on affordability than high sales price.

In the Regina region, for the week ending June 27:

  • New Listings decreased 3.8% to 177
  • Firm Sales remained flat at 91
  • Inventory decreased 2.8% to 2,469

For the month of June:

  • Median Sales Price increased 3.2% to $303,500
  • Days on Market remained flat at 40
  • Percent of Current List Price Received decreased 0.4% to 96.5%
  • Months Supply of Inventory decreased 22.9% to 5.4

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For Week Ending June 13, 2015

With overly priced homes still being a touchy subject for national market discussions, Saskatchewan's role in the country's housing story continues to differ. Prices in Regina are pretty consistent compared to last year, with only a mild decrease from 2014. The region continues to be a bastion of affordable living and many choices.

In the Regina region, for the week ending June 13:

  • New Listings decreased 24.7% to 168
  • Firm Sales decreased 6.7% to 83
  • Inventory increased 0.9% to 2,451

For the month of May:

  • Median Sales Price decreased 1.1% to $302,500
  • Days on Market increased 7.7% to 42
  • Percent of Current List Price Received decreased 0.3% to 96.6%
  • Months Supply of Inventory increased 30.4% to 7.3

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For Week Ending May 23, 2015

In year-over-year comparisons, weekly metrics have consistently struggled to keep up with 2014 numbers. The differences have been minor, for sure, and the slight lowering of volume is not exactly unexpected. The Regina market has performed well for years, and although this year may not ultimately set any records, it is still very much reliable.

In the Regina region, for the week ending May 23:

  • New Listings increased 13.7% to 207
  • Firm Sales decreased 11.0% to 81
  • Inventory increased 2.1% to 2,341

For the month of May:

  • Median Sales Price decreased 1.1% to $302,500
  • Days on Market increased 7.7% to 42
  • Percent of Current List Price Received decreased 0.3% to 96.6%
  • Months Supply of Inventory increased 23.2% to 6.9

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Click here to read Previous Weekly Activity Reports.

 

 

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Tim Chicilo
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