2015 was not a banner year for the real estate market in Regina. The upside is that for people looking to buy a new home in the city, conditions appear to be optimal. The first piece of good news is that the average home price over the year was a modest $293,328. Although average house pricing is only a very general indication of what a person may end up paying for any individual property, the reality is that this number is 7% lower than the $314,641 average home price of 2014. This means that for certain there are any number of bargains out there for motivated home buyers to find.
Inventory in Regina Stays Sky High
One of the biggest influences on real estate prices in the Regina area has been the number of homes listed on the market. Records were broken during 2015 in terms of how many houses were available for buyers to choose from at any given time. By the end of the year, there were 957 potential homes listed for sale for buyers to choose from. This was 2% more than last year, but a staggering 26% more than two years previously.
2015 Ends on a Slow Month in Regina
Overall the real estate market has experienced an very sluggish year in Regina. The total number of homes sold in the area throughout the year was 3,392. The year before, 3,642 homes were sold. It has been seven years since the city and its surrounding area experienced such a slow real estate market. The trend was apparent when looking at both the city proper, and its surrounding area.
December itself was no exception to the trend established throughout the year at large. 8% fewer homes were sold in the city this December, at 177, than in the previous year. Homes were sitting on the market for an average of 56 days in 2015, a full ten days more than the average in 2014.
The reality is that in a province with a largely resource-based economy, recent declines in resource prices have affected the economy at large throughout the province. This is happening in a difficult period for people who need to sell their homes. However, motivated buyers should find a market that offers both a wide selection, and better prices than have been seen in the city for some time.