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2016 Bringing Balance to Regina Real Estate Market

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2016 Bringing Balance to Regina Real Estate Market
2 min. read

The big message so far in the Regina real estate market is that 2016 is shaping up to be significantly busier than 2015 was. This March, 302 homes were sold in Regina and the surrounding area. Compared to the 264 homes sold in that month a year ago, the 14% jump in sales activity certainly seems to point to a much more active market. In Regina proper, the jump is even higher, with 252 sales in the city representing an 18% increase in sales activity compared to 2015.

market-news-tag-blog-Regina-26.04.2016

Photo Credit: Tourism Regina

 

Prices Not Growing as Quickly as Sales Activity Just Yet

The good news for buyers in the Regina area this spring is that home prices have not been climbing as fast as the sales numbers might make you fear. The average sale price of a home in Regina last month was $317,327. While this is up slightly from the average in March 2015, a year-over-year increase of only 3% is certainly not much to worry about.

In the suburbs and surrounding areas not included in the city’s average sale prices, the numbers show a similar pattern. The increase in Regina plus the surrounding area was only 2% compared to last year, landing on a March average sale price of $307,609. This matches the pattern that has been seen throughout the start of 2016, with the average year-to-date price currently sitting at $311,952 for the city, and $308,397 for the city and surrounding area. These numbers equate to year-over-year increases of 1% and 2% respectively.

Listings Down in Regina

 Regina

The numbers of listings were down in Regina itself and in the surrounding area. In the city proper, only 503 new homes came on the market during March. At 9% fewer listings for the month than last year, this does seem to be part of a trend in the direction of a well-balanced market. One of the figures that market analysts use to understand whether the market favors buyers or sellers is the sales to new listings ratio. Last year, the ratio for the month was 38.9%, while this year it sits at 50.1%, a good indicator that both buyers and sellers have power in the current market.

There also remain a healthy number of condos for sale throughout the city of Regina. At the end of March, there were 1,179 homes listed in the city, with a full 28% of them being condos.

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