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More Choice Coming Up in Regina Real Estate Market

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More Choice Coming Up in Regina Real Estate Market
3 min. read

Listings are up again in the Regina real estate market, providing more options than ever before in the month of May for prospective home buyers. The increase in available listings coupled with a near-steady number of sales has also helped to stabilize prices. This is all good news for those looking for a new home in the Regina real estate market.

Photo Credit: Grahampurse via Wikimedia Commons

The total number of listings available at the end of May was 1,464. This is a 16.5% increase compared to the number of homes available at the same time last year. The month set a 10-year high for both active listings at the end of the month and new listings, with 661 new homes listed for sale.

Sales Activity Down Slightly

Sales activity in Regina is down slightly on a year-to-date basis. Through to the end of May, 1,324 homes were sold in the city. In 2016, sales had been 1.6% higher, with 1,346 sales being made to this point. A difference of 22 sales over five months is small enough that when it comes to analyzing the trends sales can essentially being viewed as holding steady on a year-over-year basis.

Currently, the market is in a balanced state with a 47.4% sales to new listings ratio. However, when the outlying areas and bedroom communities associated with the greater Regina area are taken into account, that ratio slips to 39.7% – a figure usually considered to just barely indicate a buyer’s market. This is a trend that is worth watching, to see if the market slides further in the direction of favouring buyers within the city proper as well as in the larger community.

Prices Also Holding Steady

Similar to the sales activity, the prices of property in Regina held relatively firm when compared not just to last year, but actually over the last several years. This year, the MLS Home Price Index (HPI) showed a price of $292,900 for homes in the city. This represents only a 1.8% decline over the last three years, showing clearly how stable pricing currently is in Regina.

Overall, market conditions seem to look good for buyers and sellers alike in Regina as stability and a balanced market continue into the spring. However, it is worth noting that the City of Regina is also growing much faster than the national average. While the rest of the country grew at a 5% rate between 2011 and 2016, Regina grew 11.8%. That growth, combined with the fact that sales are not increasing significantly, points to a market that may not be doing quite as well as it appears to be on the surface, and may indicate that a trend towards a buyer’s market is still to come.

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