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Regina Home Sales Cool for Second Year in a Row for October

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Regina Home Sales Cool for Second Year in a Row for October
3 min. read

For four years running, the Regina real estate market has seen home sales in October stay below the ten-year average, with both this year and the previous one being particularly low for the month. In the last two years, sales reached lows that hadn’t been seen since 2008. Overall, the figures from 2017 and 2018 were essentially identical, representing no growth, but also no further decline in sales activity in the market.

Overall, 225 homes were sold throughout the Greater Regina Area in the month of October. Given that the 10-year average still sits at 288 homes for this month, the figures indicate that the Regina market is currently performing well below average. However, it is important to note that there has been a shift in the market within the city proper and the outlying areas. This year, 215 homes sold in October within Regina proper. This was actually a 4.4% increase year-over-year, perhaps representing an increasing interest in city properties, while outlying districts may be losing some of their appeal at the present moment.

Listings Continuing to Float at High Levels

Overall inventory has been on the rise in Regina for some time. Strong listing activity over the last few years, along with declining sales, has been pushing overall levels higher. With over 8 months of supply currently available, the inventory is clearly contributing to a market that may favour certain buyers. The 1,594 homes listed for sale at the end of October was 10.4% higher than the number that were available at the same time in 2017.

However, it is worth noting that new listings did decline on a year-over-year basis, if only by a very small amount. The 538 new homes listed for sale was actually a small decline of 1.7% compared to last year. Given the wide range of options that buyers currently have, it should also come as no surprise that homes are staying on the market slightly longer. Properties in the city itself are up from an average of 61 days on the market last year to 66 days this year.

Prices on the Decline as Well in Regina

With a pattern of decreasing sales and increasing inventory well established in Regina, prices are continuing to move downwards. The benchmark price in the city hit $277,100 for October.  While only 3.6% lower than the value from last year, it is a far cry from the highs of over $300,000 that were seen in 2013.

Certainly, for those who bought property in Regina around 5 years ago, the current trends could induce a little stress. However, the real estate market is always cycling, and right now buyers have a lot of reasons to be optimistic in Regina. The situation currently is very promising for someone who might be looking for a new home in the Queen City.

 

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