Overall, it is hard to consider 2016 anything but a success for the Regina real estate market. The overall sales figures for the city were strong, demonstrating a significant increase over the year before. Prices were also climbing throughout the year, but December did end the year on a bit of a question mark for the city.
The complete figures for 2016 ended at 2,834 for Regina proper and 3,481 for the city and its surrounding area. The city’s sales figures were 2% higher than they were in 2015. The city and its surrounding area combined grew at a slightly faster place, with 3% more sales than were seen in 2015.
Tightening Inventory Contributing to Growing Prices
A greater impact in the real estate market in Regina was observed on the listings side of the equation. There is some utility in observing these patterns in January when the entire previous year can help to paint a larger picture than might be observed when looking at single month comparisons. Over the course of the entire year, there were 887 new properties that came up for sale in Regina. This was 7% fewer than the 957 than were listed in 2015. This downward trend in availability may have been one of the driving forces that helped to increase the average prices of homes for sale in the city.
Pricing Trends Headed Upward in Regina
The pricing trends in Regina as measured by the MLS Home Price Index indicated that prices rose in 2016 compared to 2015 by a margin of 5.2%. However, when using the average price over the year to date, the price is down by .3% compared to 2015. Generally speaking, the HPI is considered a better indicator of overall pricing trends, but the ambiguity between the two measures shows that there is some uncertainty at work in the Regina real estate market.
It is clear that 2016 was generally a very strong year. However, as 2017 gets rolling, the downward trend that appeared right at the end of the year is worth paying attention to. Only 158 homes were sold in Regina during the month of December. December 2015 had 175 sales instead. This 10% difference is a good demonstration of why there are questions about where the Regina market may be heading into the new year. The good news is that while there are some uncertainties, the overall market is still in good enough shape to offer good opportunities to both buyers and sellers. The hope is that local economic stability will help maintain these same types of gradual changes rather than the sharp peaks and valleys seen in some of the nation’s larger markets.
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