The Regina real estate market remains slow as summer starts to approach. Sales for the month of May were below the ten-year average for the month. Most of 2018 has thus far been similarly slow. However, the market did pick up slightly from the past few months, showing signs of a typical increase in activity that traditionally follows warming temperatures.
Throughout the entire greater Regina area, there were 365 home sales during the month of May. This is a 2.7% year-over-year decline in activity. The 10-year average of 390 sales demonstrates that 2018 is off to quite a slow start, historically speaking. Within the immediate city, sales were down 5.5% on a year-over-year basis, with 294 homes sold in the month of May.
Listings Starting to Pile up in Regina
One of the results of the ongoing sales slowdown in Regina is a steadily accumulating pool of active listings in the city. At the end of May, there were 1,734 homes for sale in the Regina area. At an 18.4% year-over-year increase, this means that there were more active listings at the end of May than at the end of any previous May since statistics have been tracked in Regina.
New listings were also up across both the city proper and the greater surrounding area. In the city itself, new listings jumped up 5.9% on a year-over-year basis with 657 new homes listed for sale. This contributed to the 959 new listings for the entire Regina real estate area, which was up 5.4% compared to 2017.
Prices Continuing to Decline in Regina
Prices have been declining in Regina for quite some time now, and the trend is continuing throughout 2018. The composite benchmark price for properties within the Regina city limits was $276,500 in May. This inched up $900 from the benchmark price in April. However, it was also 6.2% lower than the benchmark price in May of 2017. The 6.2% decrease is part of a pattern that has been ongoing for over a year in Regina.
Demand for real estate in Regina is definitely on a downward trajectory, which may provide some opportunities for motivated buyers moving forward. Last year, homes in the city took an average of 34 days to sell in May. This number has jumped to 56 days this year. With more listings and declining prices, buyers may find an abundance of excellent options in the coming months in Regina.
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