MLS® System Market Updates
For immediate release November 2, 2010
OCTOBER SALES DOWN – BALANCED MARKET CONDITIONS PREVAIL
Residential sales through the Regina and area MLS® System declined in October from 2009 levels for the sixth consecutive month, said the Association of Regina REALTORS® Inc.
For the entire MLS® System including all geographic areas, 274 sales were reported during the month, down 8% from 2009’s 298. Inside the city there were 240 sales, also a decrease of 7% from 259 sales in 2009.
Monthly dollar sales volume of $70.4M was the second highest ever recorded for the month, down 4% from the all-time high posted in 2009 of $73.4M. Total dollar volume of sales in the city was $63.8M, a decrease of 1% from $64.4M recorded last year.
For the year-to-date there have been 3,123 residential sales on the MLS® System, down 3% from 2009’s 3,226 sales. YTD dollar sales volume to the end of October was $805.2M, a new high and up 2% from last year’s $788.6M. The average price for the YTD was $257,822, another new high, and up 5% over 2009’s of $244,449.
Homes which sold in October were on the market for an average of 51 days before selling, an increase from 43 days in September. Homes sold at an average of 95.7% of asking price.
For all MLS® System geographic areas there were 1,352 active residential listings on the market at the end of the month, including 784 in the city. There were 390 new listings placed on the MLS® System during the month, a decrease of 11% from 2009’s 440. This marks the third consecutive month that the active listing inventory has fallen after peaking in July and the lowest level since April.
“Despite the decrease in sales in the last six-month period, they continue to be well above historical levels with balanced market conditions prevailing for the second half of the year. This is a market that favours neither sellers nor buyers, although it’s important for sellers to set their listing asking price for these conditions”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
“Despite the decrease in active inventory, we are anticipating that similar market conditions will continue for the remainder of the year”, concluded Archibald.
The Association operates the Multiple Listing Service® System in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9.
The MLS® System is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties for sale.
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Association of Regina REALTORS® Inc.