MLS® System Market Updates
For immediate release June 6, 2010
MAY RESULTS POINT TO SHIFT TO BALANCED CONDITIONS
Year-over-year residential property sales in May through the Multiple Listing Service® System of the Association of Regina REALTORS® Inc. decreased slightly from 2009 levels, said the Association.
For the entire MLS® System, including all geographic areas, 363 sales took place, down 5% from 384 reported in 2009. Inside the city there were 308 sales, a decrease of 10% from 342 sales in 2009.
Monthly dollar sales volume of $91.5M was the second highest recorded, but down 10% from the all-time high of $101.4M set last year. Total dollar volume of sales in the city was $78.8M, down 14% from 2009’s $91.3M.
For the year-to-date there have been 1,545 homes sold through the MLS® System, up 11% from 2009’s 1,391 sales. YTD sales dollar volume stood at $392.0M, the highest ever recorded for the period and up 15% over 2009’s 341.5M. Average price for the YTD was $253,723, up 3% over last year’s $245,539.
Homes sold in May were on the market for an average of 34 days before selling compared to 36 in April of 2010. Homes sold at an average of 96.9% of asking price marking the first month since January that this indicator has fallen below 97.0%.
For all MLS® System geographic areas there were 1,488 active listings on the market at month end, including 904 in the city - the highest level since August 2009. There were 689 new listings placed on the MLS® System during the month, an increase of 3% from 2009’s 672.
“Many key market metrics from May’s results point to a further movement to balanced market conditions. Decreases in the sales to new listing ratio and percentage of selling to asking price, an increase in the number of active listings on the market and a leveling off the average sales price are all factors indicating a shift to a balanced market. We’re now in as much of a balanced market as we have been for a few years,” said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
“Looking forward, we expect to see demand levels remain steady provided the economy continues to perform well, create jobs and attract newcomers to the area. We do not anticipate that the recent Bank of Canada announcement to increase its interest rate nor changes to mortgage qualification rules made earlier by the federal government will have any significant impact on the local market ,” 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.