MLS® System Market Updates
For immediate release March 3, 2010
FEBRUARY MLS® SALES SET NEW HIGHS
Sales in February through the Multiple Listing Service® System of the Association of Regina REALTORS® Inc exceeded 2009 levels while setting new highs in some key measurement areas, said the Association.
For the entire MLS® System including all geographic areas there were 267 residential sales posted, an increase of 15% from 232 in 2009. This marks the second highest number of sales ever for the month, only behind 2008 when 294 sales took place. Inside the city there were 239 residential sales, up 9% from 219 sales recorded in 2009.
The dollar volume of $70.4M set a new high and was up 30% over 2009’s $54.1M. The previous high of $60.0M was set in 2008. Total dollar volume of sales in the city was $62.1M, up 22% over 2009’s $50.8M and also setting a new record.
For the year-to-date there have been 450 homes sold, up 12% from last year’s 401 sales. YTD sales dollar volume stood at $114.4M, an increase of 27% over 2009’s 90.2M and a new high for the period. Average price for the YTD was $254, 205, yet another new high and up 13% over last year’s $224,867.
Homes sold in February were on the market for an average of 41 days before selling compared to 49 in January of 2010. Homes sold at an average of 97.7% of asking price.
For the entire MLS® System including all geographic areas there were 1,049 active listings on the market at month end including 627 in the city. There were 479 new listings received during the month, a decrease of 8% from 2009’s 521.
“February reflected the type of month we’ve seen for quite some time now – strong and steady levels of demand for housing”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
“The upward pressure on average price, decrease in days to sell and a tightening of the ratio between the selling and asking price during the month are all indicators of the strength of demand in the marketplace. Although there was some slight increase in the number of active listings on the market, we need to keep an eye on supply going forward as it may not be sufficient to satisfy demand as we are about to enter the busy spring period – particularly in the city. This could create further added pressure on prices”, 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.