MLS® System Market Updates
For immediate release June 2, 2011
HOUSING MARKET HIGHS TUMBLE IN MAY
The number of sales through the Regina and area MLS® System for all geographic areas in May was up from one year ago while previous highs fell in many key measurement areas, said the Association of Regina REALTORS® Inc.
There were 401 sales reported during the month, up 11% from 2010 when 360 sales were recorded. This is the first time that sales have surpassed the 400 mark since July 2009 and marks the second highest ever for the month, only behind May of 2007 when 494 sales took place. There were 348 sales in the city, an increase of 14% over 2010 when 306 sales were posted. For the year-to-date, 1,516 sales have occurred, down 2% from last year’s 1,542 sales. In the city, 1,319 sales have been reported, a drop of 1% from 1,333 in 2010.
May’s average price of $296,838 set a new high for any month in the history of the Association’s MLS® System and was up 18% over 2010’s $250,852. In the city, the average price broke the $300,000 mark for the first time ever, coming in at $304,370 - up 19% from 2010’s $255,744. For the YTD in all geographic areas, a new high of $276,962 was set – an increase of 9% over $253,458 in 2010. The city’s YTD average price was $282,547, up 10% from last year’s $256,782 and also a new high for the period.
The upward movement in average price for the month reflects that virtually all of the increase in homes sales was in the +$300,000 range, coupled with fewer lower priced homes selling when compared with 2010.
The combination of the number of sales and new price highs caused previous sales dollar volume records to fall. For the entire MLS® System, $119.0M in sales was reported in May, an increase of 32% over 2010’s $90.3M. YTD dollar volume also set a new high for the period, coming in at $419.9M, surpassing the previous high set last year of $390.9M by 7%.
During the month, homes sold were on the market for an average of 31 days before selling at an average of 97.0% of the asking price. This compares to 37 days and 96.7% for the YTD.
For all MLS® System geographic areas there were 1,445 active listings on the market at the end of April, including 802 in the city. This compares to 1,283 active listings at the end of April. There were 766 new listings placed on the MLS® System during the month, up 11% from 689 in 2010.
"May was a catch up month for sales, ending a streak of three consecutive months where sales had declined from last year. Despite the number of sales, an increase in the number of new listings coming on the market during the month helped to keep a semblance of balanced market conditions, although we are beginning to hear some reports from members of having some difficulty finding homes for buyers and are seeing a few sell above asking price,” said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
"With the economy continuing to grow, generate jobs and population growth occurring in the area, we will continue to see the housing market to be very active for the foreseeable future," 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.