MLS® System Market Updates
For immediate release August 2, 2011
JULY HOUSING MARKET STEADY
Despite not reaching the 400+ sales mark achieved in May and June, residential sales reported through the Association of Regina REALTORS® Inc.’s MLS® System in July remained at elevated levels, said the Association.
There were 330 sales recorded during the month in all geographic areas, up 5% from 2010 when 314 sales occurred. This represents the third highest number of sales for the month in the immediate past ten-year period and is above the average of 307 for the same time period. There were 273 sales in the city, an increase of 1% over 2010 when 271 sales were reported.
For the year-to-date, 2,253 sales have taken place, an increase of 3% over 2010’s 2,193. This is the second highest for the time period, only behind 2007 when 2,574 sales were recorded.
The average price of sales in all geographic areas for the month was $272,548, down 3% from $281,836 posted in 2010. The average in the city was $287,413, a new high for the month and up 1% from $283,256 recorded last year.
YTD average price for both all geographic areas and in the city set new highs. The average price in a areas was $277,858, an increase of 6% over 2010’s $260,936. The city’s average price of $284,101 was up 7% over’s last year’s $264,550.
Dollar volume of sales for the month was $89.9M, an increase of 2% from 2010’s $88.5M. For the YTD, a new high of $626.0M has been set, surpassing the previous high of $572.2M set in 2010 by 9%.
During the month, homes sold were on the market for an average of 33 days before selling at an average of 96.8% of the asking price. This compares to 35 days and 97.1% for the YTD.
For all MLS® System geographic areas there were 1,552 active listings on the market at the end of July, including 791 in the city. This compares to 1,473 and 776 active listings, respectively, at the end of June. There were 595 new listings placed on the MLS® System during the month, up 4% from 573 in 2010.
“The market continues to perform very well with steady demand for housing. After 400 plus sales occurring in May and June, there was a fall off in July but this is not unusual for that month. Despite his, sales were above most historical comparisons,” said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
“Looking forward, all economic and job growth fundamentals point to a continued strong and steady housing 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.