|
Current Update
For immediate release May 7, 2013
Association of Regina REALTORS® Inc.
MARKET SOFTENING CONTINUES IN APRIL
Residential sales reported through the Regina and area MLS® System in April were down from 2012, marking the ninth consecutive month that sales have been down year-over-year, said the Association of Regina REALTORS® Inc.
There were 336 sales recorded in all areas, the highest monthly number recorded this year but down 24% from 2012 when 441 sales were reported. The number of sales was well below the immediate five-year average of 386, but on par with the ten-year average of 337 for the same month. There were 280 sales reported in the city, a decrease of 20% from 2012 when 349 residential properties exchanged hands on the System.
Sales for the year-to-date are down 25% with 1,019 being posted, compared to 1,354 in 2012. Sales in the city were 860, down 22% from 2012 when 1,102 were reported.
The average sales price in all market areas for the month was $316,606, a new high and an increase of 1% from $312,412 recorded in 2012. The average in the city was $318,755, down slightly from $319,583 posted last year.
YTD average price to the end of March was $311,896, up 6% from 2012’s $294,787.
The new MLS® Home Price Index (HPI) for April reported an index level of 285.0 and composite residential price of $309,600 for the city. These are down 0.18% for the last six months, but up 2.2% over the past one-year period. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.
The decrease in the number of sales resulted in a 23% decrease in the total dollar sales volume from the same month one year ago. Sales volume of $106.4M was posted, the first time this has exceeded the $100M mark in 2013, but down 20% from 2012’s record level of $137.8M. Dollar volume in the city of $89.3M was down 20% from the record high of $111.5M set in 2012.
YTD sales volume was $317.8M, a decrease of 20% from 2012’s $399.1M.
During the month, homes which sold were on the market for an average of 35 days before selling at an average of 97.2% of the asking price. This compares to 31 days and 97.8% in 2012.
For all MLS® System geographic areas there were 1,449 active listings on the market at the end of April, including 803 in the city. There were 690 new listings placed on the MLS® System during the month, up 11% from 623 in 2012.
The ratio of firm sales to new listings for the month was 54% in the city and 49% in all geographic areas. These ratios generally indicate balanced market conditions and a reasonable supply from which buyers may choose. Balanced market conditions are generally in the 40-60% range - above 60% is considered to be a market favouring sellers.
“Despite the pull back from last year’s levels, we did see an uptick in sales with April being the strongest month for sales so far in 2013. There is also a good selection of homes available for buyers” said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
“Local economic activity, job and population growth, coupled with a tight rental market all point to a healthy market for the remainder of the spring and into the summer months,” concluded Archibald.
The Association operates the Multiple Listing Service® System in Regina and area, and publishes the Regina Real Estate Review. 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.
Additional market information may be accessed here.
For more information, contact:
Gord Archibald, Executive Officer
306-791-2705
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Trademark owned or controlled by the Canadian Real Estate Association. Used under license.
Association of Regina REALTORS® Inc.
MLS® System Residential Statistical Summary
For Month Ending April 30, 2013
Association of Regina REALTORS® Inc.
MLS® Home Price Index Summary Report
For month ending April 2013
The MLS® HPI measures price trends over four property type categories, as outlined above.
- Single Family - Composite of One- and Two-storey single family homes.
- Composite - includes all homes used in models, including One- and Two-storey single family homes, Townhouses and Apartments
Sales transactions reported through the MLS® System of the Association of Regina REALTORS(R) Inc. are the source of data on which the MLS® HPI is estimated.
The base (reference) period against which indices are compared for all property types in the MLS® HPI is January 2005. The base index is 100. Ex. A HPI value of 250 indicates a 150% price increase from January 2005.
Benchmark Price = comparison of price levels
Home Price Index (HPI) = assessment of price growth (retraction)
Read previous updates here
|
