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For immediate release July 3, 2008 MARKET REBALANCING CONTINUES IN JUNE The number of sales occurring through the Regina and area Multiple Listing Service® during June took a dip from red-hot 2007 levels, said the Association of Regina REALTORS® Inc. There were 302 MLS® residential sales during the month, a decrease of 33.3% from the record setting 453 sales in 2007. For the year-to-date 1932 residential properties have sold through the MLS®, down 7.0% from the all-time high of 2078 sales posted in 2007. Despite the decrease, this marks the second highest number of homes ever sold in the first half of any year. Monthly sales dollar volume of $73.4M was down 4.3% from the previous high of $76.7M recorded in 2007. Y-T-D dollar volume of $436.7M set a high for the time period, surpassing the previous record of $313.81M set in 2007 by 39.1%. The average price of all residential types sold set an all-time high for June of $242,981, an increase of 43.5% from 2007’s $169,271. This compares with averages of $235,458 in May and $248,039 in April. On a Y-T-D basis the average price of $226,056 was up 49.7% over last year’s $151,025. Homes inside the city sold in an average of 19 days during the month, compared to 11 days in 2007. Homes sold at an average of 97.7% of list price while in 2007 it was 103.1%, reflecting the change in market conditions “The number of new listings coming on the MLS® in June continued at well above historical levels. This coupled with similar increases occurring in April and May has resulted in a significant growth in the number of active listings on the market. Because of this buyers now have much more selection to choose from and time to make a buying decision”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “Despite the rebalancing in the market, the average price is holding relatively firm although sellers will need to price their property in line with these new market conditions to attract buyers and set realistic expectations about the amount of time for a home to sell”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release June 9, 2008 SURGE IN NEW MLS® LISTINGS BRINGS BALANCE TO THE MARKET IN MAY A surge in new residential listings on the Multiple Listing Service® in May has helped bring some balance to Regina’s residential real estate market, said the Association of Regina REALTORS® Inc. There were 356 MLS® residential sales during the month, a decrease of 27.5% from the record setting 491 sales in 2007. Despite the decrease in the number of sales, this was the second highest on record for the month only behind 2007. For the year-to-date 1633 residential properties have sold through the MLS®, surpassing the previous high of 1625 sales set in 2007 by 4.9%. Monthly sales dollar volume of $83.8M set a record, breaking the previous high set in 2007 of $79.3M. Y-T-D dollar volume of $364.2M eclipsed the previous record of $237.1M set in 2007 by 53.5%. The average price of all residential types sold set an all-time high for May of $235,458, an increase of 45.9% from 2007’s $161,433. On a Y-T-D basis the average price of $223,044 was up 52.8% over last year’s $145,938. “The largest number of new listings coming onto the MLS® in any one month in many years has helped bring some balance to the Regina market that we haven’t seen since 2006. This has provided more selection to choose from and time for buyers to make a buying decision. In addition, sellers are now reducing their asking price in many cases to attract buyers”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “We had expected that the torrid pace the market has been at would eventually level off at some point. The large number of new listings coming on the market in the past six weeks has slowed the pace but we will have to wait to see if this is the beginning of a longer term shift to a balanced market or simply a short term aberration. Provided the economy continues to perform well and create new jobs, we are anticipating that demand for housing will be strong for the remainder of the year.” concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release March 3, 2008 MLS® SALES ROLL CONTUNUES IN FEBRUARY Regina and area Multiple Listing Service® residential sales shattered records for the thirteenth month in a row in February, said the Association of Regina REALTORS® Inc. There were a record-setting 291 residential properties sold through the MLS® during the month, an increase of 16.9% over the previous high of 249 sales set in 2007. Monthly total dollar sales volume of $59.5M shattered the previous record of $33.0M set in 2007 by 80.3% For the year-to-date 539 residential properties have exchanged hands so far in 2008, breaking the previous high of 423 sales set in 2007 by 27.4%. This year’s Y-T-D dollar volume of $108.9M broke last year’s record of $53.4M by 103.7%. The average price of all residential types sold was $204,459, setting yet another monthly high and was up 54.3% over 2007’s $132,519. The average price of single-family detached dwellings was $221,717, an increase of 61.8% over 2007’s $136,991. On a Y-T-D basis the average price of $201,987 was up 59.9% over last year’s $126,328. The average price of all residential sales during the immediate last three-month period was $201,900. During the month the average price exceeded the average listing price of sold properties, meaning that many homes were selling at or above list price. At the end of February there were 483 active residential MLS® listings on the market, an increase of 12.3% from 430 at the end of January but down 20.2% from one year ago when 605 homes were listed. Of the 483 active listings, 94 already had a pending conditional sale recorded against them at the end of the month. Homes sold in an average of only 18 days during the month, compared to 31 days in January and 35 days in February 2007. Single-family detached homes sold in 17 days compared to 34 days in 2007. “Fortunately we saw an increase in the number of new listings, many of them condos, coming onto the market during the month. This helped with partly satisfying the extraordinary level of demand currently in the marketplace although supply remains very tight due to sales occurring so quickly”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “We’re expecting continued very high levels of demand and a shortage of quality listings with further upward pressure on prices well into the foreseeable future, especially as we approach what is traditionally the busiest time in the market during the spring months”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release February 4, 2008 NEW YEAR MARKS MORE MLS® SALES RECORDS Regina and area Multiple Listing Service® residential sales got off to a record start in January by toppling previous highs in all key measurement categories, said the Association of Regina REALTORS® Inc. There were 250 residential properties sold through the MLS®, an increase of 43.7% over 2007’s 174 sales and breaking the previous high of 202 set in 2002. This marks the twelfth consecutive month of monthly sales highs. Total dollar sales volume of $49.6M during the month shattered the previous high of $20.4M set in 2007 by 142.9%. The average price of all residential types sold was $198,585, another monthly high and up 69.1% over 2006’s $117,468. The average price of single-family detached dwellings was $213,072, an increase of 68.7% over 2007’s $126,288. The average price of residential sales during the immediate last three month period was $189,600. At the end of January there were 426 active residential MLS® listings on the market, a decrease of 4.5% from 446 at the end of December and down 31.9% from one year ago when 626 homes were listed. Of the 426 active listings, 98 already had a pending conditional sale recorded against them at the end of the month. Homes sold in an average of 31 days during the month, compared to 28 days in December and 41 days in January 2007. Single-family detached homes sold in 28 days compared to 38 days in 2007. “It’s apparent that the 2007 market has continued right into 2008 with a bang. Demand is continuing to exceed supply despite an increase in the number of new listings having come on to the market during the month”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “With the active number of listings being down by almost one-third compared to 2007 at the same time and demand levels continuing at record levels, conditions are such that there’s little doubt we will be heading into another very hectic late winter and early spring market similar to last year. With many buyers in the market looking at the limited inventory caused by listings turning into sales so quickly, we are likely to again routinely see multiple offers and upward pressure on prices”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release January 2, 2008 ANNUAL MLS® RESIDENTIAL SALES RECORDS BLOWN AWAY Regina and area Multiple Listing Service® residential sales records were blown away in 2007 with records being set for all key market indicators, said the Association of Regina REALTORS® Inc. There were 3,935 residential properties sold through the MLS® during the year, an all-time high and up 33.8% over 2006’s 2,940 sales. Total annual dollar sales volume exceeded the half billion mark for the first time ever ending the year at $652.1M, an increase of 68.2% over the previous high set in 2006 of $387.7M. The total number of all property types sold surpassed the 4,000 mark for the first time with 4,191 sales taking place, up 37.1% over last year’s 3,057. The total dollar volume of all sales set a new high water mark with $710.3M in properties exchanging hands, an increase of 74.6% over 2006’s $406.8M. The residential average sales price for the year of $165,725 set yet another high, eclipsing the previous record set in 2006 of $131,881 by 25.7%. December marked the eleventh consecutive month of record residential sales with 194 homes selling, an increase of 55.2% over 125 sales in 2006. The average price of homes sold during the month was $200,407, the first time the $200,000 mark has been passed and up 45.6% from 2006’s $137,643. The average price of residential properties sold in the last three months of the year was $187,129. At the end of December there were 435 active residential MLS® listings on the market, a decrease of 26.9% from 595 at the end of November and down 28.2% from one year ago when 606 homes were listed. Of the 584 active listings, 57 already had a pending conditional sale recorded against them at the end of the month. Homes sold in an average of 28 days during the month, compared to 30 days in November and 39 days in December 2006. Homes sold in an average of 26 days during the year, compared to 36 days in 2006. “The real story of the 2007 market is on the demand side. Job, population and household growth in the area during the year all contributed to unprecedented levels of net new demand for housing. Although we did see an increase in the number of new listings coming onto the market, it wasn’t anywhere near enough to satisfy the growth in demand. This led to a record number of sales, inventory turning over very quickly, multiple buyers bidding on properties and a record upward pressure on prices”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “Heading into 2008, the indications are that we will have a very similar market during the year provided the economy continues to create jobs and attract people to the area. In fact, current inventory levels are well below what they were one year ago and there are no signs of demand letting up”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release December 4, 2007 RESIDENTIAL SALES RECORDS FALL IN NOVEMBER MLS® residential sales records continued to fall in November with highs being set for all key market indicators, said the Association of Regina REALTORS® Inc. There were 282 residential properties sold through the MLS®, up 30.0% over 2006’s 217 sales and breaking the previous high of 234 set in 1996. This exceeds the immediate past ten-year average of 185 sales by 52.4%% and marks the tenth consecutive month of record sales this year. Total dollar sales volume in November of $49.1M set another all-time high for the month, up 83.1% over $26.8M posted in 2006. For the year-to-date to the end of November, 3,745 residential properties exchanged hands through the MLS®, up 33.0% over 2006’s 2,815 sales. This is a record for the YTD and is already an all-time high for total annual sales. The YTD sales dollar volume of $614.2M is up 65.8% over $370.5M recorded in 2006 and represents yet another record falling. The average price of all residential types sold during the month was $174,144, up 40.9% over 2006’s $123,627. The average price of single-family detached dwellings was $179,368, an increase of 41.7% over 2006’s $126,562. The YTD average price of all residential types was an all-time high of $163,995, up 24.6% over 2006’s $131,625. At the end of November there were 584 active residential MLS® listings on the market, a decrease of 17.5% from 708 at the end of October and down 20.0% from one year ago when 730 homes were listed. Of the 584 active listings, 74 already had a pending conditional sale recorded against them at the end of the month. Homes sold in an average of 30 days during the month, compared to 28 days in October and 43 days in November 2006. Single-family detached homes sold in 26 days compared to 41 days in 2006. “Despite seeing some signs of the normal seasonal effect of the market beginning to ease off in November, we continued to see records fall in all key MLS® market indicators. Demand levels are strong with the listing inventory turning over quickly due to a higher pace of sales”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “We’ve already broken annual records for sales and dollar volume so we can already say without any doubt that 2007 will be a record year for the Regina housing market”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release November 1, 2007 MLS® RESIDENTIAL SALES SURGE CONTINUES IN OCTOBER The surge in Regina and area Multiple Listing Service® residential sales continued in October with new highs being set for most key market indicators, said the Association of Regina REALTORS® Inc. There were 308 residential properties sold through the MLS®, marking the first time the 300 mark has been broken for October and an increase of 31.6% over 2006 when 234 sales occurred. This exceeds the immediate past ten-year average of 222 sales by 38.7% and marks the ninth consecutive month of record sales this year. Total dollar sales volume in October of $58.7M set yet another all-time high, up by almost double at 97.8% over 2006’s $29.7M. For the year-to-date to the end of October, there have been 3,468 residential properties sold through the MLS®, up 33.5% over 2006’s 2,598 sales. Not only is this a record high for the YTD but is already an all-time high for total annual sales with two months left in the year. The YTD sales dollar volume of $565.4M is up 64.5% over $343.7M posted in 2006 and is another record for both the YTD period and annual dollar volume only ten months into the year. The average price of all residential types sold during the month was $190,657, eclipsing $190,000 for the first time in any month and up 50.3% over 2006’s $126,882. The average price of single-family detached dwellings was $197,820, an increase of 52.2% over 2006’s $129,982. The YTD average price of all residential types was an all-time high of $163,030, up 23.2% over 2006’s $132,293. At the end of October there were 698 active residential MLS® listings on the market, a decrease of 5.4% from 738 at the end of September but down 17.7% from one year ago when 848 homes were listed. Of the 698 active listings, 85 already had a pending conditional sale recorded against them at the end of the month. Homes sold in an average of 28 days during the month, compared to 24 days in September and 36 days in October 2006. Single-family detached homes sold in 23 days compared to 35 days in 2006. “An increase in the number of new listings coming onto the market in September and October helped satisfy demand and contributed to the surge in sales during the month. A decrease in the number of lower priced property sales in recent months when compared to the first half of the year is resulting in a significant jump in the average MLS® price. It’s unusual to see price records broken this late in the year”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “If there wasn’t another sale recorded this year we could already say we’ve had the best year ever, but with two months to go and continued signs of the market not letting up we will not only be breaking annual records but shattering them at year end”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release October 5, 2007 MLS® RESIDENTIAL SALES RECORDS CONTINUE - SIGNS OF LEVELLING OFF More highs were set in September for home sales through the Regina and area Multiple Listing Service® but signs of the market leveling off continued during the month, said the Association of Regina REALTORS® Inc. There were 284 residential properties sold through the MLS® in September, yet another all-time high and increase of 11.4% over 2006 when 255 were sold, and well above the past ten-year average of 239 sales. This is the eighth consecutive month that sales highs have been posted in 2007 although it is the first since February that sales have fallen below the 300 mark and the fourth in a row of decreased sales. Total dollar sales volume of $52.7M posted another high for the month, exceeding the previous record of $32.6M set in 2006 by 61.6%. The monthly dollar volume is the sixth highest in the history of the MLS®, being only surpassed in the immediate five previous months. For the year-to-date to the end of the third quarter, there have been 3,163 residential properties sold through the MLS®, up 33.8% over 2006’s 2,364 sales for the same period. This has already surpassed the 2,943 sales occurring in all of 2006 by 7.5%. YTD sales dollar volume eclipsed the $.5 billion mark for the first time ever at $507.2M, ahead of $314.1M set last year for the same period by 61.5% and already exceeding the $387.9M figure posted for all of 2006 by 30.1%. The average price of all residential types sold during the month was $185,653, up 45.1% from 2006’s $127,955 and marking the highest in the history of the MLS® for any month. The average price of single-family detached dwellings was $189,656, an increase of 42.0% over 2006’s $133,563. Despite the increase in price, the ratio of the selling to listing price of properties fell below 100% for the first time since March. The YTD average price of all residential types was $160,357, up 20.7% over 2006’s $132,829 and breaking the $160,000 mark for the first time. At the end of September there were 731 active residential MLS® listings on the market, an increase of 5.6% from 692 at the end of August but down 20.5% from one year ago when 920 homes were listed. Of the 658 active listings, 88 had a pending conditional sale recorded against them at the end of the month. Homes sold in an average of 24 days during the month, compared to 20 days in August and 40 days in September 2006. Single-family detached homes sold in 16 days compared to 35 days in 2006. “Additional new supply coming onto the MLS® in September helped bring more balance to the market although the active supply still remains well behind historical levels for this time of the year because of the large number of homes selling so quickly. Despite setting another monthly record for sales the indicators continue that the market has leveled off consistent with yearly seasonal trends, albeit at a much higher level”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “Based on recent releases indicating increased in-migration and population growth, we are expecting demand levels to be high with continued upward pressure on prices to the end of the year. We’ve already passed 2006 in some key market measurements and are well on the way to the best year ever for the Regina market”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release September 5, 2007 AUGUST MLS® RESIDENTIAL SALES CONTINUE RECORD PACE Sales through the Regina and area Multiple Listing Service® continued to set records in August, said the Association of Regina REALTORS® Inc. There were 392 residential properties sold through the MLS® in August, a record for the month and increase of 32.9% over 2006 when 295 homes were sold, and well above the past ten-year average of 270 sales. It marks the seventh consecutive month that sales highs have been posted in 2007. Total dollar sales volume of $68.5M recorded an all-time high for the month, exceeding the previous record set in 2005 of $40.0M by 72.3% and 2006’s $38.2M by 79.3%. The monthly dollar volume is the fourth highest in the history of the MLS®, being only surpassed in May, June and July of this year. For the year-to-date, there have been 2,880 residential properties sold through the MLS®, up 36.6% over 2006’s 2,109 sales. YTD sales dollar volume of $454.6M set another record, topping the previous high of $281.4M set last year by 61.6%. The average price of all residential types sold during the month was $174,719, up 34.9% from 2006’s $129,495 but down slightly from the $176,536 mark set in July. The average price of single-family detached dwellings was $180,802, an increase of 36.1% over 2006’s $132,552. For the fifth consecutive month, the ratio of the selling to listing price of properties sold exceeded 100%. The YTD average price of all residential types was $157,864, up 18.3% over 2006’s $133,418. At the end of August there were 685 active residential MLS® listings on the market, an increase of 3.6% from 661 at the end of July but down 28.8% from one year ago when 962 homes were on the market. Of the 658 active listings, 77 had a pending conditional sale recorded against them at the end of the month. Homes sold in an average of 20 days during the month, compared to 23 days in July and 34 days in August 2006. Single-family detached homes sold in 19 days compared to 33 days in 2006. “Although the market continued to set highs in August with records being set in many statistical categories, we continued to see some signs that the market is leveling off – though at a much higher level than ever before. Closer selling to listing price ratios, a flat average price when compared to July and the third consecutive month of a decrease in the number of sales are indicators of a leveling off. An additional supply of listings coming onto the market and a typical seasonal effect with fewer sales occurring in the late summer have also contributed to more balance than earlier in the year”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “We are anticipating demand levels to be well above historical levels going into the fall months provided the economy continues to perform well and creates jobs and potential households. By early September we will already have surpassed the total number of sales which occurred in 2006 for the entire year, and are undoubtedly on our way to the best ever for the Regina market by a substantial margin”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release August 2, 2007 JULY MLS® SALES REACHES NEW MONTHLY HIGHS Sales through the Regina and area Multiple Listing Service® continued to reach new heights in July, said the Association of Regina REALTORS® Inc. There were 409 residential properties sold through the MLS® during July, a record for the month and increase of 35.9% over 2006 when 301 homes were sold and well above the ten-year average of 270 sales. This represents the third highest number of homes sold during any month in the history of the MLS®, only exceeded in May and June of this year. It marks the sixth consecutive month that record sales have been posted in 2007. Monthly total dollar sales volume of $72.3M recorded an all-time high, exceeding the previous record set in 2006 of $41.3M by 74.8%. The monthly dollar volume is the third highest in the history of the MLS®, again only surpassed in May and June of this year. For the year-to-date, there have been 2,489 residential properties sold through the MLS®, up 37.2% over 2006’s 1,814 sales. This marks the first time that YTD sales have exceeded the 2,000 mark seven months into the year. YTD sales dollar volume of $386.4 set another record, topping the previous high of $243.2M set in 2006 by 58.9%. The average price of all residential types sold during the month broke the $170,000 mark for the first time ever at $176,537, an all-time high for any month and up 28.7% from $137,195 posted in 2006. The average price of single-family detached dwellings was $186,166, an increase of 27.4% over 2006’s $146,147. For the fourth consecutive month, the ratio of the selling to listing price of properties sold exceeded 100% due to many properties selling above list price. The YTD average price of all residential types was $155,237, up 15.8% over 2006’s $134,056. The average price continues to be affected by a large increase in sales of homes priced under $40,000. At the end of July there were 658 active residential MLS® listings on the market, a slight decrease of .6% from 662 at the end of June but down 36.8% from one year ago when 1,041 homes were on the market. Of the 658 active listings, 121 already had a pending conditional sale recorded against them. Homes sold in an average of 23 days during the month, compared to 19 days in June and 39 days in July 2006. Single-family detached homes sold in only 16 days during the month, compared to 37 days in 2006. “Although we saw yet another monthly record set for sales in July, we’re beginning to see some signs that the market may be leveling off albeit at a much higher level than in the past. This was the second consecutive month that the number of sales decreased over the previous month. This is partly because of a seasonal effect we typically see as we move into the 3rd quarter, but also we’re hearing reports from members that the number of buyers bidding for a home is not as intensive as what it was earlier in the year. A month-over-month average price increase of only .5% in July for single family dwellings is also an indication of more balance in the market although homes sold almost as quickly in July as in June”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “As the economy continues to perform well, generate new jobs and attract newcomers to the city, demand for housing will continue at near record levels into the foreseeable future”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release July 4, 2007 JUNE, FIRST HALF MLS® SALES RECORDS SHATTERED New highs were set for June and first half year-to-date home sales through the Regina and area Multiple Listing Service®, said the Association of Regina REALTORS® Inc. There were 456 residential properties sold through the MLS® during June, an all-time high for the month and an increase of 37.3% over 2006 when 332 homes were sold, and well above the ten-year average of 293 sales. This represents the second highest number of homes sold during any month in the history of the MLS®, only exceeded in May of this year when 494 homes exchanged hands. It also marks the fifth consecutive month that record sales have been posted. Monthly total dollar sales volume of $77.4M also posted an all-time record for the month and was up 70.3% over the previous high set in 2006 of $45.5M. The monthly dollar volume is the second highest in the history of the MLS®, only exceeded by the $84.3M set in May of this year. For the year-to-date, there have been 2,084 residential properties sold through the MLS®, up 37.7% over 2006’s 1,513 sales and well above the ten-year average of 1,466 sales. This marks the first time YTD sales have topped the 2,000 mark at the half-way point and the highest number of homes ever sold for the first six months. YTD sales dollar volume of $314.9M set yet another record, surpassing 2006’s $201.9M by 56% and exceeding $300M for the first time. The average price of all residential types sold during the month was $169,729, a new high and up 24.0% from $136,903 recorded in 2006. The average price of single-family detached dwellings was $185,900, an increase of 33.7% over 2006’s $139,074. For the third consecutive month, the ratio of the selling to listing price of properties sold exceeded 100% due to many selling at or above list price. The YTD average price of all residential types was $151,110, up 13.2% over 2006’s $133,431. The average price continues to be affected by a large increase in sales of homes priced under $40,000. At the end of June there were 658 active residential MLS® listings on the market, a slight increase of 2.5% from 642 at the end of May but down 38.0% from one year ago when 1,061 homes were on the market. Of the 658 active listings, 162 already had a pending conditional sale recorded against them. Homes sold in an average of 19 days during the month, compared to 28 days in May and 34 days in June 2006. Single-family detached homes sold in only 17 days during the month, compared to 31 days in 2006. “Regina’s real estate market continues to be the talk of the town, with demand levels and prices at all-time highs. Even though there was an increase in the number of new listings coming onto the market during June, the supply side has not been able to satisfy the new level of demand seen this year. As a result, we’re continuing to experience record sales and unprecedented upward pressure on prices with many properties selling well above list price. New listings are selling so quickly that inventory has not been able to recover to historical active listing levels”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “Strong economic performance and job creation in our region are attracting newcomers to Regina looking for homes. Indications are that we will be seeing comparable market conditions into the foreseeable future, with no immediate signs of the market letting up anytime soon”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: Click Here to return to Press Release Page For immediate release June 1, 2007 MAY MLS® HOME SALES TOPPLES RECORDS Records toppled in May in most Regina and area’s Multiple Listing Service® sales categories, said the Association of Regina REALTORS® Inc. There were 494 homes sold through the Regina MLS® during the month, an increase of 39.2% over 2006 when 355 homes were sold. This represents the largest number of homes sold during any month in the history of the MLS® and the first time ever that sales have exceeded the 400 mark. It is also the fourth consecutive month that record sales have been posted. Monthly total dollar sales volume of $84.3M also posted an all-time record for any month in the history of the MLS®, eclipsing the previous high of $50.6M set in 2006 by 58.7% in 2007. For the year-to-date, there have been 1.629 homes sold through the MLS®, up 37.9% over 2006’s 1,181 sales. This represents the largest number of homes sold for the first five-month period in the past twenty years. YTD sales dollar volume set another record at $237.8M, an increase of 52.0% over the previous high set last year of $156.4M. The average price of all residential types sold during the month was $162,532, yet another high and an increase of 14.1% from $142,480 recorded in 2006. The average price of single-family detached dwellings was $177,952, up 19.4% over 2006’s $149,091. For the second consecutive month, the ratio of the selling to listing price of properties sold exceeded 100% due to many selling at or above list price. The YTD average price of all residential types was $145,935, up 10.2% over 2006’s $132,455. The average price continues to be affected by a large increase in sales of homes priced under $40,000. At the end of May there were 640 active residential MLS® listings on the market, a decrease of 6.2% from 682 at the end of April and down 38.5% from one year ago when 1,040 homes were listed. Of the 640 active residential listings, 175 already had a pending conditional sale recorded against them. Homes sold in an average of 28 days during the month, compared to 23 days in April and 29 days in May 2006. Single-family detached homes sold in only 21 days during the month compared to 29 days in 2006. “Regina’s real estate market continues at a torrid pace with levels of demand not seen before. Although the number of new listings coming onto the market is well in line with historical levels for this time of the year, supply simply hasn’t been sufficient to satisfy the surge in demand. This is continuing to put significant upward pressure on prices and ongoing instances of properties selling well above listing price as buyers compete for a home. Inventory levels have not been able to catch up to demand because of new listings turning into sales so quickly”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “It appears that recent campaigns to attract both ex-patriots and newcomers to Regina are having an effect as our members are continuing to work with many Alberta and BC buyers. The city’s recent economic and job growth are generating new employment opportunities for these people, creating a new layer of demand that hasn’t existed in many years. We are anticipating similar market conditions through the summer months”, concluded Archibald. The Association operates the Multiple Listing Service® in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact: |
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