August 2021 Regina Real Estate Market Update

Regina Real Estate Market Update August 2021

Sales in Regina were down 10.1% going from 385 in July 2020 to 346 in July 2021, and down 11.5% in the overall region, going from 479 to 424. In Regina, sales were 30.5% above the 5-year average (and 25.1% above the 10-year average), while in the larger region, sales were 28.8% above the 5-year average (and 25.1% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 42.9% over last year, increasing from 1,642 to 2,347, while YTD sales in the larger region rose 41.5%, going from 2,031 to 2,873.

Sales volume was down 9.9% in the city, going from $120.9M to $108.8M in 2021 (30.1% above the 5-year average, and 24.5% above the 10-year average). In the region, sales volume was down 7.0%, going from $146.1M to $135.8M (33.9% above the 5-year average, and 29.0% above the 10-year average). YTD sales volume in the city was $755.4M, an increase of 51.1% from last year, while in the region, YTD sales volume was $939.0M, an increase of 51.8% from last year.

In Regina, the number of new listings in July 2021 declined 1.1%, going from 555 to 549 (13.0% above the 5-year average and 10.2% above the 10-year average), while in the region, new listings declined 6.6%, going from 693 last year to 647 this year (5.1% above the 5-year average and 2.9% above the 10-year average). YTD new listings in the city rose 26.9%, going from 3,057 to 3,878, while in the larger region, the number of new listings to date rose 20.0%, going from 3,902 to 4,683. Active listings rose 7% in Regina (up from 1,432 to 1,532) and fell 2.3% in the region (down from 1,996 to 1,951).

Months of supply in Regina stood at 3.6 months (which is 19.0% above the level last year and 33.7% below the 5-year average), while the sales to listing ratio was 63.0%, suggesting that market conditions favour sellers. Months of supply in the larger region stood at 4.6 months (which is 10.4% above the level last year and 41.2% below the 5-year average), while the sales to listing ratio was 65.5%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 43 days in July, down 11.8% from 49 days last year (but below the 5-year average of 51 days and below the 10-year average of 43 days). Homes in the region stayed on the market longer than homes in the city at 45 days on average in 2021, also down from an average of 54 days last year (and 19.2% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the residential benchmark price in Regina rise nearly 6% year-over-year, going from $252,900 to $268,000.

From: SRA (Saskatchewan REALTORS® Association)