Regina Real Estate Market Update December 2020

Sales in Regina were up 67.3%, going from 147 in November 2019 to 246 in November 2020, and up 77.1% in the overall region, going from 166 to 294. In Regina, sales were 26.3% above the 5-year average (and 21.0% above the 10-year average), while in the larger region, sales were 28.5% above the 5-year average (and 24.1% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 15.5% over last year, increasing from 2,456 to 2,836, while YTD sales in the larger region rose 20.5%, going from 2,917 to 3,515.

Sales volume was up 78.5% in the city, going from $41.5M to $74.1M in 2020 (25.6% above the 5-year average, and 18.3% above the 10-year average). YTD sales volume in the city was $871.2M, an increase of 17.2% from last year. In the region, sales volume was up 22.2%, going from $880.2M to $1,075.5M (28.1% above the 5-year average and 22.6% above the 10-year average). YTD sales volume increased 22.2% in the region, rising from $880.2M in 2019 to $1,075.5M in 2020.

In Regina, the number of new listings in November 2020 rose 10.2%, going from 293 to 323 (0.8% above the 5-year average and 0.1% above the 10-year average), while in the region, new listings rose 11.4% from 341 last year to 380 this year (1.8% below the 5-year average and 2.0% below the 10-year average). YTD new listings in the city fell 3.2%, going from 4,923 to 4,764, while in the larger region, the number of new listings to date fell 4.6%, going from 6,233 to 5,949. Active listings fell 20.5% in Regina (down from 1,321 to 1,050) and fell 25.4% in the region (down from 1,827 to 1,363).

Inventory in Regina stood at 4.3 months (which is 52.5% below the level last year and 36.2% below the 5-year average), while the sales to listing ratio was 76.2%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.6 months (which is 57.9% below the level last year and 41.2% below the 5-year average), while the sales to listing ratio was 77.4%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 59 days in November—down 9.2% from 65 days last year (and above the 5-year average of 59 days and above the 10-year average of 50 days). Homes in the region stayed on the market longer than homes in the city at 64 days on average in 2020, but also down from an average of 68 days last year (and 0.6% above the 5-year average).

Median home prices in Regina went from $280,000 to $295,750 (an increase of 5.6%) and were approximately 1.6% above the 5-year and 0.8% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is down 7.8% from $268,300 to $289,100. Year-to-date, the median home price in Regina was $291,007 which is 1.0% above the $288,059 price from the same time last year. Median home prices in the region went from $280,000 to $285,500 (an increase of 2.0%) and were approximately 0.4% above the 5-year and 0.7% below the 10-year average median price. Year-to-date, the median home price in the region was $288,727 which is 1.0% above the $285,955 price from the same time last year.

From: SRA (Saskatchewan REALTORS® Association)