February 2020 Real Estate Market Update
Regina and area sales continued to dip below 2019 levels in February, with 154 sales in the city down 9.9% from 171 last year, and down 5.2% in the full region from 191 to 181. These were in line with the 5-year average of 183 but below the 10-year average of 202. YTD sales were also down – 14.9% in the city from 315 to 268, and 12.7% in the region from 362 to 316.
The dip in sales was reflected in the sales dollar volume, with the city’s $45.9M down 11.2% and the region’s $54.8M down 7.6%. YTD, volume was down 18.7% in the city to $76.1M and down 14% in the region from $108M last year to $93M.
New listings were up in both city and region; 17.4% from 304 to 357 and 20% from 371 to 446, respectively. There were 1215 active listings in the city, and 1631 in the region, above 5-year regional averages of 1603 and 10-year averages of 1365.
The sales to listing ratio of 43% in the city and 41% in the region indicate near-balanced market conditions, although edging towards favoring buyers.
Homes took an average of 79.2 days to sell in Regina, up one day from last year, and took 79.5 days in the region, down 2 days from 2019, well above the 5-year average of 69.8 days and the 10-year average of 60.7.
Average prices in Regina were $298,052, down 1.4% from February 2019, and in the region, $302,652 down 2.5%. The MLS® HPI Composite benchmark price in Regina decreased 5.5% from $264,200 last year to $249,800.
“In Regina, we’re seeing opposite conditions from Saskatoon. Sales are down and listings are up – this combination is driving prices down however we are hopeful that the changes in mortgage rules coming up this April will have a positive effect on the residential market here in Regina,” says Yochim. “In the meantime, it continues to be a great market if you’re looking to purchase a home.”
From: SRA (Saskatchewan REALTORS® Association)