June 2020 Real Estate Market Update

Regina Real Estate Market Update June 2020

Sales in Regina were up 50.0%, going from 250 in June 2019 to 375 in June 2020, and up 62.8% in the overall region, going from 296 to 482. In Regina, sales were 21.6% above the 5-year average (and 18.3% above the 10-year average), while in the larger region, sales were 26.4% above the 5-year average (and 25.5% above the 10-year average). Year-to-Date (YTD) sales in Regina fell 8.9% over last year, decreasing from 1,350 to 1,230, while YTD sales in the larger region fell 4.0%, going from 1,581 to 1,518.

Sales volume was up 52.7% in the city, going from $76.7M to $117.2M in 2020 (19.1% above the 5-year average, and 16.5% above the 10-year average). YTD sales volume in the city was $371.1M, a decrease of 9.4% from last year. In the region, sales volume was down 2.9%, going from $476.0M to $462.0M (25.4% above the 5-year average and 25.9% above the 10-year average). YTD sales volume decreased 2.9% in the region, falling from $476.0M in 2019 to $462.0M in 2020.

In Regina, the number of new listings in June 2020 rose 25.6%, going from 477 to 599 (3.8% above the 5-year average and 8.3% above the 10-year average), while in the region, new listings rose 21.5% from 613 last year to 745 this year (1.1% below the 5-year average and 5.2% above the 10-year average). YTD new listings in the city fell 14.6%, going from 2,926 to 2,500, while in the larger region, the number of new listings to date fell 14.6%, going from 3,756 to 3,207. Active listings fell 17.4% in Regina (down from 1,610 to 1,330) and fell 20.2% in the region (down from 2,320 to 1,852).

Inventory in Regina stood at 4 (which is 44.9% below the level last year and 30.4% below the 5-year average), while the sales to listing ratio was 62.6%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4 (which is 51.0% below the level last year and 35.9% below the 5-year average), while the sales to listing ratio was 64.7%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 58 days in June—up 7.4% from 54 days last year (and above the 5-year average of 48 days and above the 10-year average of 38 days). Homes in the region stayed on the market longer than homes in the city at 62 days on average in 2020, but also up from an average of 58 days last year (and 18.3% above the 5-year average).

Median home prices in Regina went from $291,000 to $293,000 (an increase of 0.7%) and were approximately 3.0% below the 5-year and 2.4% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 1.7% from $271,300 to $276,000. Year-to-date, the median home price in Regina was $287,946 which is 0.2% above the $287,408 price from the same time last year. Median home prices in the region went from $285,000 to $295,950 (an increase of 3.8%) and were approximately 1.6% below the 5-year and 0.5% below the 10-year average median price. Year-to-date, the median home price in the region was $287,492 which is 0.9% above the $285,017 price from the same time last year.

From: SRA (Saskatchewan REALTORS® Association)