March 2020 Real Estate Market Update
Regina Real Estate Market Update March 2020
Sales in Regina were up 1.9%, going from 210 in March 2019 to 214 in March 2020, and up 11.5% in the overall region, going from 235 to 262. In Regina, sales were approximately 2.0% below the 5-year average and just over 9.0% below the 10-year average, while in the region overall, sales were 3.7% below their historical averages. Year-to-Date (YTD) sales in Regina fell 8.6% over last year, decreasing from 525 to 480, while YTD sales in the larger region fell a more modest 3.7%, going from 597 to 575.
Sales volume was up 5.3% in the city, going from $62.4M to $65.7M in 2020 (3.4% below the 5-year average). YTD sales volume in the city was $141.5M, a decrease of 9.3% from last year. In the region, sales volume was also up 19.0% going from $68.3M to $81.3M (2.9% above the 5-year average). YTD sales volume decreased 1.7% in the region, however, falling from $176.3M in 2019 to $173.4M in 2020.
The number of new listings in Regina fell a significant 19.5% from March of last year, going from 534 to 430 (over 13.0% below the 5- and 10-year averages), while in the region the situation was slightly better with new listings only falling 16.1% from 670 last year to 562 this year. Active listings also fell 4.6% in Regina (down from 1,344 to 1,282) and 4.2% in the region (down from 1,836 to 1,759).
The sales to listing ratio was 49.8% in Regina and 46.6% in the region suggesting somewhat balanced market conditions in the area.
Homes in Regina stayed on the market an average of 68 days in March—down 6.8% from 73 days last year (but still above the 5-year average of 58 days). Homes in the region stayed on the market somewhat longer than homes in the city at 75 days on average in 2020, but also down from an average of 84 days last year.
Average home prices in Regina went from $297,134 to $307,140 (an increase of 3.4%) and were approximately 1.0% above the 5- and 10-year average price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 1.8% from $266,500 to $271,300. Average home prices in the region also increased by 6.8%, going from $290,559 to $310,250 which is also approximately 0.3% above historical averages.
From: SRA (Saskatchewan REALTORS® Association)