May 2020 Real Estate Market Update

Regina Real Estate Market Update

Sales in Regina were down 18.2%, going from 286 in May 2019 to 234 in May 2020, and down 13.6% in the overall region, going from 339 to 293. In Regina, sales were 19.2% below the 5-year average (and 24.8% below the 10-year average), while in the larger region, sales were 15.6% below the 5-year average (and 20.4% below the 10-year average). Year-to-Date (YTD) sales in Regina fell 22.2% over last year, decreasing from 1,100 to 856, while YTD sales in the larger region fell 19.4%, going from 1,285 to 1,036.

Sales volume was down 22.9% in the city, going from $90.0M to $69.4M in 2020 (25.0% below the 5-year average, and 30.5% below the 10-year average). YTD sales volume in the city was $254.2M, a decrease of 23.7% from last year. In the region, sales volume was down 20.1%, going from $387.7M to $309.6M (21.9% below the 5-year average and 26.2% below the 10-year average). YTD sales volume decreased 20.1% in the region, falling from $387.7M in 2019 to $309.6M in 2020.

In Regina, the number of new listings in May 2020 fell 23.9%, going from 637 to 485 (21.3% below the 5-year average and 20.9% below the 10-year average), while in the region, new listings fell 22.4% from 830 last year to 644 this year (21.4% below the 5-year average and 19.6% below the 10-year average). YTD new listings in the city fell 22.4%, going from 2,449 to 1,901, while in the larger region, the number of new listings to date fell 21.6%, going from 3,143 to 2,463. Active listings fell 22.4% in Regina (down from 1,609 to 1,248) and fell 22.4% in the region (down from 2,284 to 1,772).

Inventory in Regina stood at 5 (which is 5.2% below the level last year and 3.8% above the 5-year average), while the sales to listing ratio was 48.2%, suggesting balanced market conditions. Inventory in the larger region stood at 6 (which is 10.2% below the level last year and 1.4% below the 5-year average), while the sales to listing ratio was 45.5%, suggesting balanced market conditions.

Homes in Regina stayed on the market an average of 61 days in May—up 15.1% from 53 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 65 days on average in 2020, but also up from an average of 55 days last year (and 27.0% above the 5-year average).

Median home prices in Regina went from $290,500 to $282,000 (a decrease of 2.9%) and were approximately 6.2% below the 5-year and 7.3% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 3.7% from $267,200 to $271,300. Year-to-date, the median home price in Regina was $286,735 which is essentially unchanged from the $286,690 price from the same time last year. Median home prices in the region went from $294,000 to $280,000 (a decrease of 4.8%) and were approximately 6.6% below the 5-year and 7.3% below the 10-year average median price. Year-to-date, the median home price in the region was $285,800 which is 0.3% above the $285,020 price from the same time last year.

From: SRA (Saskatchewan REALTORS® Association)