May 2021 Real Estate Market Update
Regina Real Estate Market Update May 2021
Sales in Regina were up 172.2% going from 144 in April 2020 to 392 in April 2021, and up 189.4% in the overall region, going from 170 to 492. In Regina, sales were 51.0% above the 5-year average (and 42.2% above the 10-year average), while in the larger region, sales were 57.0% above the 5-year average (and 49.6% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 91.0% over last year, increasing from 621 to 1,186, while YTD sales in the larger region rose 94.1%, going from 743 to 1,442.
Sales volume was up 207.3% in the city, going from $43.9M to $135.0M in 2021 (62.3% above the 5-year average, and 51.2% above the 10-year average). In the region, sales volume was up 240.2%, going from $50.4M to $171.5M (70.6% above the 5-year average, and 60.9% above the 10-year average). YTD sales volume in the city was $374.9M, an increase of 103.4% from last year, while in the region, YTD sales volume was $463.4M, an increase of 107.6% from last year.
In Regina, the number of new listings in April 2021 rose 129.8%, going from 285 to 655 (23.6% above the 5-year average and 23.1% above the 10-year average), while in the region, new listings rose 111.4%, going from 376 last year to 795 this year (15.3% above the 5-year average and 14.5% above the 10-year average). YTD new listings in the city rose 44.5%, going from 354 to 512, while in the larger region, the number of new listings to date rose 35.8%, going from 455 to 618. Active listings fell 1.9% in Regina (down from 1,224 to 1,201) and fell 10.6% in the region (down from 1,716 to 1,534).
Inventory in Regina stood at 3.1 months (which is 64.0% below the level last year and 41.5% below the 5-year average), while the sales to listing ratio was 59.8%, suggesting balanced market conditions. Inventory in the larger region stood at 3.1 months (which is 69.1% below the level last year and 48.1% below the 5-year average), while the sales to listing ratio was 61.9%, suggesting that market conditions favour sellers.
Homes in Regina stayed on the market an average of 40 days in April, down 35.5% from 62 days last year (but below the 5-year average of 52 days and below the 10-year average of 42 days). Homes in the region stayed on the market longer than homes in the city at 44 days on average in 2021, also down from an average of 70 days last year (and 21.7% below the 5-year average).
The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single-family home in Regina rise 8.5% year-over-year, going from $241,300 to $261,800.
From: SRA (Saskatchewan REALTORS® Association)