November 2020 Real Estate Market Update

Regina Real Estate Market Update November 2020

Sales in Regina were up 42.6%, going from 204 in October 2019 to 291 in October 2020, and up 41.5% in the overall region, going from 253 to 358. In Regina, sales were 26.6% above the 5-year average (and 19.2% above the 10-year average), while in the larger region, sales were 29.2% above the 5-year average (and 24.1% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 12.2% over last year, increasing from 2,309 to 2,590, while YTD sales in the larger region rose 17.1%, going from 2,751 to 3,221.

Sales volume was up 43.9% in the city, going from $61.3M to $88.2M in 2020 (28.1% above the 5-year average, and 16.8% above the 10-year average). YTD sales volume in the city was $797.2M, an increase of 13.5% from last year. In the region, sales volume was up 19.1%, going from $833.4M to $992.7M (31.7% above the 5-year average and 23.5% above the 10-year average). YTD sales volume increased 19.1% in the region, rising from $833.4M in 2019 to $992.7M in 2020.

In Regina, the number of new listings in October 2020 rose 6.0%, going from 383 to 406 (0.1% above the 5-year average and 1.3% above the 10-year average), while in the region, new listings rose 3.0% from 470 last year to 484 this year (0.9% below the 5-year average and 0.2% below the 10-year average). YTD new listings in the city fell 4.1%, going from 4,630 to 4,441, while in the larger region, the number of new listings to date fell 5.4%, going from 5,892 to 5,571. Active listings fell 20.4% in Regina (down from 1,428 to 1,137) and fell 25.7% in the region (down from 2,036 to 1,512).

Inventory in Regina stood at 3.9 months (which is 44.2% below the level last year and 35.7% below the 5-year average), while the sales to listing ratio was 71.7%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.2 months (which is 47.5% below the level last year and 40.5% below the 5-year average), while the sales to listing ratio was 74.0%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 55 days in October—down 28.6% from 77 days last year (but below the 5-year average of 60 days and above the 10-year average of 49 days). Homes in the region stayed on the market longer than homes in the city at 62 days on average in 2020, but also down from an average of 77 days last year (and 3.1% below the 5-year average).

Median home prices in Regina went from $282,500 to $285,000 (an increase of 0.9%) and were approximately 0.6% below the 5-year and 2.5% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is essentially flat, with the benchmark single-family home price going from $290,700 to $290,600. Year-to-date, the median home price in Regina was $290,532 which is 0.6% above the $288,865 price from the same time last year. Median home prices in the region went from $280,000 to $290,250 (an increase of 3.7%) and were approximately 2.0% above the 5-year and 0.5% above the 10-year average median price. Year-to-date, the median home price in the region was $289,425 which is 1.0% above the $286,550 price from the same time last year.

From: SRA (Saskatchewan REALTORS® Association)