There were 3,691 residential properties sold in all geographic areas during the year, up 10% from 3,347 sales in 2008. This is the second highest number on record, only behind 4,043 sales recorded in 2007. The average sales price set a new high of $244,328, an increase of 7% from the previous high set in 2008 of $228,850. Total dollar volume of sales of $901.8M also set a new record by surpassing the previous high of $766M recorded in 2008 by 18%.

Sales inside the city followed the same pattern with 3,245 sales being posted, up 15% from 2,812 in 2008 and trailing only 3,380 reported in 2007. The average annual sales price of $247,005 was the highest ever recorded, up 3% over 2008’s $239,719. The total sales volume of $801.5M eclipsed the former high set in 2008 of $674.1M by 19%.

For the month of December, there were 192 sales in all geographic areas, an increase of 11% over last year’s 173. This marked the eighth consecutive month that sales exceeded 2008 levels. The average sales price for the month was $241,644, setting a new high and up 8% from 2008’s $224,308.

Monthly sales in the city of 170 were up 7% from 2008 when 159 were recorded. The average sale price was $244,329, also a new high which surpassed the previous record in 2008 of $233,156.

Homes which sold in the city during December were on the market for an average of 46 days before selling, compared to 44 days in November. Homes sold at an average of 96.0% of asking price.

At the end of the December inside the city there were 533 active residential listings on the MLS® System marking the lowest number of active listings at any time during the year. There were 205 new city listings received on the MLS® System during December, up 4% from 197 received last year.

For the entire MLS® System including all geographic areas there were 906 active listings on the market at month end. There were 262 new listings received during the month, a decrease of 3% from 2008’s 271.

“All in all, 2009 turned out to be an excellent year for the residential real estate market. After a slow start for the first four months, sales activity and demand levels really picked up to the point where we recorded the second best year ever. Population and household growth, the relative strength of the economy and historically low mortgage interest rates were all contributing factors to a strong and steady level of demand”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.

“At the beginning of the year there was an excess of supply on the market with the number of active listing levels near a twenty-year high. In the last eight months, through a combination of sales and a decrease in the number of new listings being received, listing levels have now gradually decreased to the point where there may not be sufficient supply on the market as we enter the new year”, concluded Archibald.