For immediate release October 5, 2009
Association of Regina REALTORS® Inc. REGINA MLS® SYSTEM SETS NEW SALES HIGHS Residential sales through the Regina and area Multiple Listing Service® System in September shattered monthly records in many key measurement categories, said the Association of Regina REALTORS® Inc. There were 292 residential properties sold inside the city, up 18% from 2008’s 248 sales. For the entire MLS® System including all geographic areas there were 343 sales posted, up 23% from 2008’s 280. This is the first time September monthly sales have surpassed the 300 mark and the highest number of sales ever for the month by exceeding the previous high of 289 recorded in 2007. It also marked the seventh consecutive month that sales have been above the 300 level – the longest such streak in the history of the MLS® System. Total dollar volume of sales in the city of $72.4M set another new monthly high, up 20% from the previous high set in 2008 of $60.6M. The dollar volume of $83.1M for all geographic areas also set a new record, up 26% over the previous high set in 2008 of $65.8M. For the year-to-date 2,586 homes have sold in the city, up 13% from 2,298 sales recorded in 2008 and behind only 2007’s 2,679 for the same period. YTD dollar sales volume in the city was $637.6M, yet another new high and an increase of 15% from the previous record of $554.2M set in 2008. There have been 2,932 sales recorded in all geographic areas, an increase of 6% from 2008’s 2,771 sales. YTD sales-dollar-volume of $715.8M for all areas was up 13% from the previous record high of $635.0M set in 2008.
The average price of residential properties sold inside the city was $247,859, up 2% from 2008’s $241,149. The average price for the YTD was $246,580, up 2% over 2008’s $241,149. The average price for all geographic areas for the month was $242,196, an increase of 3% from 2008’s $234,945. For the YTD for all areas the average price was $244,140, a new high and up 7% from last year’s $229,142. Homes which sold in the city during September were on the market for an average of 38 days before selling, a decrease from 45 days in August. Homes sold at an average of 96.4% of asking price. Inside the city there were 813 active residential listings on the MLS® System at the end of the month. This marks the lowest number of active listings so far this year. There were 360 new listings received on the MLS® System during September, down 34% from 547 received last year. For the entire MLS® System including all geographic areas there were 1,364 active listings on the market at month end. There were 459 new listings received during the month, a decrease of 28% from 2008’s 640. “September exceeded all of our expectations for sales. Demand levels continue to be very strong for this time of the year as evidenced by the record number of sales occurring during the month. The relatively strong local economy, positive consumer confidence levels, historically low mortgage rates and stabilizing prices are bringing buyers into the marketplace”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. “The strong level of demand combined with a declining number of new listings and inventory of homes for sale in the city it’s possible that we could see some upward pressure on prices during the fourth quarter. We are beginning to see more listings sell at or even above list price in some instances”, concluded Archibald The Association operates the Multiple Listing Service® System in Regina and area, publishes ReginaRealEstateReview.com and operates The REALTOR® Channel on Access Communications cable TV channel 9. For more information, contact:
Gord Archibald, Executive Officer
306-791-2705
GArchibald@ReginaREALTORS.com Trademark owned or controlled by the Canadian Real Estate Association. Used under license. |