For immediate release November 6, 2009
Association of Regina REALTORS® Inc.
REGINA MLS® SALES CONTINUE HOT PACE IN OCTOBER
Residential sales through the Regina and area Multiple Listing Service® System continued at a torrid pace in October, said the Association of Regina REALTORS® Inc.
There were 259 residential properties sold inside the city, up 26% from 205 sales posted in 2008. For the entire MLS® System including all geographic areas there were 298 sales recorded, up 31% from 228 in 2008.
This marks the second highest number of sales ever for October, only surpassed by the record-breaking level of 305 in 2007. It also represents the sixth consecutive month that sales have exceeded 2008 levels.
Total dollar volume of sales in the city of $64.4M set a new monthly high, up 33% from $48.4M recorded in 2008 and surpassing the previous high of $53.0M set in 2007. The dollar volume of $73.4M for all geographic areas also set a new record, up 37% over 2008’s $53.5M.
For the year-to-date 2,843 homes have sold in the city, up 14% from 2,503 sales recorded in 2008 and behind only 2007’s 2,950 for the same period. YTD dollar sales volume in the city was $701.6M, another new high and an increase of 16% from the previous record of $602.6M set in 2008. There have been 3,228 sales recorded in all geographic areas, an increase of 8% from 2008’s 2,999 sales. YTD sales-dollar-volume of $788.8M for all areas was up 15% from the previous record high of $688.5M set in 2008.
The average price of residential properties sold inside the city was $248,533, up 5% from 2008’s $236,126. The average price for the YTD was $246,798, up 3% over 2008’s $240,737.
The average price for all geographic areas for the month was $246,300, an increase of 5% from 2008’s $234,792. For the YTD for all areas the average price was $244,372, a new high and up 6% from last year’s $229,571.
Homes which sold in the city during October were on the market for an average of 42 days before selling, compared to 38 days in September. Homes sold at an average of 96.5% of asking price.
Inside the city there were 749 active residential listings on the MLS® System at the end of the month marking the lowest number of active listings so far this year. There were 352 new listings received on the MLS® System during October, down 16% from 419 received last year.
For the entire MLS® System including all geographic areas there were 1,242 active listings on the market at month end. There were 440 new listings received during the month, a decrease of 10% from 2008’s 488.
“Sales in October were once again indicative of the strong market we have experienced for most of the year. A solid local economy, job and population growth are all contributing to demand for housing in the marketplace”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
“This level of demand combined with a steady decline in inventory levels, particularly in the city, may lead to some upward pressure on prices in the months ahead although nothing like was experienced in 2007. We are anticipating that 2009 will now come in as the second best year for sales on record only behind 2007”, 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
Association of Regina REALTORS® Inc.
MLS® Residential Statistical Summary
For Month Ending October 31, 2009
