Not Just a House ... It's Home!!

June marked the second consecutive month that residential sales through the Regina and area Multiple Listing Service® System exceeded 2008 levels, said the Association of Regina REALTORS® Inc.

There were 337 residential properties sold inside the city during the month, up 30% from 2008’s 260 sales. For the entire MLS® System including all geographic areas there were 387 sales posted, up 24% from 2008’s 312.

Total sales-dollar-volume of sales in the city of $82.6M set a new monthly high, up 27% from 2008’s $65.2M and breaking the previous high of $66.6M set in 2007. The sales-dollar-volume of $94.9M for all geographic areas was also the highest ever recorded for the month, up 27% over $74.9M in 2008 and surpassing the previous high of $79.0M recorded in 2007.

For the year-to-date 1,610 homes have sold in the city, down 1% from 1,627 sales recorded in 2008.

YTD dollar sales volume in the city was $396.5M, a new high and an increase of 3% from the previous one of $386.5M set in 2008. There have been 1,778 sales posted in all geographic areas, a decrease of 10% from 2008’s 1,977 sales. YTD sales-dollar-volume of $436.4M for all areas was down 2% from 2008’s record high of $444.2M.

The average price of residential properties sold inside the city was $245,038, down 2% from 2008’s $250,676. The average price for the YTD was $246,271, a new high for the period and up 4% over 2008’s $237,545.

The average price for all geographic areas for the month was $245,097, an increase of 2% over 2008’s 239,963. For the YTD for all areas the average price was $245,443, a new high and up 9% from last year’s $224,661.

Homes which sold in the city during June were on the market for an average of 41 days before selling, up from 37 days in May. Homes sold at an average of 96.4% of asking price.

Inside the city there were 1,108 active residential listings on the MLS® at the end of the month. There were 491 new listings received on the MLS® System during June, down 23% from the 639 received last year.

For the entire MLS® System including all geographic areas there were 1,776 active listings on the market at month end. There were 677 new listings received during the month, a decrease of 14% from 2008’s 787.

“During the first half of the year we experienced very steady and solid levels of demand for housing.

This is as a result of the strength of the local economy and continued population growth which are buoying demand for housing in the Regina area. With active listings inventory levels up we are in more of balanced market not seen for years, although sellers are advised to have their property priced for these market conditions to have it sell”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.

“Although first-half sales through the MLS® System are currently behind 2008, we are anticipating that demand will remain strong in the second half of the year with sales actually exceeding 2008 levels in many of the remaining months”, concluded Archibald.