AUGUST REGINA MLS® SYSTEM SALES JUMP
Residential sales through the Regina and area Multiple Listing Service® System in August exceeded 2008 levels for the fourth consecutive month while setting new highs in some key measurement categories, said the Association of Regina REALTORS® Inc.
There were 312 residential properties sold inside the city, up 46% from 2008’s 214 sales. For the entire MLS® System including all geographic areas there were 369 sales posted, up 47% from 2008’s 251. This marks the second highest number of sales for the month behind only the 397 sales recorded in 2007.
Total dollar volume of sales in the city of $76.5M set a new monthly high, up 41% from 2008’s $54.3M and breaking the previous high of $61.7M set in 2007. The sales-dollar-volume of $89.8M for all geographic areas was also the highest ever recorded, up 49% over $60.1M in 2008 and passing the previous high of $70.0M set in 2007.
For the year-to-date 2,294 homes have sold in the city, up 12% from 2,050 sales recorded in 2008 and behind only 2007’s 2,425 for the same period. YTD dollar sales volume in the city was $565.3M, another new high and an increase of 15% from the previous record of $493.6M set in 2008. There have been 2,589 sales posted in all geographic areas, an increase of 4% from 2008’s 2,491 sales. YTD sales-dollar-volume of $632.7M for all areas was up 11% from the previous record high of $569.2M set in 2008.
The average price of residential properties sold inside the city was $245,432, down 3% from 2008’s $253,620. The average price for the YTD was $246,417, up 2% over 2008’s $240,784.
The average price for all geographic areas for the month was $243,355, an increase of 2% from 2008’s $239,308. For the YTD for all areas the average price was $244,397, a new high and up 7% from last year’s $228,489.
Homes which sold in the city during August were on the market for an average of 45 days before selling, an increase from 40 days in July. Homes sold at an average of 95.2% of asking price.
Inside the city there were 892 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 391 new listings received on the MLS® System during August, down 20% from the 490 received last year.
For the entire MLS® System including all geographic areas there were 1,523 active listings on the market at month end. There were 496 new listings received during the month, a decrease of 18% from 2008’s 607.
“August was yet another exceptional month for sales. There continues to be solid demand for housing and consumer confidence in a home purchase particularly in first time buyer price ranges”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
“We’re now beginning to see a significant tightening up in supply inside the city. The combination of a high number of sales and decreasing number of new listings is causing a decline in the number active listings on the market. It’s now at the lowest level since December of last year. This could be a potential signal of some upward pressure on prices provided that demand levels continue to be strong”, 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
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