REGINA — A surge in the second half of April boosted home sales by 16 per cent — the first time this year monthly sales exceeded 2013 levels — although listings remain at a 10-year high.
There were 318 sales reported in the city, an increase of 14 per cent over April 2013.
The average sales price in Regina was $329,772, up three per cent from $318,911 last year. This increase is entirely attributable to a shift to higher priced homes in the sales mix and is not indicative of increases in the value of properties.
The Home Price Index shows a much more accurate measure of housing price trends than average price — reported a composite residential price of $305,000 for the city, down 1.5 per cent from last year’s levels of $309,600. This indicates that residential property values have actually declined in Regina over the past year.
Total dollar volume of sales was $124.7 million in the Regina area, an increase of 16 per cent from $107.5 million in April 2013. Sales volume in the city of was $104.9 million, up 18 per cent from $89.0 million.
For the year-to-date, 1,045 sales have been reported, up two per cent from 1,025 in the same period last year.
In Regina there were 1,215 homes were listed for sale, an increase of 46 per cent from 803 last year and the highest number of listings for the end of April in the last 10 years.
Despite the sales increase, the supply of listings for sale has grown, bringing the number of homes on the market to a level not seen in recent years. This is offering choice to buyers in almost all price ranges and locations.
Sellers are advised to take these conditions into consideration when setting asking prices to generate showing activity and offers.