REGINA — Homes sales in the Regina area were down 17 per cent to 326 in April from 391 sales in April 2014, while listings hit a 20-year high for the month, according to the Association of Regina Realtors monthly sales report.
Last month’s sales for Regina and surrounding area were also below the five-year average of 383 and the 10-year average of 354, the association said Tuesday. In the city, there were 252 residential sales, a decrease of 21 per cent from April 2014 when 317 sales were reported.
The average sales price in the Regina area for the month was $335,534, an increase of six per cent from $316,680 during the same period in 2014. In the city, the average was $338,863, up three per cent from $330,198 last year. “This is entirely attributable to a larger proportion of higher-priced homes sold and should not be interpreted as an indication of rising property values,” the association said.
The Home Price Index (HPI) — which measures residential price trends based on four benchmark home types — reported a composite price of $283,800 for the city, down 3.7 per cent from $294,300 last year.
“This indicates that residential selling prices have fallen in the Regina market over the past year,’’ the association said. “It also shows selling prices as being down 2.1 per cent over the past three-year period.”
To the end of April, 945 sales were reported in the Regina area, a nine per cent decline from 1,042 in 2014, while 775 sales have been reported in the city, a decrease of 10 per cent from 858 last year. Year-to-date sales volume stood at $296.3 million, down 10 per cent from $329.2 million the previous year.
There were 1,393 homes listed at the end of the month, an increase of 15 per cent from 1,215 last year and up 74 per cent from 803 in 2013, making this the highest number of listings at this time of the year in more than 20 years.
“Elevated supply levels carried over from 2014 have persisted so far this year,” said Gord Archibald, executive officer of the association. “This has led to downward pressure on prices and extended periods of time for homes to sell. Sellers are well advised to set their asking price to reflect these conditions”,