Home sales in the Queen City have fallen by 15 per cent since the same time last year, according to a new report from the Association of Regina Realtors.
Total sales in the city were down to 246 in July, compared to 290 in July 2015.
In Regina and surrounding areas including Estevan, Swift Current, Weyburn, Yorktown and Moose Jaw, the numbers were slightly higher at 313 residential sales. That total was still down 10 per cent from 349 reported in 2015.
Listings are also declining, says the association, both in total inventory and new listings. In the city, there were 1,263 properties for sale, almost 13 per cent less than 1,449 in July 2015.
A total dollar volume of sales inside the city went from $92.7 million in July 2015 to $80.9 million in 2016, a drop of 12.8 per cent. In all geographic areas, the numbers were down nine per cent, dropping from $108.7 million to $98.2 million.
Prices for residential homes went up 2.7 per cent from $286,300 to $294,100 last year, based on the Multiple Listing Service home price index.
According to the report, homes that were on the market in July took an average of 40 days to sell. The homes sold for an average of 97 per cent of the current asking price.
The ratio of sales to new listings in Regina was 56 per cent.
“Despite a month-to-month drop in sales activity, the Regina and area market is relatively stable. Inventory levels have been dropping and we’ve seen a small bump in home prices in some areas,” Rob Reynard, manager of operations of the Association of Regina Realtors, said.
“If lower listing inventories continue into the fall market, it could be good news for sellers and might mean that buyers may not have the luxury of being over-particular.”
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