Many
key records were smashed in April based on residential sales
reported through the MLS® System of the Association of Regina
REALTORS® Inc., said the Association.
There
were 443 sales reported during the month in all geographic
areas, a new high for April and up 24 per cent over 356 in
2011. The previous high was set in 2008 when 416 sales were
reported. There were 351 sales reported in the city, up 17 per
cent over 2011 when 299 properties were sold.
The
average sales price in all market areas broke the $300,000
mark for the first time in any month, coming in at $312,873.
This was up 17 per cent from the previous high reported in
2011 of $267,047. The average in the city was $320,123,
another new high for any month, and up 17 per cent from
$274,626 posted last year.
The
combination of record sales and new price highs resulted in a
new record for total dollar sales volume for any month. There
were $138.6 million in sales reported for all areas, the first
time April sales have surpassed the $100.0M mark and an
increase of 46 per cent over $95.1 million posted last year.
The previous high for April was $98.8 million in 2012. Dollar
volume in the city also set a new all-time high of $112.4
million, an increase of 37 per cent from $82.1 million in
2011.
During
the month, homes which sold were on the market for an average
of 31 days before selling at an average of 97.8 per cent of
the asking price. This compares to 35 days and 95.7 per cent
in 2011. The average for the city in April was 23 days at 98.4
per cent of asking price.
For
all MLS® System geographic areas there were 1,218 active
listings on the market at the end of April including 557 in
the city, although approximately 130 of those were already
conditionally sold. There were 624 new listings placed on the
MLS® System during the month, down 6 per cent from 662 in
2011.
The
ratio of firm sales to new listings for the month was 71 per
cent in all geographic areas and 83 per cent in the city. This
ratio is an indication of a potential supply shortage in the
city. A balanced market is considered to be in the 40-60 per
cent range - above 60 per cent is considered to be a market
favouring sellers.
For
the year-to-date, there have been 1,359 sales recorded, an
increase of 20 per cent over 2011 when 1,128 sales were
reported. Year-to-date average price was $295,303, up 10 per
cent from 2011’s $268,377. Dollar volume of sales for the
year-to-date was $401.3.0 million, an increase of 33 per cent
over 2011’s $302.7 million. All year-to-date figures represent
new highs for the first four months of the year.
“April
activity continued to reflect a very high level of demand for
housing that is buoyed by strong economic fundamentals and
population growth. There was also a shift towards more sales
taking place in higher price ranges. This coupled with a
supply short situation in the city and some listings selling
at or above asking price, pushed the average price past the
$300,000 mark for the first time ever,” said Gord Archibald,
Executive Officer of the Association of Regina REALTORS® Inc.
“With
the level of demand increasing as it typically does at this
time of the year, we are concerned there may not be sufficient
supply in the city. Much of the demand, particularly in lower
price ranges, is now being satisfied by new listings coming
onto the market. At the end of April, there was only slightly
over one month of supply of unsold listings on the market,
with an average asking price in the $370,000 range. Normally
there would be at least two to three months of supply at this
time of year. We could see more upward pressure on price if
these conditions prevail,” concluded Archibald.
