Warm
January temperatures have translated into a hot start to the
2012 residential real estate market based on sales reported
through the Regina and area MLS® System ®, said the
Association of Regina REALTORS® Inc.
There
were 249 sales reported during the month in all geographic
areas, up 14 per cent from 2011 when 218 sales were reported.
This represents the second highest number of sales in a
January, only one behind the 250 recorded in 2008. The number
of sales was well above the immediate five-year average of 198
and the ten-year average of 175 for the month. There were 210
sales reported in the city, up 17 per cent over 2011 when 179
properties were sold.
The
average sales price in all market areas for the month was
$284,744, a new high for January and an increase of 10 per
cent from $258,599 recorded in 2011. The average in the city
was $288,497, also a new high for the month, and up eight per
cent from $267,165 posted last year.
The
combination of near record sales and the new price high during
the month also resulted in a new record for total dollar
volume of sales. There was $70.9 million in sales reported for
all areas, an increase of 26 per cent over the previous record
set in 2011 of $56.4 million. Dollar volume in the city also
set a new high at $60.6 million, an increase of 27 per cent
from $47.8M in 2011.
During
the month, homes which sold were on the market for an average
of 41 days before selling at an average of 97.4 per cent of
the asking price. This compares to 43 days and 96.9 per cent
in 2011.
For
all MLS® System geographic areas there were 988 active
listings on the market at the end of January, including 419 in
the city. There were 431 new listings placed on the MLS®
System during the month, up 6 per cent from 406 in 2011. This
is the highest number of new listings received since October
2011 and will help alleviate a potential supply shortage,
especially in the city.
The
ratio of firm sales to new listings for the month was 67 per
cent in the city and 58 per cent in all geographic areas.
These are the lowest ratios in the city and all areas since
July of 2011 and have contributed to an increase in active
listings. Balanced market conditions are generally in the
40-60 per cent range - above 60 per cent is considered to be a
market favouring sellers.
“Sales
activity in January was a continuation of the strong market
that occurred in much of 2011. Demand is supported by strong
economic activity, job and population growth, and a tight
rental market”, said Gord Archibald, Executive Officer of the
Association of Regina REALTORS® Inc.
“We
were encouraged by the number of new listings that came onto
the MLS® System during the month. After falling supply levels
in the second half of 2011, this hopefully is an indication of
more supply coming onto the market to satisfy demand levels in
the first quarter of the year and later once we approach the
busy spring period,” concluded
Archibald.
