Regina Real Estate Week In Review April 6 - 12, 2015

by Shayla on Tuesday April 14, 2015

For the week of April 6 - April 12, 2015 :

It was a big week last week with prices on the rise and some high end inventory starting to sell! Let's first find out what the mortgage market update is courtesy of my partner mortgage broker Colin Hildred.  

It was a big week last week with prices on the rise and some high end inventory starting to sell! Let's first find out what the mortgage market update is courtesy of my partner mortgage broker Colin Hildred.  

Just when perhaps you thought rates couldn’t get any lower … they did. With some hesitation amongst lenders to fully pass along the Bank of Canada rate drop in late January, discounts off the prime rate have been making up the difference for variable rate mortgages. Whether prime is reduced or discounts are increased, it’s the same end result.

Meanwhile, lenders have been hanging onto unusually large spreads over their funding costs on fixed rate mortgages but the annual spring lending battle is whittling this down as well. There has never been better value for those in need of home financing.

P.S. Further to last week’s announcement that CMHC is raising its premiums on June 1, Genworth and Canada Guaranty have now matched the increase.

You can contact Colin directly by clicking on the Mortgage pre-approval link under my Buyer's tab for futher information or to get your pre-approval application started.

Now let's move onto this weeks activity.

Market activity this past week :

New Listings :

Single family homes : 119

Total active single family : 999

Lowest active list price : $27,000

Highest active list price : $1,500,000

Average Asking Price : $364,203

Average Days On Market : 56

Condos : 24

Total active condos : 415

Lowest active list price : $114,900

Highest active list price : $1,050,000

Average Asking Price : $296,161

Average Days On Market : 67

Click here to view last week's listing's

Sales :

We had 44 firm "Single Family" sales last week, with the average seller asking $383,500 and accepting an average sell price of $370,325 or 96.6% (List To Sell Price). They took an average of 40 days to sell. The low sale was $105,000 and the high sale was a WHOPPING $1,099,900 Crawford Shomehome. The number of firm sales are up by 7 from last week and the average sell price is WAY up at $58,082.

For the 2nd straight week we had 8 firm Condo sales last week, the average seller was asking $249,455 and accepting a sell price of $237,286 or 95.1% (List To Sell Price). They took an average of 85 days to sell which is a HUGE increase from 37 last week.

Cancelled, Withdrawn or Expired Listings :

Single Family : 37 ( Down 31 from 68 last week)

Condos : 12 ( Down 17 From 29 Last Week )

Market Summary : 

This last week was a week of firsts this year.  First Million dollar home to sell this year. First week with 3+ homes selling in the 600+ range. First week of the average selling price in single family breaking the $370,000 mark. This was the 3rd week this year we are within touching distance of the $365,000 asking price range for single familty homes. The market appears very healthy and balanced and the days on market continues to drop!

Condo's slipped to a new low on the year for average asking price at $296,161.  8 firm sales in a week for the second week in a row continues to leave his market with the ball in the buyers court.  Buyers seemed to be most interested in units under the $250,000 mark and I think this may get a bit of a push from the continued lowered interest rates and increase in CMHC fees coming soon should push some buyers off the fence and into ownership.

Take care and see you next week!

Shayla

...Back to my blog.

Shayla Ackerman Regina Realtor