Regina Real Estate Week In Review Feb 2 - 8, 2015 & January 2015 Month In Review
For the week of February 2 - February 8, 2015 :
The listing activity continues to rise in our market this past week! We are still seeing a large disparity in the amount of "new listings to firm sales" week over week. Last week we saw 125 new listings total in Regina but only 41 firm sales that being said, the average home price is staying relatively stable. Our market typically sees around 100 sales a month in January and 600 sales a month in the May - July months, so it is expected that the number of new listings will continue to climb as the year progress's onwards. The mortgage market was fairly quiet this week with rates remaining stable from the past week. Let's get to the market activity for the past week now and then we will finish off with a review of the market for January 2015.
Market activity this past week :
New Listings :
Single family homes : 94
Total active single family : 792
Lowest active list price : $27,000
Highest active list price : $1,500,000
Average Asking Price : $348,728
Condos : 31
Total active condos : 307
Lowest active list price : $129,900
Highest active list price : $1,050,000
Average Asking Price : $316,119
We had 38 firm "Single Family" sales last week, with the average seller asking $326,837 and accepting an average sell price of $313,542 or 95.9% (List To Sell Price). They took an average of 40 days to sell. The low sale was $45,000 and the high sale was $900,000. The number of firm sales are up by 10 from last week however the average sell price is down significantly at $41,554.
We had 3 firm Condo sales last week which is down by 2 with the average seller asking $196,900 and accepting an average sell price of $188,167 or 95.6% (List To Sell Price.) They took an average of 99 days to sell which is a drastic change from the 43 days last week. The low sale was $183,000 and the high sale was $191,500.
January 2015 Month In Review
We had 118 firm "Single Family" sales in January 2015, with the average seller asking $331,192 and accepting an average sell price of $316,517 or 95.6% (List To Sell Price). They took an average of 51 days to sell. The low sale was $18,000 and the high sale was $675,000. In January 2014 we had 112 firm "Single Family" sales, with the average seller asking $346,833 and accepting an average sell price of $335,350 or 96.7% (List To Sell Price). They took an average of 49 days to sell. This is interesting to note that we had fairly similar amount of "unit sales" and "days on market" however the average single family home price has dropped 5.7% from a year ago. The market last year softened throughout summer and the majority of this price drop occured in summer - fall 2014. This certainely doesn't reflect a month over month market adjustment and shouldn't be cause for too much concern at this point, however it does show some concrete evidence of the price correction we had in 2014.
We had 19 firm Condo sales in January 2015, with the average seller asking $262,189 and accepting an average sell price of $251,669 or 96.0% (List To Sell Price). They took an average of 59 days to sell. The low sale was $133,50 and the high sale was $343,603. In January 2014 we had 33 firm Condo sales, with the average seller asking $294,512 and accepting an average sell price of $286,674 or 97.3% (List To Sell Price). They took an average of 53 days to sell. The number of condo sales are down in units by 43% and average days on market are up by 10% however the average condo price has dropped 12.3% from a year ago. The larger concern for the current state of the condo market is we currently have enough inventory to last 15 months. Whereas with single family homes we only have enough inventory to last just under 7 months.
Market Summary :
This definately shows a large contrast from the amount of single family homes VS condos selling. I can't stress enough to my sellers how important pricing your home right from the first day on the market, is to getting a successful sale in reasonable time frame. The "boom" market has come and gone however I am still seeing the odd listing where you are getting multiple offers. It should be noted, that most the time it's no longer a bidding war ABOVE asking price it is actually just who is willing to pay closest to asking price on a well priced home. Their is NO benefit into overpricing your home or "testing" the waters to see if you can stretch your price an extra $10,000 as buyers have alot of selection and are in no hurry. One of the most accurate quotes in real estate is "far more people will act out of fear that they are "missing out" on something vs. the potential upside of gaining something." By pricing your home slightly better than your competition willing and able buyers who are ready, will know when a home is priced right and will sell fast. In turn they are quick to make an offer on a home they fear they may miss out on. Keep this in mind when selling your next property in market conditions that we are experiencing today.
What's your view on the current market? Any Comments or opinion are always appreciated in my comments box below!