Regina Real Estate Week In Review Feb 23 - March 1, 2015
For the week of February 23 - March 1, 2015 :
Sales were HOT last week with both single family and condo's showing a drastic increase in firm sales from the previous few weeks. Before we get into the market for the past week let's start off with a the mortgage market update courtesy of my partner mortgage broker Colin Hildred. This week he has written an article about the advantage to paying your mortgage Bi-Weekly vs Monthly :
More of us are considering delaying retirement past 65 according to a recent Ipsos Reid survey. It used to be five in 10 felt they had to delay and now it’s six in 10. In another poll, 75% admitted they had saved less than a quarter of what they needed for retirement. Approaches towards mortgage debt contribute to the problem and over the next few weeks I’ll present some attainable solutions.
The old adage “pay yourself first” should apply to your mortgage. With half of workers reporting they save 5% or less of their paycheque, most of us need some help. The problem is money vanishes without discipline and your mortgage is an easy way to make the savings automatic.
This week’s tip is to change your payment frequency to “accelerated bi-weekly”. This is simply your monthly payment divided in half and paid every two weeks. The equivalent of one extra monthly payment per year can take two or more years off a 25 year mortgage. I would be happy to calculate how this tip can shorten your mortgage and save you thousands in interest without even missing the payments.
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 : 82
Total active single family : 803
Lowest active list price : $27,000
Highest active list price : $1,500,000
Average Asking Price : $353,767
Average Days On Market : 62
Condos : 29
Total active condos : 339
Lowest active list price : $114,900
Highest active list price : $1,050,000
Average Asking Price : $302,496
Average Days On Market : 60
We had 44 firm "Single Family" sales last week, with the average seller asking $332,266 and accepting an average sell price of $318,984 or 96.0% (List To Sell Price). They took an average of 50 days to sell. The low sale was $42,500 and the high sale was $920,000. The number of firm sales are up by 9 from last week however the average sell price is up for the second week in a row at $3,421.
We had our biggest week this year with 11 firm Condo sale last week with the seller asking $277,591 and accepting a sell price of $269,709 or 97.2% (List To Sell Price.) They took an average of 70 days to sell which is a 15 day increase from the week before however it's nice to see this market picking up and with it's slughish start their have been alot more sellers patiently waiting to make their move.
Cancelled, Withdrawn or Expired Listings :
Single Family : 101 (Up 81 from 20 last week, This is an unusually large amount mostly attributed to most agents setting their listings to expire at the end of the month)
Condos : 46 (Up 41 from 5 last week, again this is unusally large due to the end of the month expiry date of most contracts)
Market Summary :
This last week certainly points to our real estate market still being very strong. This was the most active week this month for firm sales which is a clear indicator that the buyers are slowly starting to surface ahead of the busy spring market. With a large number of listings expiring, withdrawling or cancelling at 147 units this has helped keep our inventory levels at a balance. One thing of interest to myself is seller's continuing to hold strong with their asking price with only a change of a two thousand dollars less on single family homes and an increase of just over a thousand dollars on condo's. It appears seller's have continued confidence in holding tight to their homes asking price and demand the value they expect before they are willing to part ways with it.
With spring coming at the end of the coming week I just want to remind all home owners to make sure ALL your downspouts are connected around your home and to ensure all water is draining atleast 6 feet away from your foundation. With the constant freeze thaw cycle we experience over the next month it is important on a warm day to make sure your water has somewhere to drain besides into the snowbank at the end of the spout. Also make sure to break apart any ice built up in your spouts and to shovel away a nice path for the water to follow & consider shoveling away all snow from your foundation atleast 6 feet. This can go a long way in ensuring you dont have any seapage into your basement, as water will always follow the path of least resistance. This small preventative maintenance will go a long way in alieveating any future headaches and the next time you sell your home you will be able to confidently say there has never been any water seapage into your basement!
Thanks for stopping by!