Regina Real Estate Week In Review January 12-18, 2015 & 2014 Year In Review
Welcome to my Real Estate Blog!
In 2015 I have decided to take a personal leap into starting a weekly online blog on the market statistics for the Regina real estate market. I am going to seperate all my statistics with Single Family Homes being one statistic and Condominiums as another statistic. I personally find that market averages for these two tend to be alot different and it also helps separate the two major lifestyles I think people chose today.
Let's start off 2015 with discussing where the market went in 2013 & 2014 to give us a benchmark for our stats.
In 2013 we had 2444 Single family homes sell with an average sell time of 30 days on the market. The average list price was $341,774, the average sell price was $332,311 or 97.2% list to sell ratio.
In 2013 we had 635 Condo's sell with an average sell time of 39 days on the market. The average list price was $277,726, the average sell price was $271,387 or 97.7% list to sell ratio.
In 2013 we had 5,349 MLS listings in Regina, with a total of 3079 units selling which reprents a 57.5% success rate in a firm sale.
In 2014 we had 2368 Single family homes sell with an average sell time of 38 days on the market. The average list price was $349,953, the average sell price was $338,439 or 96.7% list to sell ratio.
In 2014 we had 544 Condo's sell with an average sell time of 48 days on the market. The average list price was $287,764, the average sell price was $279,465 or 97.1% list to sell ratio.
In 2014 we had 5,934 MLS listings in Regina which is a 11% increase in listings. A total of 2912 Units selling represents a 49.0% success rate in a firm sale.
The market was alot more of a buyer's market in 2014 as we seen only a small increase in overall average home price with single family homes increasing in value $8,179 which represents an increase in value of 2.3%. The condo market was very similar with the average values increasing by $8,078 which represents an increase in value of 3.6%.
One of the most noticeable differences in the market was the average time to sell was almost 9 days longer than the previous year. This number however doesnt take into account the number of listings that are cancelled and re-listed in the same week which brings the listing back onto the market as a brand new listing and their days on market to 0. I beleive the number of days on the market to be alot higher than what my data shows and in my opinion I think it was nearing 60 - 75 days + in many circumstances.
2014 brought a major challenge to our market with many new home & condo builders having had trouble in previous years keeping up with the demand for their units they had speculated the market to be very strong and had several hundred units completed at the start of the year. This proved to be a detrimental to the market in the spring of 2014 with many builders and developers reducing prices as the inventory they were carrying was not being picked up as fast as they had anticipated. These stats are not included in my MLS summary, however it is my goal to bring stats from the Regina Region Home Builders to my blog in the near future. By the end of 2014 alot of the new home & condo inventory developers have been carrying seems to have been absorbed into the market place and we are slowly starting to see a shift to a much more balanced marketplace.
Now let's move onto the current market in 2015.
We currently have 726 active single family listings, They range in price from $22,000 to $1,749,900. The current average days on market for those listings is 71.
We currently have 286 active condo listings, They range in price from $114,900 to $989,000. The current average days on market for those listings is 69.
For the week of January 12-18, 2015
New Listings :
Single Family: 53
We had 31 firm Single family sales last week with the average seller asking $290,629 and accepting an average sell price of $275,350 or 94.7% List To Sell Price. They took an average of 51 days to sell. The low sale was $91,000 and the high sale was $440,000.
We had 2 firm Condo sales last week with the average seller asking $222,450 and accepting an average sell price of $206,750 or 92.9% List To Sell Price. They took an average of 3 days to sell. The low sale was 133,500 and the high sale was $280,000.
The year is still early and I am very optimistic that we have a very healthy market ahead of us this year with a good selection of inventory for buyers to choose from. From my years of experience this is typical January activity and the stats can be very skewed from week to week at the start of the year as you can see by the condo stats with only 2 units firming up this week.
I am planning to work on some graphs over the next few weeks to help understand the information a little easier and make them more user friendly. Have a great week and enjoy the warm weather!