Regina Real Estate Week In Review January 26- Feb 1, 2015
For the week of January 26 - February 1, 2015 :
This past week has been a busy one in our market! It started off with mortgage rates dropping as expected however they didnt drop the full .25% as anticipated. Many banks lowered their variable rate mortgages by .15%, and most 5 year mortgages also saw a drop of .10% (which was also anticipated.) The variable rate drop has created some controversy as it did not drop the full .25% that The Bank Of Canada did. This is the first time since 1951 the banks dropped their prime rate less than .25%. Here is an article I found very informative on this issue. Most notable is how banks were fast to act on dropping savings account interest rates .25% immediately after The Bank Of Canada's announcement but didn't return the favor by the same amount on the variable rate mortgages. It will be an interesting Spring to see if rates continue to drop or how The Bank Of Canada deals with the fallout of dropping oil prices.
I have added a new feature to my blog this week which is a comments section you will see at the bottom of each blog post. Feel free to post any comments, questions or concerns regarding the real estate market. I hope we can create some good disucssion points on our market by using it!
Market activity this past week :
New Listings :
Single family homes : 73
Total active single family : 790
Lowest active list price : $27,000
Highest active list price : $1,500,000
Average Asking Price : $354,596
Condos : 22
Total active condos : 300
Lowest active list price : $114,900
Highest active list price : $1,050,000
Average Asking Price : $309,102
We had 28 firm "Single Family" sales last week, with the average seller asking $367,950 and accepting an average sell price of $355,096 or 96.5% (List To Sell Price.) They took an average of 50 days to sell. The low sale was $18,000 and the high sale was $595,000. The number of firm sales are down by 1 from last week however the average sell price is up significantly for the second consecutive week at $36,810.
We had 5 firm Condo sales last week which is down by 5 with the average seller asking $265,120 and accepting an average sell price of $255,200 or 94.3% (List To Sell Price.) They took an average of 43 days to sell which is a significant inprovement from the 65 days last week. The low sale was $140,000 and the high sale was $340,000. The number of firm sales are down by 5 from last week at 5 however well as the average sell price is up $14,590 for the second week again.
We are still seeing a larger number of single family homes selling vs condos and we are approaching 1200 active listings in the Regina market as a whole. We are still a very healthy market with 1200 listings being a balanced amount of inventory for buyers and sellers. We almost had double the amount of sales this past week than the week before. This is great news as the average sell price is continueing to increase upwards so far this year. February is typically when we start to see a lot of buyers come out of the woods and the market activity starts to sharply pick up from the hectic christmas season. If you are thinking about makeing a move this year it's a great month to start watching the market as you will notice the increase in listings selling and new inventory coming on the market daily. You can click on my link for last weeks listings anytime and it will always bring up the listings for the past 7 days. This is a great way to stay up to date with the newest properties to hit the market!
Stay warm out there, Spring is around the corner!