Regina Real Estate Week In Review Mar 16 - 22, 2015
For the week of March 16 - March 22, 2015 :
It was one of the busiest weeks this year! This past week we saw the most single family listings & sales in a week, which in turn is pushing Single family home asking price to it's highest point this year. Unfortunately Condo's continue to slump below the $300,000 mark for the 3rd week straight. Let's first find out what the mortgage market update is courtesy of my partner mortgage broker Colin Hildred.
My final smart debt management tip in the series involves re-extending mortgage amortizations. Repeat purchases and refinancing opens the door to resetting the amortization or total period to pay off the mortgage. In these circumstances, it is very common for people to re-extend to the maximum allowed; currently 25 years with less than 20% equity and 30-35 years with 20% or more.
Re-extending the amortization creates a lower payment but should always be considered in relation to your long-term financial plan. The attraction of a lower payment is potentially borrowing against your flexibility in retirement.
Our partners who provide reverse mortgages report it is increasingly common for people at “retirement age” to have a mortgage. By working backwards from when you want to be mortgage free, your mortgage advisor can help you chose an amortization that fits your short and long-term goals.
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 : 99
Total active single family : 893
Lowest active list price : $27,000
Highest active list price : $1,500,000
Average Asking Price : $364,730
Average Days On Market : 59
Condos : 29
Total active condos : 395
Lowest active list price : $114,900
Highest active list price : $1,050,000
Average Asking Price : $296,043
Average Days On Market : 64
We had 45 firm "Single Family" sales last week, with the average seller asking $309,394 and accepting an average sell price of $302,564 or 97.8% (List To Sell Price). They took an average of 36 days to sell. The low sale was $111,500 and the high sale was $480,000. The number of firm sales are up by 10 from last week and the average sell price is down drastically at $53,590.
We had a slow week with only 4 firm Condo sale last week with the average seller asking $280,650 and accepting a sell price of $269,375 or 96.0% (List To Sell Price.) They took an average of 42 days to sell which is up slightly from 35 last week.
Cancelled, Withdrawn or Expired Listings :
Single Family : 22 ( Down 55 from 27 last week)
Condos : 12 ( Up 4 From 8 Last Week )
Market Summary :
The past week brought us up to 1288 listings in Regina and I would anticipate this number to continue to increase for the next several months. The two trends that continue to repeat themselves is the average asking price disparity from single family homes to condo's. We are at our highest price on the year for single family homes at $364,793.00, while the 0.5 % - 1.0% drop in the average asking price of condo's continues weekly. Something of interest I pulled up this week was out of the 422 Sales this year on MLS in regina only 13 were over $550,000. Their are currenly 119 Units for sale at $550,000 + range. With only 3 percent of the homes sold this year in that price range I think it speaks volumes of consumers starting to trim the luxury's in life and chose more cost concious homes that keep their monthly overhead under control.
There was a stubstantial drop in the average sell price this week of over $53,000 which puts the average home sale at $302,564. The sweet spot in the market appears to be the $250,000-$300,000 range with 95 sales it is the highest number of homes changing hands in any price category this year.
The Regina Region Spring Home And Garden Show is this coming weekend March 26-29. I am located at booth 815 and am looking forward to talking to anyone stopping by about our market and any real estate questions you may have! Hope to see you all out this weekend at the show!