Regina Real Estate Week In Review Mar 2 - 8, 2015 & February 2015 Month In Review
For the week of March 2 - March 8, 2015 & February 2015 month end review:
It was another consistent week in the real estate market in Regina. We had a very similar number of properties coming onto the market and firming up as the last week (with the exeption of new condo listings which were up 25%.) We will get into that number shortly but let's start off with a the mortgage market update courtesy of my partner mortgage broker Colin Hildred. This week's article touches on lump sum payments and how effective they are at getting your mortgage free sooner!
Continuing on the theme of smart debt management, this week’s tip involves lump-sum payments. Virtually all mortgages allow extra payments without penalty, often up to 20% of the original mortgage amount per year. A CAAMP sponsored survey last fall showed only 16% of mortgage holders made lump-sum pre-payments. So, how smart is this strategy?
By making a single $1,000 lump-sum payment annually, you can reduce the total length of your mortgage by 2 years and save close to $10,000 in interest. For those lucky enough to be getting a tax refund, it’s a timely consideration.
While mortgages are your least expensive debt, it’s also the debt that is much less likely to be re-advanced so unlike a credit card, the debt reduction will more likely stick. With a little forward thinking, lump-sum prepayments can accelerate your financial freedom.
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 : 88
Total active single family : 822
Lowest active list price : $27,000
Highest active list price : $1,500,000
Average Asking Price : $354,940
Average Days On Market : 62
Condos : 42
Total active condos : 367
Lowest active list price : $114,900
Highest active list price : $1,050,000
Average Asking Price : $399,364
Average Days On Market : 60
We had 41 firm "Single Family" sales last week, with the average seller asking $307,131 and accepting an average sell price of $295,741 or 96.3% (List To Sell Price). They took an average of 48 days to sell. The low sale was $42,500 and the high sale was $795,000. The number of firm sales are down by 3 from last week and the average sell price is down sharply at $23,243.
We had another good week with 9 firm Condo sale last week with the seller asking $255,689 and accepting a sell price of $246,577 or 96.4% (List To Sell Price.) They took an average of 68 days to sell which is down slightly from 70 last week.
Cancelled, Withdrawn or Expired Listings :
Single Family : 11 (Down 90 from 101 last week, Last week was an unusually large amount mostly attributed to most agents setting their listings to expire at the end of the month)
Condos : 8 (Down 38 from 46 last week, again this is unusally large due to the end of the month expiry date of most contracts)
Market Summary :
The past week continues to show a healthy single family market with roughly 50% of what is coming onto the market selling in under 2 months when priced right. The only noticeable trend is the average sell price was down 7 percent this past week however I will touch on month to month stats shortly which is a better indicator of the ongoing trends.
Condo's once again did not fair nearly as well. We are only seeing 25% of what is coming onto the market selling in just over 2 months right now. It continues to be a very competitive market and once again the average asking price dropped week over week to just under $300,000.
Now let's discuss the market change from January - February.
Market activity for the month of February:
New Listings :
Single family homes : 270 ( Up from 171 in January )
Total active single family : 822 ( Up from 790 in January )
Lowest active list price : $27,000 ( No Change )
Highest active list price : $1,500,000 ( No Change )
Average asking price : $353,519 ( Down $1,077 From January )
Average days on market : 62 ( Down from 66 in January )
Condos : 116 ( Up from 83 in January )
Total active condos : 367 ( Up from 300 in January )
Lowest active list price : $114,900 ( No change )
Highest active list price : $1,050,000 ( No change )
Average asking price : $299,805 ( Down $9,297 from January )
Average days on market : 60 ( Down from 64 in January)
Single family homes : 156 ( Up from 118 in January )
Average asking price : $326,228 ( Down $4,964 from January )
Average sell price : $313,267 ( Down $3,250 from January )
Lowest sell list price : $42,500 ( Up $24,500 from January )
Highest sell list price : $920,000 ( Up $245,000 from January )
Average days on market : 47 ( Up 4 from January )
Condos : 19 ( No change from January )
Average asking price : $299,153 ( Up $36,964 from January )
Average sell price : $288,879 ( Up $37,210 from January )
Lowest sell list price : $164,000 ( Up $30,500 from January )
Highest sell list price : $860,000 ( Up $516,397 from January )
Average Days On Market : 72 ( Up 13 from 59 in January)
Month End Analysis :
The single family market continued along a stable path in Feburary with very little change to talk about. The average ask and sell prices only dropping by 1.5% from January. There were a consistent amount of sales for this time of year (as we have seen in past years) and I would expect the trend to continue right into the summer months. The market currently has 5 months of inventory which is balanced very well at this point.
The condo market has been on the same path it has been on all year. Slow and more inventory continuing to hit the market with prices softening every week. The stats were largely thrown off by one large sale at $860,000 which was over $500,000 higher than any other sale year to date. When this sale is factored out the prices of the average sale were up by about $6,000. However the greatest indicator of the market to me is the continuing drop in average asking price. Last month alone the average asking price dropped 3% to just below $300,000, as well the amount of inventory we currently have has reached 19 months. I feelt that I am continuely picking on this part of the market each week but it is hard to ignore the facts of what was one a RED hot market is continuing to cool off each week.
The sun is shining the snow is melting away and this is the time to get out and view a few show homes and open houses. The Regina region Spring and Garden Home Show is coming up the weekend of March 26-29! Come check out all the latest home ideas and stop by my booth!
Thanks for stopping by!