Regina Real Estate Week In Review Mar 23 - 29, 2015
For the week of March 23 - March 29, 2015 :
The trend repeated itself this past week with the busiest week this year to date for sales! Single family home prices hit a new high for the year and Condo prices have leveled off from the recent price drop! Let's first find out what the mortgage market update is courtesy of my partner mortgage broker Colin Hildred.
Homeowners are increasingly selecting non-bank lenders for their mortgages. It’s not surprising! Broker-exclusive lenders most often provide better rates, more liberal prepayment options, and less costly breakage penalties. These lenders are major players providing billions in mortgages to homeowners each year.
A recent report showed that two of the big banks lost 3.3% and 4.2% of mortgage broker market share. In a separate report, total market share amongst the banks was mostly flat or declining. The numbers reveal consumers are increasingly open to non-banks if they can gain features and save money.
Big banks remain an important option in my toolbox but my clients also have the advantage of considering lenders only available through their friendly neighbourhood mortgage broker.
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 : 90
Total active single family : 916
Lowest active list price : $27,000
Highest active list price : $1,500,000
Average Asking Price : $365,421
Average Days On Market : 63
Condos : 21
Total active condos : 398
Lowest active list price : $114,900
Highest active list price : $1,050,000
Average Asking Price : $296,331
Average Days On Market : 65
We had 46 firm "Single Family" sales last week, with the average seller asking $312,800 and accepting an average sell price of $302,122 or 96.6% (List To Sell Price). They took an average of 35 days to sell. The low sale was $40,000 and the high sale was $535,000. The number of firm sales are down by 1 from last week and the average sell price is almost par for the course from last week being down only $442.00.
We tied for our busiest week of the year with 11 firm Condo sale last week, the average seller was asking $323,973 and accepting a sell price of $314,355 or 97.0% (List To Sell Price). They took an average of 40 days to sell which is down slightly from 42 last week.
Cancelled, Withdrawn or Expired Listings :
Single Family : 21 ( Down 1 from 22 last week)
Condos : 2 ( Down 10 From 2 Last Week )
Market Summary :
The past week brought us up to 1314 listings in Regina which is again a new high for the year. However, we have seen the largest amount of sales for a 1 week period in the year at 57 sales total. We also saw the LOWEST amount of new listings in a week since Feb 16/15 with only 111 new listings coming onto the MLS system. Single family homes hit a their highest point on the year for the average asking price breaking the $365,000 mark and Condo's finally leveling off in their decent for the first time in 6 weeks. Once again we did not see a firm sale break that magical $600,000 plateau, which again shows the market's current appetite for luxury homes.
We had an excellent turnout at the Regina home and garden show with many people stopping by to ask questions regarding the current real estate market. We also had people asking about how much certain renovations will improve or sometimes decrease the value of your home, good questions! We had some excellent discussions in the areas of kitchens and bathrooms as in my experience these are the two most important areas of your home to spend money first when renovating. Interestingly enough, in passing some exhibitors booths you could easily get carried away on these areas (kitchens & bathrooms) and spend THOUSANDS more than you will ever recoup. It's always a good idea to contact your trusted REALTOR® for their opinion of value before and after a renovation. This will ensure if you plan to move in the 3-5 year window that you will see the return on your money you invest that is expected.
Take care and see you next week!