Regina Real Estate Week In Review Mar 9 - 15, 2015
For the week of March 9 - March 15, 2015 :
Sales were slightly down last week and the number of new listings was on par with the previous week. Single family home pricing is continuing to hold strong while Condo's continue to slump below the $300,000 mark for the 2nd week straight. Let's first find out what the mortgage market update is courtesy of my partner mortgage broker Colin Hildred.
This week’s smart debt management tip involves refinancing into a lower rate. Now may be a good time to break an existing mortgage as today’s fixed and variable rates are at historic low levels. If you have had your mortgage for a couple of years or more, you may find it advantageous to refinance early and lock in a record low rate for a new extended term.
The benefit realized with today’s great rates will absorb some or maybe even all of the prepayment penalties. I am excited to find savings for my clients so don’t hesitate to ask me to calculate your potential savings.
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.
I have incorporated some graphs into my blog to help review week over week activity this week. I hope they help make more sense of the picture I am trying to paint each week!
Market activity this past week :
New Listings :
Single family homes : 98
Total active single family : 852
Lowest active list price : $27,000
Highest active list price : $1,500,000
Average Asking Price : $359,085
Average Days On Market : 60
Condos : 27
Total active condos : 376
Lowest active list price : $114,900
Highest active list price : $1,050,000
Average Asking Price : $297,450
Average Days On Market : 62
We had 35 firm "Single Family" sales last week, with the average seller asking $368,029 and accepting an average sell price of $356,154 or 96.8% (List To Sell Price). They took an average of 41 days to sell. The low sale was $38,000 and the high sale was $710,000. The number of firm sales are down by 6 from last week and the average sell price is up drastically at $60,413.
We had another consistent week with 8 firm Condo sale last week with the average seller asking $296,125 and accepting a sell price of $290,338 or 98.0% (List To Sell Price.) They took an average of 35 days to sell which is down sharply from 68 last week.
Cancelled, Withdrawn or Expired Listings :
Single Family : 27 ( Up 16 from 11 last week)
Condos : 8 (No Change )
Market Summary :
The past week brought us up to over 1200 listings in Regina now at 1228. Based on the continuing disparity between the number of new listings vs the number of firm sales we are having each week, I only anticipate this number to continue to grow. Based on my year to date charts you can see that Condo prices continue to slip almost every week by 1 percent. We are down almost 6% on the year for what seller's are asking however our average firm sale price has continued to increase. I think one item to note from the last week is the average days on market for condo's drastically dropped. I think this can be attributed to a few seller's who have decided to price their unit very aggresive and as such were snapped up by a few savy buyers. This is a very aggresive way to jumping ahead of your competition and getting a quick sale on your property. Just because your neighbour does a price reduction by $5,000 - $10,000 doesnt mean your unit will look any more attractive by folllowing suit with an identical reduction. From my experience in the downturn in the market in 2008; from April - December we seen drastic price corrections and it was the seller who made the first lunge to reduce significantly sold quick and everyone who followed after stayed on the market and ended up having to reduce far beyond what the competition sold for in order to achieve a successful sale. Good luck and hope some of this information is helpful when pricing your home if you plan on selling in this spring market!