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March Sets Records for Regina Home Sales, Price and Dollar Volume REGINA — It’s sounding like a broken record, but records were broken again in March for home sales, average prices and dollar volume on the multiple listing service (MLS) operated by the Association of Regina Realtors Inc. There were 374 sales reported during the month, up 18 per cent over 317 during the same period last year, and a new high for March, with the previous high of 351 sales recorded in 2007. The average sales price in the Regina area for the month was $287,772, a new high for March, and an increase of five per cent from $274,330 recorded in 2011. The average in the city proper was $293,581, also a new high for the month, and up six per cent from $274,980 recorded last year. The combination of record sales and price highs resulted in a new record for total dollar volume of $107.6 million in sales reported for the Regina area, including bedroom communities like Emerald Park. This marks the first time March sales have surpassed the $100-million mark and an increase of 24 per cent over $87 million posted during the same period last year. For the year to date, 918 homes were sold in the Regina area, an increase of 19 per cent over the first quarter of 2011 when 772 sales were recorded. The average price for the year to date was $286,480, up seven per cent from $268,991 during the first three months of 2011. Dollar volume of sales for the year to date was $263 million, an increase of 27 per cent over $207.7 million in the first quarter of 2011. All year-to-date figures represent new highs for the first three months of the year, the association said in a news release. “Sales activity in March continued to reflect the strong economy and the level of demand for housing in the communities served by our members,” said Gord Archibald, executive officer of the association. However, the increased demand has reduced the number of unsold listings to less than two month’s supply and the average asking price of these is in the $370,000 range, leaving fewer choices for first-time buyers. As sales activity picks up in April and May, more new listings in the average price range will be needed to satisfy that demand, Archibald said. © Copyright (c) The Association of Regina Realtors
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