Sutton Group Results North

Warm January temperatures have translated into a hot start to the 2012 residential real estate market based on sales reported through the Regina and area MLS® System ®, said the Association of Regina REALTORS® Inc

There were 249 sales reported during the month in all geographic areas, up 14% from 2011 when 218sales were reported. This represents the second highest number of sales in a January, only one behind the 250 recorded in 2008. The number of sales was well above the immediate five-year average of 198 and the ten-year average of 175 for the month.  There were 210 sales reported in the city, up 17% over 2011 when 179 properties were sold.

The average sales price in all market areas for the month was $284,744, a new high for January and an increase of 10% from $258,599 recorded in 2011. The average in the city was $288,497, also a new high for the month, and up 8% from $267,165 posted last year.

The combination of near record sales and the new price high during the month also resulted in a new record for total dollar volume of sales. There were $70.9M in sales reported for all areas, an increase of 26% over the previous record set in 2011 of $56.4M. Dollar volume in the city also set a new high at $60.6M, an increase of 27% from $47.8M in 2011.

During the month, homes which sold were on the market for an average of 41 days before selling at an average of 97.4% of the asking price. This compares to 43 days and 96.9% in 2011.   

For all MLS® System geographic areas there were 988 active listings on the market at the end of January, including 419 in the city. There were 431 new listings placed on the MLS® System during the month, up 6% from 406 in 2011. This is the highest number of new listings received since October 2011 and will help alleviate a potential supply shortage, especially in the city. 

The ratio of firm sales to new listings for the month was 67% in the city and 58% in all geographic areas. These are the lowest ratios in the city and all areas since July of 2011 and have contributed to 2an increase in active listings. Balanced market conditions are generally in the 40-60% range - above 60% is considered to be a market favouring sellers.  

“Sales activity in January was a continuation of the strong market that occurred in much of 2011. Demand is supported by strong economic activity, job and population growth, and a tight rental market”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc. 

“We were encouraged by the number of new listings that came onto the MLS® System during the month. After falling supply levels in the second half of 2011, this hopefully is an indication of more supply coming onto the market to satisfy demand levels in the first quarter of the year and later oncewe approach the busy spring period,” concluded Archibald