Five Things You Need To Watch In Regina's Real Estate Market
Decoding Regina Real Estate Trends
The November Regina real estate market stats have been posted by the Saskatchewan REALTORS® Association and the numbers are significantly promising. Here's what we know so far.
"The city of Regina reported 240 sales in November, up nearly 16% year-over-year and 14% above long-term, 10-year trends." Sales have continued to climb over the last four months and are strong when stacked up against long-term trends. So, despite the doom and gloom of what is happening in major cities like Vancouver and Toronto, we have been smooth and steady amidst inflation and interest rate hikes.
We aren't seeing much decline here in our city because we have a supply challenge. We don't have enough new listings hitting the market at the rate that the buyers need and there is also an incredible shortage of new builds happening in our community. "Strong sales and a decline in new listings failed to offer any supply relief in November, as inventory levels were down 21% year over year and remain over 30% below 10-year trends." Despite the supply crunch, prices have not seen a considerable surge yet. In fact, the benchmark price is slightly down to $305,000, a decline of 2.6% year-over-year.
Stats to watch if you are considering making a move
Sales Data: The data market indicates whether sales are continuing on an upswing or decline. Currently, Regina has seen four straight months of an upward trend of sales year-over-year (which is a great sign). Taking it one step further, have your agent determine how your specific style of home is doing. For example, semi-detached home sales were up 33% in Regina, the highest spike in sales year-over-year. But apartments were down 17%.
New Listings: These stats help determine whether the supply is meeting the demand of buyers out there. We've seen a supply shortage for quite a few years, which keeps our market competitive. We're down 13% in November, another indicator that supply continues to be the driving force in our market. Every home style is down in new listings except for row housing this month.
Inventory: A balanced market for our city normally sits around 1200 units; however this month's inventory stat is at 841, 20.8% below this time last year. Have your agent check to see how many listings are in your area of town to help you solidify an asking price. You may be the only 1400sqft bungalow with an attached garage in the entire neighbourhood!
Months of Supply: This number shows you how long it would take to sell all of our current inventory. November's supply was all the way down to 3.5 months, a huge drop of 31.4%. The style of home that would take the longest to sell currently is apartments.
Avg. Benchmark Pricing: This number tends to hover for our city this past year and doesn't change a whole lot. This month, it's slightly down to 2.6% from this time last year to $305,000. This price is the average for the entire city, so taking it one step further to your specific neighbourhood and your style of home is essential.
Regina Benchmark Pricing For November:
- Residential $323,700
- Semi-Detached $365,600
- Row/Townhouse $229,600
- Apartment $221,900
When buying and selling, there is a lot to consider, so having an experienced agent guide you with decisions can provide some reassurance and clarity. Contact any of our experienced agents today for specific details about your property.