August Continues Strong for Regina Real Estate Market

September 8, 2020

Regina

SRA (Saskatchewan REALTORS® Association)

Sales in Regina were up 40.5%, going from 247 in August 2019 to 347 in August 2020, and up 39.0% in the overall region, going from 308 to 428. In Regina, sales were 18.8% above the 5-year average (and 20.8% above the 10-year average), while in the larger region, sales were 19.6% above the 5-year average (and 23.0% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 5.9% over last year, increasing from 1,851 to 1,960, while YTD sales in the larger region rose 10.7%, going from 2,197 to 2,432.

Sales volume was up 49.4% in the city, going from $74.2M to $110.8M in 2020 (18.9% above the 5-year average, and 21.4% above the 10-year average). YTD sales volume in the city was $602.5M, an increase of 7.5% from last year. In the region, sales volume was up 12.8%, going from $661.2M to $745.8M (20.3% above the 5-year average and 25.0% above the 10-year average). YTD sales volume increased 12.8% in the region, rising from $661.2M in 2019 to $745.8M in 2020.

In Regina, the number of new listings in August 2020 rose 10.4%, going from 443 to 489 (3.5% below the 5-year average and 0.7% above the 10-year average), while in the region, new listings rose 9.9% from 538 last year to 591 this year (5.5% below the 5-year average and 2.4% below the 10-year average). YTD new listings in the city fell 8.4%, going from 3,871 to 3,544, while in the larger region, the number of new listings to date fell 9.1%, going from 4,939 to 4,491. Active listings fell 18.4% in Regina (down from 1,583 to 1,292) and fell 22.1% in the region (down from 2,276 to 1,772).

Inventory in Regina stood at 3.7 months (which is 41.9% below the level last year and 29.2% below the 5-year average), while the sales to listing ratio was 71.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.1 months (which is 44.0% below the level last year and 33.1% below the 5-year average), while the sales to listing ratio was 72.4%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 51 days in August—down 15.0% from 60 days last year (but below the 5-year average of 54 days and above the 10-year average of 45 days). Homes in the region stayed on the market longer than homes in the city at 57 days on average in 2020, but also down from an average of 65 days last year (and 2.4% below the 5-year average).

Median home prices in Regina went from $295,000 to $304,900 (an increase of 3.4%) and were approximately 0.8% above the 5-year and 0.6% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 0.8% from $284,500 to $286,900. Year-to-date, the median home price in Regina was $291,541 which is 1.5% above the $287,119 price from the same time last year. Median home prices in the region went from $290,250 to $300,000 (an increase of 3.4%) and were approximately 0.7% above the 5-year and 0.9% above the 10-year average median price. Year-to-date, the median home price in the region was $289,250 which is 1.6% above the $284,638 price from the same time last year.