Average Home Sale Prices in Regina Set New Record!

In February of this year, a new record high for selling prices of homes was set in Regina. The Association of Regina Realtors released statistics on Wednesday March 3rd, 2010, saying the average sale price for homes in Regina and nearby areas for the month of February was $263,753. This average is up 13% from February 2009, and is not only a record high for February, but for any month in the history of the Multiple Listing Service System.

According to Gord Archibald, the executive officer of the realtor’s association, the continuing strong demand for homes, combined with the fairly tight supply of homes for sale, has the potential to push prices even higher. However, prices could tone down if more homes go up for sale. At this point, the limited supply of homes for sale may not be sufficient to satisfy demand as we are about to enter the busy spring season.

Archibald said the February results might be a bit skewed, because quite a large number of high-end expensive homes sold. With the sale of expensive homes pushing up the average selling price, it may not perfectly reflect the actual increases in the cost of an average home.

Among the data released Wednesday, it is indicated that 267 residential sales were posted for Regina and nearby areas in February. This number is up 15% from 2009 and is the second highest number of sales ever recorded in February. The total dollar value of homes sold in February was approximately $70.4 million, which is a new record for the month of February and 30% above the figure recorded in February of 2009. A total of 450 homes have been sold in the first two months of the year, which is a 12% increase compared to the same period last year.

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