January a hot month for Regina home sales

REGINA — The temperature wasn’t the only thing that was above normal in  January, as home sales and prices were at or near record highs in the normally  quiet month for the real estate market.

There were 249 sales reported during the month in the Regina area, up 14 per  cent from 218 sales in January 2011 — the second-highest number of sales for the  month and just behind the record of 250 posted in January 2008, the Association  of Regina Realtors said Thursday.

Last month’s sales were also well above the five-year average of 198 and the  10-year average of 175 sales for the month, said the association’s monthly  multiple listing service (MLS) report.

The average price in the Regina area, which includes bedroom communities,  like White City and Pilot Butte, was $284,744, a new high for January and an  increase of 10 per cent from $258,599 recorded in 2011. The average in the city  was $288,497, also a new high for the month, and up eight per cent 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 $70.9  million in sales reported in the Regina area an increase of 26 per cent over the  previous record of $56.4 million set in 2011. Dollar volume in the city also set  a new high at $60.6 million, an increase of 27 per cent from $47.8 million in  2011.

There were 988 active listings on the Regina area market at the end of  January, including 431 new listings placed on the MLS system during the month.  This is the highest number of new listings received since October and will help  alleviate a potential supply shortage, especially in the city, the association  said.

Gord Archibald, executive officer of the association, said the heightened  sales activity in January was a continuation of the buoyant real estate market  in 2011, supported by strong economic, job and population growth, and a tight  rental market.

Read the full Leader Post article here!

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