Hey, friends! Holy jeeeez! I feel like it was just yesterday I was writing March's Regina Real Estate Stats??!! This year is going by WAY too quickly. But, the weather is warming up and there is no complaining over here about that!
It's safe to say that the spring market is HERE. Sales were up 16.8% for April compared to April 2018. And not just April, but our YTD sales are up, too! Last April, we were very much in a buyers market... BUT the stats this year say we are in a balanced market! The sales to new listings ratio is 45, 2019 YTD. (Anything below 40 is a buyers market, above 60 is a sellers and in between is considered a balanced market). This is good news for sellers as that means more homebuyers are prepared to purchase. However, there is still an influx of inventory of homes on the market - especially in Harbour Landing, The Greens on Gardiner, and Washington Park. These three areas alone make up about 20% of Regina's active listings. Additionally there is an influx of condos on the market as well - approx. 27% of the total listings in Regina are a condominium. That means about 44% of the homes for sale in Regina are either located in one of these three neighbourhoods or are a condominium. That's a lot of homes! Although Regina as a whole is technically in a balanced market, there are areas in Regina that will be a buyers market, and others that the sellers will have an advantage. This doesn't mean that in these neighbourhoods a seller can ask whatever they want.. but that there may be a demand for a home in their neighbourhood. Price it properly, present it at it's absolute best, and it should sell quickly!
With regards to price of homes - because let's be real, that's really what matters and what most people want to know LOL... our market took a hit over the past couple of years with so many changes and now it may be on the brink of straightening itself out. The effects of these changes have played their part and have become the new normal when it comes to buying a home. But because of this and the influx of homes on the market, the Composite Benchmark is still declining.. it is almost 5% lower this year than compared to last year. And over the last 10 years, 12.4% lower. Some neighbourhoods will feel more downward pressure on pricing than others and this will continue to impact those sellers depending on when they purchased their home. However, there are some variables to this. It all depends what neighbourhood they purchased in, what they paid, and if any updates have been completed. With that, that concludes the April market update. If you'd like to know the market value of your home, click here or contact me here.
As always, if you have any questions, I'm here to help!