“SASKATCHEWAN REAL ESTATE MARKETS FARE BETTER THAN EXPECTED: poised to help boost provincial economy”
The April market stats are out and as the headline reads, the numbers are “better than expected” and actually mirror exactly what we have experienced personally in our business.
We have seen less activity in the market in April, more so on the selling side than buying, and most transactions were necessary rather than discretionary. But because there were less listings, we saw homes selling quickly and prices holding.
The National picture may be different because every province is in a different situation right now but we knew that the effects of a COVID world on real estate in Regina, and the province as a whole, would be directly related to the time it took to re-open our economy…so far so good!
Here’s a snapshot of what happened in our market in April:
* Sales in Regina were down 50.2%, going from 289 in April 2019 to 144 in April 2020
* The number of new listings in April 2020 fell significantly from the number last year. In Regina, new listings fell 50.8%, going from 581 to 286
* Active listings also fell 17.0% in Regina (down from 1,457 to 1,209), which just means that some sellers chose to remove themselves from the market in this time of COVID.
* Homes in Regina stayed on the market an average of 62 days in April—up a modest 1.6% from 61 days last year.
* Median home prices in Regina went from $283,000 to $287,925 (an increase of 1.7%) and were approximately 1.8% below the 5-year average median price.
* The MLS® Home Price Index (HPI)—which is considered a more accurate measure of house price trends—was down just 0.2% from $271,300 to $271,100, year to year.
For the full SRA media release with all the provincial stats for April check out the link below:
⁉️ So what does all of that mean to you?
If you have questions about anything real estate, just ask…
We’re here to help!
~Karin & Jen