Market Snapshot (week 47)

REAL ESTATE this WEEK

 Week ending Friday November 21 2008  Week 47

Residential within city limits Regina mls data 

• New listings     65 new listings this week, avg./day 13 
• Firm sales      42 firm sales this week, avg./day  8

Average ask price (of solds)    $246,300     

Average sale price   $236,200

Average sale price is < %4 under asking

2 of the 83 firm sales were over/bid.

The average over/bid was $2,800

• Conditional sales   38 conditional sales this week, (conditional sales eventually become firm sales or fall thrus)  
• Price reductions  78 price reductions this week, avg. size of reduction $11,200  
• Total homes listed  at end of week  1108 of which 50 have conditional sales

Comment

Jeff Martin 

I’m not sure I agree with the prognostication about the Regina market in the following article. We still have a lot of inventory. Weekly sales are continually shy of the new inventory volume. In the new market there appear to be a number of dashed dreams and unoccupied new construction units on the wider market. All of this leads me to think we are more likely to see a flattening of the curve. I expect very little increase if any 

Noteable news 

BRENDA BOUW   The Canadian Press  December 3, 2008 at 2:27 PM EST VANCOUVER 

Housing prices will fall about 5 per cent across Canada by the end of 2009 as a slumping economy takes a bite out of consumer confidence, says the ReMax realtor company. House prices in Regina are expected to rise nine per cent next year, while cities such as Ottawa, Edmonton, Calgary, Sudbury and Halifax are predicted to see prices remain flat next year.  Read the article

Association of Regina Realtors December press release 

JEFF MARTIN      jmartin@sutton.com     306 536 1955