Market Snapshot (week 18)
REAL ESTATE this WEEK
Week ending Friday May 2 2008 Week 18
Residential within city limits Regina mls data
- New listings 141 new listings this week, avg./day 28
- Firm sales 83 firm sales this week, avg./day 17
Average ask price (of solds) $259,200
Average sale price $257,400
Average sale price is < %1 under asking
22 of the 83 firm sales were over/bid.
The average over/bid was $8,700
- Conditional sales 67 conditional sales this week, (conditional sales eventually become firm sales or fall thrus)
- Price reductions 58 price reductions this week, avg. size of reduction $11,500
- Total homes listed at end of week 560 of which 100 have conditional sales
Comment
Jeff Martin
Recent news headlines are somewhat misleading. The annual percentage increase in value of a 3 bedroom bungalow in Whitmore Park does appear to be somewhere in the range of 55 to 60 % as reported....... However I find it difficult to confirm the actual dollar value amount
Here are my findings ( 3 bedroom bungalows in Whitmore park)
May 1, 2006 to May 1, 2007 = 56 sales averaged = $140,029
First four months of 2007 = 10 sales averaged = $168,520
May 1, 2007 to May 1, 2008 = 58 sales averaged = $217,377
First four months of 2008 = 9 sales averaged = $ 279,722
The numbers “$330,000 and $210,000 “quoted below, don’t appear to be accurate. The average asking price of the 5 homes currently available in Whitmore is $275,900 and 4 of them are well below the $300,000 threshold
Noteable news
RICHARD BLACKWELL / May 1, 2008 / The Globe and Mail Report on Business
A national spring survey conducted by broker Century 21 Canada shows that several areas in Saskatchewan have seen home prices leap in the past year - some by close to 60 per cent - far surpassing the jumps anywhere else in the country. The biggest increase came in Regina's Whitmore Park neighbourhood, where an average three-bedroom bungalow rose in price by 57 per cent over the past year to $330,000 from $210,000………Read article
JEFF MARTIN jmartin@sutton.com 306 536 1955