For immediate release February 10, 2010
Association of Regina REALTORS® Inc.

MLS® SYSTEM SALES TOP 2009

 Regina and area home sales through the Regina and area Multiple Listing Service® System in January have topped  2009 levels, said the Association of Regina REALTORS® Inc.

For the entire MLS® System including all geographic areas there were 183 residential sales recorded, up 8% from 169 in 2009. Inside the city there were 154 residential sales, down 3% from 158 sales posted in 2009.

The dollar volume of $44.0M for all geographic was up 22% over 2009’s $36.1M.Total dollar volume of sales in the city was $36.7M, up 9% from $33.7M recorded in 2009.

The average price of sales for the month was $240,274, an increase of 12% over 2009’s $213,708. The average price of residential properties sold inside the city was $238,589, up 12% from 2009’s $213,167. Despite the increases over January 2009, average prices in the city and for all geographic areas were below the 2009 annual average of $244,328.

Homes sold in January were on the market for an average of 49 days before selling compared to 52 in December of 2009. Homes sold at an average of 96.6% of asking price.

For the entire MLS® System including all geographic areas there were 980 active listings on the market at month end including 580 in the city. There were 346 new listings received during the month, a decrease of 19% from 2008’s 425.

“Although not spectacular, sales in January proved to be steady and above average for the month when compared tothe last ten-year period”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.

“Starting the year off, we really need to keep our eye on a potential supply shortage. Looking ahead with the decrease in new listings in January and assuming demand remains strong, there may not be sufficient supply to fully satisfy that demand in upcoming months. This is particularly the case in the city where vast majority of home sales will take place. This has some potential for upward pressure on prices and an increase in instances of multiple offers from buyers”, concluded Archibald

Association of Regina REALTORS® Inc.
MLS® Residential Statistical Summary
For Month Ending January 31, 2010