Regina residential sales slow, but prices continue steady climb

The Association of Regina Realtors Inc. said the average price reached $272,609 in February, which was a new record for the month. Sales volume was at 239 properties on the Multiple Listings Service (MLS), down 10% from a year earlier but still the fourth highest February on record.

“Sales during the month were not spectacular, but were certainly in line with the market in recent years and above the immediate past 10-year period,” said Gord Archibald, executive officer of the Association of Regina Realtors.

But Archibald said continued population growth and a strong economy had maintained steady demand for properties in the area.

The Conference Board of Canada predicted Regina would be one of the fastest growing economies in the country this year, expected to rise 3.5%. It rose 3.1% in 2010.

Regina properties spent an average of 46 days on the market before selling an average of 97% of the asking price, said the realtor report, based on MLS figures. That figure, can vary greatly on the area.

In Regina City, where 90% of the sales dollar volume took place in February, the average time on market was 39 days.

When you get to the surrounding area, where the average price is higher, closer to $300,000, the average time on market is 103 days. Even further out, in the out-of-area region defined by the realtors, the average price is $137,671 and the average time taken to sell is 122 days.

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