Jane’s story

A home identical to hers was listed in May for $559,900, reduced several times to $529,900, and then taken off the market. It was recently re-listed with a different real estate company, at $499,900

“This is a $60,000 drop in perceived worth to perhaps reality,” she says, “but then if they get an offer it might be for what? $475,000? It still demonstrates an almost 11% drop in perceived real world reality in the value of one’s house, and no one is biting as I send you this note.”

It is an example of the asset deflation.

“This is Jane’s translation,” she says. “If Jane makes $100,000 gross income per year and the tax system grabs $50,000 all round and her house drops $50,000 in value in one month of 2010, then I’m working at a net loss! How’s that for asset deflation wiping me out? Erased, if it ever really existed!”

Weekly Market Activity July 5-9.

For the week ending July 5th. New Listings in the Regina region remained well above last year's levels. Sellers added 131 homes to the market, which represented a 17.0 percent jump compared to the same week in 2009. This is over three times greater than the 3-Month Total.

Firm Sales, however, weren't so lucky as buyers could hardly absorb that entire new product. The metric posted a 40.9 percent decrease compared to the same period last year with 65 contracts written. Active Listings still stepped down 9.1 percent from last year to land at 1,616 properties available for purchase.

Sellers may now anticipate receiving just over 97 percent of their current list price with market times of about one month. The Months Supply of Inventory seems low at 4.7 months, but it won't stay there if demand indicators continue to wave.

This weekly report is for Regina and surrounding area.

Weekly Market Activity June 28- July 2

For the week ending June 26, New Listings in the Regina region remained well above last year's levels. Sellers added 162 homes to the market, which represented a 47.3 percent jump compared to the same week in 2009. This is the largest year-over-year increase in seller activity since the week ending March 21 of 2009.
Firm Sales posted a healthy 14.7 percent increase compared to the same period last year with 78 contracts written. This helped bring Active Listings for Sale down 8.0 percent from last year to land at 1,663 properties available for purchase.

This weekly report is for Regina and surrounding area.

Listings surge, balanced market

Due to a surge in the number of new listings taken, the first half of 2010 has ended with balanced market conditions.

Inside the city there were 302 sales, a decrease of 10% from 335 sales in 2009. June was the second consecutive month that sales were down year-over-year although they remain above historical levels.

For the entire MLS® System, including all geographic areas, 340 sales took place in June, down 12% from 385 posted in 2009.
The monthly average sales price of $274,673 set a new high for any month and broke the $270,000 mark for the first time. The average price inside the city surpassed $280,000 for the first time coming in at $281,032 and was up 14% from 2009’s $246,179.

For the year-to-date there have been 1,883 residential properties sold, an increase of 6% from last year at th is time. Average price for the year to date was $257,463, up 5% over last year’s $245,658.
Homes sold in June were on the market for an average of 32 days before selling compared to 34 in May of 2010.

Although sales and demand levels continue to be steady, the increase in active listings on the market has provided more time for buyers to make a buying decision, which, in turn, has contributed to fewer sales on a year-over-year basis the last couple of months.

Going into 2010 we had some concern that there may not be sufficient supply to satisfy expected levels of demand during the year. The growth in the number of active listings has allayed these concerns and has, by in large, provided buyers with a wider choice of homes and kept significant upward pressure on prices in check.

If the supply side continues as it is now, we expect that balanced market conditions will prevail for much of the remainder of the year.

Weekly Market Activity June 21- 25.

For the week ending June 21, New Listings in the Regina region skyrocketed 36.6 percent compared to last year, with 209 new properties coming onto the market. This marks the largest year-over-year increase in at least the past three months and indicates growing seller confidence in the market.

If only buyers could deliver on that confidence. The Firm Sales metric posted a significant 34.7 percent decrease over last year to arrive at 66 contracts written.

Active Listings for Sale continued to hover 13.6 percent last year's trend line as they registered in at 1,590 properties on the market. It is noteworthy that this difference has been slowly but steadily shrinking over the past several weeks.

On average, sellers may anticipate receiving almost 97 percent of their original list price with market times of just barely over one month. At 4.1 Months Supply of Inventory, the Regina housing market is on the low end of the ideal supply level.