Regina sales continue hot pace in October

Residential sales through the Regina and area continued at a torrid pace in October.
There were 259 residential properties sold inside the city, up 205 sales posted in 2008. It also represents the sixth consecutive month that sales have exceeded 2008 levels.
For the year-to-date 2,843 homes have sold in the city, up from 2,503 sales recorded in 2008 and behind only 2007’s 2,950 for the same period.
The average price of residential properties sold inside the city was $248,533, and the average price for the year-to-date was $246,798.
Homes that sold in the city during October were on the market for an average of 42 days before selling, compared to 38 days in September. Homes sold at an average of 96.5% of asking price.
Inside the city there were 749 active residential listings on the system at the end of the month marking the lowest number of active listings so far this year.
This level of demand combined with a steady decline in inventory levels, particularly in the city, may lead to some upward pressure on prices in the months ahead.