RESIDENTIAL SALES JUMP IN SEPTEMBER
Based on activity through the Regina and area MLS® System, homes sales in September substantially surpassed 2018 and were in line with historical averages for the month, said the Association of Regina REALTORS® Inc.
There were 306 sales reported during the month in all geographic areas, up 29.7% from 2018 when 236 sales were posted. This compared to the 5-year average of 302 and 10-year average of 311 sales.
There were 253 sales reported in the city, an increase of 29.7% from 2018 when 195 were recorded. The number of sales in the city were very comparable with the 5-year average of 246 and 10-year average of 257.
Year-to-date (YTD), 2,522 homes have been sold in all areas, up 3.7% over last year’s 2,431.
In the city, 2,086 sales have been posted, up 6.6% from 2018’s 1,957.
For September, the MLS® Home Price Index (HPI), a much more accurate measure of housing price trends than average or median price, reported a Composite Benchmark Price of $266,800 and index of 244.9 in the city, down 3.9% from $277,500 one year ago. This reflects a general downward trend, indicating downward pressure on home prices due predominately to elevated supply levels and lower levels of demand.
The Composite Benchmark Price is down 11.2% from three years ago and 9.5% from five years ago. The HPI measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005. Total dollar sales volume in all areas was $96.6M, an increase of 35.6% from 2018’s $71.3M. Year-todate dollar volume of $761.6M is now up 2.6% from 2018’s $742.3M.
In the city, there were 1,465 active residential listings for sale on the market at the end of September, down from 1,560 one year ago.
There were 491 new listings placed on the MLS® System during the month in all geographic areas, a decrease of 2.0% from 501 last year.
YTD, new listings of 5,491 are down 9.1% from 6,041 in 2018. There were 369 listings posted in the city, compared to 400 last year – a decrease of 7.8%. YTD, new listings in the city are down 9.8 % - 4,194 this year compared to 4,650 in 2018.
The ratio of sales to new listings for the month was 68% in the city and 62% all geographic areas.
Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more of a buyer’s market - above 60% is considered to be a market favouring sellers. “We were pleasantly surprised with the number of sales which took place during the month. It is the first month in a few years where we saw this level of increase taking place over the previous year.
Upticks in economic and job growth are beginning to stimulate demand. We are hoping this will continue for the remainder of the year”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. “With prices being at their lowest point in many years and plenty of choice on the market, there has been no better time for a buyer to purchase a home” concluded Archibald.
The Association operates the Multiple Listing Service® System in Regina and area. The MLS® System is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties for sale.
The REALTOR® Code
CREA’s REALTOR® Code has been the measure of professionalism in organized real estate for over 40 years. The first code was approved in 1913; members approved the first code of ethics specific to CREA members in 1959. The Code has since been amended many times to reflect changes in the real estate marketplace, the needs of property owners and the perceptions and values of society.
A REALTOR’s® ethical obligations are based on moral integrity, competent service to clients and customers, and dedication to the interest and welfare of the public. The REALTOR® Code, by setting high standards of professional conduct for REALTORS®, helps to protect Canadians’ rights and interests. It also creates a level of trust between REALTORS® and their clients.
A STRICT STANDARD OF CONDUCT
The REALTOR® Code establishes a standard of conduct, which in many respects exceeds basic legal requirements. This standard ensures the protection of the rights and interests of consumers of real estate services. As a condition of membership, all REALTORS® agree to abide by the Code.
Key items of the Code include:
- REALTORS® must disclose in writing whom they are representing as an agent in the transaction, and explain to parties in a transaction the details of the agency relationship; and
- REALTORS® can’t acquire an interest in property (either directly or indirectly) without disclosing the fact that they’re real estate professionals.
THE CODE AND THE LAW
The REALTOR® Code establishes obligations that may be higher than those mandated by law. However, in any instance where the code and the law conflict, the obligations of the law must take precedence.
Courtesy of: Canadian Real Estate Association (CREA) CREA.CA