2016 went by in a flash in my opinion. It was a whirlwind of a year for myself personally and it was one of the best years I have also had in real estate. Reflecting back on 2016, it truly was an interesting year in real estate in Regina, Saskatchewan. While a lot of people thought our market was crashing to the ground, that truly wasn’t the case; in fact, it wasn’t even close to it. We saw moderate price increases for the majority of price points here in the city over the year, which is a major change from over 2 years of price drops due to a major hiccup in our energy and resource sectors while at the same time we also went from a heavy buyers market to a more balanced market over the course of the year.
We did have a slowdown in the 450K plus homes, which if you look at the mortgage changes that went into effect this year, that really isn’t that surprising. Also, the people of Saskatchewan don’t just throw themselves into unnecessary debt, the result is them not just jumping into huge mortgages for the sake of it. We also had an overabundance of inventory in the 150-250K price points, which really had an impact on our inventory levels. Residential real estate sales in Regina increased by 3% in 2016 from 2015 and I believe that in 2017 we will have much of the same activity overall. The benchmark composite home price for December was $292,500.00 with an average days on market of 56 and the heaviest sales in the 200-300K price range.
As a Real Estate Professional or REALTOR®, looking at the market at this exact moment, we currently are lacking good quality inventory which means that this could be a fantastic time to get your house ready for sale if that’s been a consideration for you in the last 6 months. All of the buyers that I am currently working with are well aware that we have limited quality inventory and that we need to get out to see as many house as possible, as quickly as possible so we can act accordingly if necessary.
2017 is going to be a great year in Saskatchewan and I am personally looking forward to it and geared up to make the best of it. As always, if you have questions in regard to this post or would like to see me blog about something in the future, please email me at Peter@pfourlas.ca.