Regina sees record home sales for the month of February

A home for sale is pictured in this undated file photo.

The city of Regina saw a record number of residential home sales for the month of February, with 261 properties sold last month.

Sales in both February 2022 and 2021 were well above the 10-year average for the month, according to the Saskatchewan REALTORS Association’s monthly report.

The average price of Regina sales in February was $296,592, which is just slightly below the provincial average of $298,653.

Among the 261 sales, 194 were detached properties with an average price of $318,339, 41 were attached with an average price of $250,510 and 26 were apartments with an average price of $213,911.

In the overarching Regina region, there were 304 sales in February averaging a $307,601 price tag.

While property inventory was up slightly year over year (2.4 per cent) the realtors association said supply issues could occur in market as we move into the spring, if sales of new listings remain above 70 per cent.

Province-wide, Saskatchewan reached 1,059 sales in February, down eight per cent from the same time last year.

Housing demand levels are currently more than 22 per cent higher than what is typically seen at the start of the year.

Lower than average inventory levels are also fuelling supply concerns provincially.

“There is a significant amount of uncertainty weighing on the economy. While this could have some impact on demand, supply levels are still low providing some cushion should demand taper further. Conditions also vary significantly based on location, property type and price range because real estate is very local,” Saskatchewan REALTORS Association CEO Chris Guérette said.

The realtors association said prices should remain stable in the coming months if the inventory can better meet demand.