There were 344 residential properties sold in Regina during the month of May, up 14 per cent from the 302 sales in 2008. May was the first month in 2009 that the number of sales exceeded 2008 levels in Regina.
The average price of Regina residential properties was a record-breaking $266,743, up 9 per cent from $245,391 in 2008. This marked the first time that the city's average price has exceeded $260,000.
"Once again, the numbers are an indication of a vibrant local real estate market with strong demand for housing," said Gord Archibald, executive officer of the Association of Regina Realtors Inc.
"Buyers are taking advantage of a level of supply not seen for many years, which offers more choice without the extensive bidding-up that we saw at the beginning of 2008."
Archibald predicted demand would continue to be strong for the remainder of 2009 with sales exceeding 2008 levels in many of the remaining months of the year.
Meanwhile, Saskatoon residential home sales remained steady in May with 372 homes selling during the month, up two per cent from May of 2008.
The average selling price for the month was $279,477, down 7 per cent from 2008 when the average selling price was $301,957. However, the May 2009, average price in Saskatoon was up substantially from previous years: $233,404 in 2007, $162,489 in 2006 and $145,548 in 2005.
From the Western Investor, August 2009
