There were 302 sales reported during the month in the Regina area, up 14 per cent from 264 in March 2015. The number of sales was on par with the five-year average of 302 and slightly below 10-year average of 306. 

For the year-to-date, 657 sales were posted in the Regina area, including bedroom communities, a six per cent increase from 617 during the first quarter last year, the association said.

The average sales price in the Regina area for the month was $307,609, an increase of two per cent from $300,892 last year, while the average in the city was $317,327, up three per cent from $307,648 last year.

Even the home price index (HPI), which measures residential price trends based on four benchmark home types, reported a composite residential price of $286,300, up 0.5 per cent from $284,800 in 2015. “This indicates that residential property values are very comparable to what they were one year ago,” the association said.

More importantly, the composite price — a more accurate measure of housing price trends than average price — is also up three per cent from three months ago, indicating a recovery from the price losses that occurred during the past year, the association said.

The increase in the sales-to-listings ratio from prior months is a possible indication of a shift to more balanced market conditions.