WINNIPEG – More spring-like weather this March compared to the previous few years helped spur more sales activity. MLS® sales climbed over 1,000 and ended up being just 2% off the ten-year March average of 1,025. First quarter sales activity showed a similar pattern, also off 2% from the ten-year average of 2,318 MLS® sales. 

MLS® dollar volume of $276 million was up 11% over March of last year and up 9% over the ten-year average.

New and available listings continue to be impressive when compared to last March.  New listings entered on the MLS® in March increased 33% while the active listings or existing inventory were up 29% to 4,338 MLS® listings. Whatever is being sold is more than being replenished by the entry of new listings on the system.

You have to go back to 1999 to find as many listings available for sale at this time of year and back to 1995 when there were more new listings entered on MLS® in March. For the first quarter, 5,499 listings have been entered on MLS®, an increase of 37% over the 10-year average.

March MLS® unit sales were up 9% (1,005/919) while dollar volume increased 11% ($276.23 million/$249.1 million) in comparison to the same month last year. Year-to-date MLS® sales increased less than 5% (2,265/2,164) while dollar volume was up just over 5% ($600.0 million/$570.9 million). The 5,499 listings entered on MLS® for the first quarter are up 26% from the same period in 2014.

“Conditions are ideal for buyers to take advantage of a healthy supply of listings and historically low mortgage rates,” said David Mackenzie, President of WinnipegREALTORS®.  “Our mortgage brokers are telling us we have likely not seen rates as low as we have now since the 50’s or 60’s.”

MacKenzie added, “The much more balanced market has kept prices totally in line with last year so affordability remains a real strength of our local market compared to other Canadian cities.”

The most active residential-detached price range in March was the $250,000 to $299,999 price range at 19%. It eked out a slight edge over the $200,000 to $249,999 range which represented 18% of total sales. 3 out of 4 residential-detached sales in March were between $150,000 and $350,000. 

For condominium sales activity in March, the busiest price range was from $150,000 to $199,999 at 28%. Not far behind was the range from $200,000 to $249,999 at 25%.

The average days on market for residential-detached sales was 28 days, 6 days quicker than last month and the same pace as March 2014. The average days on market for condominium sales was 45 days, 3 days faster than last month and 13 days off the pace set in March 2014.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,875 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market.  Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession.  REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by The Canadian Real Estate Association and are used under licence.

For further information, contact Peter Squire at (204) 786-8854.

MLS® Sales Drop Less than 2%

WINNIPEG – In what has been anything but a normal year for getting everyone into normal spring market expectations and buying activity to match them, April sales actually held their own. They fell just shy of last year’s total number and are exactly at the 10-year average performance level for this month.

Owing to affordability issues that have been well identified with first time buyers, which in turn has a broader impact on other aspects of the housing market, single family homes continue to underachieve compared to more affordable property types such as condominiums and single- attached properties.  Given single family homes or residential-detached units make up the majority of sales in the Winnipeg MLS® market region, converting less than 50 per cent of your inventory is going to make it difficult to see a stronger overall April MLS® sales result.

Year-to-date results mirror April in that sales are in lockstep with last year’s.  However, year-to-date sales are down 4% from the 10-year average of 3,548 sales. 2007 which remains the best year ever for total MLS® sales also holds the highest sales number for the first four months at 3,740.

April MLS® unit sales were down less than 2% (1,227/1,245) while dollar volume was up 2% ($333.1 million/$325.9 million) in comparison to the same month last year. Year-to-date MLS® sales essentially were even ( 3,391/3,401) while dollar volume rose 3% ($904.0 million/$876.3 million) in comparison to the same period last year. The MLS® inventory remains healthy with 11% more to choose from at this time than last year.

“May will now be a true test of how our MLS® market behaves this year as this is the month where sales usually reach the highest monthly total of the year and push dollar volume up another notch,” said David Powell, president of WinnipegREALTORS®.  “We are in great shape with supply so demand will be the determining factor.”

Talking about supply, those would be spring buyers should be contacting their REALTOR® to find out just what is available on the current market. Some consumers who have been unsuccessful in the past securing  a home they desire may be pleasantly surprised this year given there are 3,860 active MLS® listings available at the end of April.

The most active residential-detached price range was the $250,000 to $299,999 one with 20% of total sales. The immediate price ranges above and below this range were next at 17% each. There were only 5 sales from $750,000 to $1 million with no sales at or above $1million. The lowest sale price was $42,500. Condominium sales were most active in the $150,000 to $199,999 price range at 29% of total sales.  A strong second place result was the $200,000 to $249,999 price range at 22%.

The average days on market for residential-detached property sales in April was 26 days, 2 days quicker than last month and one day off pace set in April 2013. Average days on market for condominium sales was 38 days, 6 days slower than last month and 9 behind the turnover rate in April 2013.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,800 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market.  Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession.  REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by The Canadian Real Estate Association and are used under licence.