Market Update

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I have compiled the latest press releases from the WinnipegREALTORS® below for your convenience. Please don’t hesitate to contact me for any further insight!

May 2014


HIGHEST MONTHLY MLS® DOLLAR VOLUME IN 111 YEARS
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$438 Milion Transacted in May 2014

WINNIPEG - An all-time  record setting month for MLS® dollar volume and the third highest month for MLS® sales brings year-to-date sales even with last year and dollar volume ahead by 4%.

May is really a make or break one for the year and if this is a marathon we are right up with the lead runners when it comes to staying with 2013. Where we are ahead of 2013, however, is in listings. The over 4,500 active listings by month end are up 22% from last year. New listings entered on the MLS® in May rose 10% over May 2013. It was not until 2006 that new listings in May consistently eclipsed 2,000 and we have now reached 2,755 in May 2014.

Helping set a new monthly dollar volume record was seeing for the first time the average monthly residential-detached sales price reach and climb over the $300,000 level to $300,786.  The year-to-date average residential-detached price is lower at $294,232. May 2014 had three homes sell for over $1 million including one of the highest on record at $1,820,000.

As much as it should be noted that over one-third of all residential-detached MLS® properties in May sold for above list price and another 10% sold at list price, a number of listings did not sell as the conversion of all MLS® new listings on the market to sales was 57%.  This places WinnipegREALTORS®’ many Winnipeg and rural MLS® areas within balanced market territory.

There are always exceptions to the rule. Some Winnipeg MLS® neighbourhoods in particular are still seeing much higher conversions of listings to sales. The main Charleswood MLS® neighbourhood south of Roblin Boulevard in May had 18 residential-detached sales compared to 15 new listings. In a situation like this one, the remaining active listings from the end of the previous month are being sold to enable a higher number of sales than new listings. Fort Garry and Linden Woods are two other MLS® areas with a very high equivalent number of sales to new listings.

Conversely recreational beach MLS® areas such as both the eastern and western sides of Lake Winnipeg experienced fewer conversions of listings to sales in May as the former tend to come on strong at the beginning of the cottage season with sales following later. This year in particular has seen listings being delayed and sales also due to late spring conditions.

Not only are local markets different across the country but they vary within a local market too – urban and rural. It behooves buyers to contact a REALTOR® to help them understand what the current market situation is in a city neighbourhood or rural municipality where they may want to live.

May MLS® unit sales were up 1% (1,570/1,550) while dollar volume rose 6% ($438.4 million/$411.9 million) in comparison to the same month last year. Year-to-date sales are in a virtual deadlock with 2013 (4,961/4,951) while dollar volume is up 4% ($1.34 billion/$1.29 billion) in comparison to the same period last year.

“We are meeting expectations as far as our MLS® forecast goes and encouraged by the continued increase in MLS® listings supply to create more options for buyers in our local MLS® market,” said David Powell, president of WinnipegREALTORS®. “June should be another strong performing month for us and help finish off a solid second quarter.”

The most active residential-detached price range was the $250,000 to $299,999 with 26% of total sales. Well back in second place was the next lower price range of $200,000 to $249,999 at 16%. Condominium sales were most active in the $150,000 to $199,999 price range at 30% of total sales while the $200,000 to $249,999 price range finished respectably at 22%. 

The average days on market for residential-detached property sales was 25 days, 1 day quicker than last month and 3 days off the pace set in May 2013. Average days on market for condominium sales was 30 days, 8 days faster than last month and 11 days earlier than May 2013.

 

I'd love to provide you with further insight on current market activity. Please don't hesitate to contact me!

April 2014


MLS® SALES HOLD THE LINE
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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.


I'd love to provide you with further insight on current market activity. Please don't hesitate to contact me!

March 2014

BALANCED MARKET CONDITIONS CONTINUE IN MARCH
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New MLS® Listings Up 15%; Active Inventory Rises 23%

WINNIPEG - 2014 is showing continued improvement in MLS® listings and overall inventory. Both new listings in March and active listings or overall inventory at the end of the month were well up over last year.  Buyers have far more to choose from when you look at all residential property types. Going into April last year there were over 2,000 residential listings whereas now there are in excess of 2,500.  Condominiums show the largest increase with 562 available for sale this year compared to 346 in 2013. The only residential property types down from last year are duplexes and resort properties.

MLS® sales for March rebounded from a poor March 2013 with year-to-date sales slightly ahead of last year for the first three months.  If you compare them to the 10-year average sales performance they are off 3 and 7% respectively. However we must keep in mind Winnipeg endured it coldest winter since 1898.

March MLS® unit sales were up 9% (919/844) while dollar volume increased 11% ($249.1 million/$224.7 million) in comparison to the same month last year.  Year-to-date MLS® unit sales are up less than 1% ( 2,164/2,156) while dollar volume has risen 4% ($570.9 million/$550.4 million) in comparison to the same period in 2013.

A sign of home buyers seeking more affordable options in March was readily apparent from single –attached unit sales rising 45% and condominiums up 17%. Residential-detached or single family home sales increased 10%

While WinnipegREALTORS® MLS® market is becoming more balanced than in previous years March still saw over one in three homes sell for above list price. Less than one in five condominiums sold for above list price with nearly 25% getting full list price.

Speaking of prices, March saw average home sale prices nudge up to just under $300,000 for both above and at list price sales while those selling for under list price still achieved $295,000. As for areas of Winnipeg, the southwest quadrant had an average home sale price of $390,000 while southeast Winnipeg was second highest at $325,000. The lowest average home sale price in the city was the northwest quadrant at $235,000. The average rural home sale price was $290,000.

"We are in a real favourable position going into April to take advantage of better weather,  low unemployment, very competitive mortgage rates, and the best inventory we have seen in many years,” said David Powell, president of WinnipegREALTORS®. “One of the benefits increased condominium supply brings is it will encourage a growing empty nester demographic to look at selling their existing single family home and as a result create more choice for families seeking a desirable home."

The most active residential-detached price range was the $250,000 to $299,999 price range with 23% of total sales. Next busiest was the $300,000 to $349,999 price range at 15%. Close behind was the $200,000 to $249,999 price range at 14%. The highest home sale price was $1,035,000 while the lowest went for just $18,000. For condominiums, the most active price range was from $150,000 to $199,999 at 28%. There were another 21% of sales from $200,000 to $249,999 and 15% more sales from $250,000 to $299,999.

The average days on market for residential-detached property sales  in March was 28 days, 4 days faster than last month and the same pace as March 2013. Average days on market for condominium sales was 32 days, 12 days quicker than last month and 5 days off the pace set in March 2013.

I'd love to provide you with further insight on current market activity. Please don't hesitate to contact me!

February 2014

FEBRUARY MLS® SALES DROP OFF LESS THAN 3%
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Nearly 3,000 MLS® Listings Available for Sale

WINNIPEG - Whether it be Olympic fever or just plain deep freeze weather that kept buyers at home, the February MLS® results show strong listing activity but less motivation by buyers to get out and take advantage of the good supply and selection of listings.  Sales were affected in one way or another and are down 8% from the 10-year average of 743 sales. Property types most negatively impacted this month were vacant lots and duplexes as residential-detached and condominiums, in particular, saw increases over last February.

As a result of more listings coming on the market with less of them being converted to sales than last year at this time, Winnipeg’s MLS® market has moved into balanced conditions. Buyers are now in a more favourable position to get what they want and have more time to do it. The number of residential-detached listings selling for above list price in February was just over 30 per cent, down five percentage points from February 2013. Conversely, the number of listings that sold for less than list price went from 51% in 2013 to 59% in February 2014.

February MLS® unit sales were down less than 3% (680/698) while dollar volume decreased less than 2% ($175.7 million/$178.7 million) in comparison to the same month last year. Year-to-date MLS® unit sales are down 5% (1,245/1,312) while dollar volume is off 1% ($321.7 million/$325.7 million) in comparison to the same period last year. The 2,549 listings entered on MLS® this year are up close to 10% from 2013.

Far too early to get overly concerned with a market that is well poised and in a position to do better as we move into an early spring market,” said David Powell, president of WinnipegREALTORS®. “Besides expecting warmer weather in March to get people out of their winter mode I would also like to see a signal in this week’s provincial budget to give Manitobans more confidence in investing here.  First-time buyers in particular would welcome some relief from Manitoba’s very onerous land transfer tax as they are now faced with higher CMHC insurance premiums.

The most active residential-detached price range in February was from $250,000 to $299,999 at 22%. After that it was fairly spread out in price range sales activity. Another 22% of total sales came from $100,000 to $149,999 and $150,000 to $199,999 price ranges. 16% of sales fell within the $200,000 to $249,999 price range. Less upper end activity happened in February with only 15 homes selling for above $550,000. The highest one sold for $825,000.

Nipping at the heels of the busiest price range for condominium sales is the $200,000 to $249,999 price range with 26% of total condo sales. The leader still remains the $150,000 to $199,999 price range at 29% in February. The next lower and upper price ranges of these two ones are almost identical and together make up another 23% of condominium sales activity.

The average days on market for residential-detached sales in February was 32 days, 11 days quicker than last month and 5 days slower than February 2013. For condominiums the average days on market was 44 days, one day ahead of last month and 2 days quicker than February 2013.

I'd love to provide you with further insight on current market activity. Please don't hesitate to contact me!

January 2014

JANUARY MLS® SALES OFF 8% FROM 2013
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MLS® Listings Up 7%

WINNIPEG - Weather deterred more buyers than sellers when it came to single family home sales this January as they were down 10 % from January 2013. However the 565 MLS® sales transacted are better than the 10-year average of 550 and are right at home with most recent January performances other than 2013 when there were more than 600 sales.

MLS® new listings continue to show strength in 2014 with a 7% increase over 2013 and a higher percentage increase relative to previous years for January. Condominium sales activity was not affected by some harsh winter weather in January as saw an impressive 36% jump from January 2013. They clearly helped offset the sales decreases in other MLS® property types.

January MLS® unit sales were down 8% (565/614) while dollar volume decreased less than 1% ($146.0 million/$146.9 million) in comparison to the same month last year.

“Given some rather harsh weather and road conditions at the beginning of January it does not surprise me to see home sales were more impacted than condominiums, “says David Powell, president of WinnipegREALTORS®. “The fact remains vendors were keen to put their properties on MLS® this month so it will only enhance the choice potential buyers have as they look to take advantage of a greater supply of listings in February.”

Powell added, “As we stated at our annual forecast breakfast in January, the fundamentals are in place for another solid year of MLS® sales and dollar volume activity. Mortgage rates remain at near historic lows and Winnipeg has some of the most affordable prices in the country for a major city.”

The upper end single family home market of over $500,000 got off to a good start with four more sales than last January including two for over $1 million. This development which was on the uptick in 2013 is an indicator of consumer confidence. Manitobans are willing to invest in big ticket items.

The most active residential-detached price ranges in January were from $200,000 to $249,999 and $250,000 to $299,999 with 19% each of total sales. The average days on market for residential-detached sales was 43 days, one day quicker than January 2013.

The average days on market for condominium sales was 45 days, 4 days off the pace set in January 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.

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

December 2013

2013 SETS A NEW MLS® ANNUAL DOLLAR VOLUME RECORD AT $3.3 BILLION
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Annual MLS® Sales Fall Shy of 13,000 Benchmark Level

WINNIPEG - While 2013 will go down in WinnipegREALTORS® MLS® sales history as the fourth best year on record at 12,926 sales, it is still disappointing to see sales miss the 13,000 benchmark level set in 2007 and then again in 2011 and 2012.

A third consecutive year of 13,000 MLS® sales was attainable however March proved to be the year’s Achilles heel. What was so demonstrably clear is how much more the first-time homebuyer market struggled that month in comparison to the move-up market. With a more robust first-time homebuyer market in March, 74 sales could easily have been achieved to reach once again the annual 13,000 MLS® sales level.

It was noted back then the drop off in buyer activity was three times greater in the lower first-time homebuyer price ranges than in the higher move-up ones. At the same time WinnipegREALTORS® received a very conclusive response from its REALTOR® members indicating how they are having more difficulty finding homes for first-time buyers which they can afford.

“While stricter mortgage regulations had a noticeable impact in moderating sales activity in the early half of 2013, home values increased year to year” said outgoing president Richard Dettman, “The increased number of listings made for a much more balanced market between buyers and sellers. The outstanding December results emphasized this observation."

MLS® dollar volume continues to go higher as both December and the year end result set new records. December’s third best sales result for this month translated into a record dollar volume of $183 million and the 2013 MLS® dollar volume made it three years in a row of over $3 billion worth of sales activity. It eclipsed $3.3 billion by year-end.

December MLS® unit sales increased 3% (633/615) while dollar volume shot up 17% ($182.7 million/$156.2 million) in comparison to the same month last year. 2013 MLS® unit sales were down less than 1% (12,924/13,007) while dollar volume increased 5% ($3.36 billion/ $3.20 billion) in comparison to 2012. The 20,452 listings entered on the MLS® in 2013 was up 9% over 2012 and an impressive 18% increase over the 10-year average.

“2013 saw more balanced market conditions given the much better inventory compared to prior years,” said Dettman. “A telling statistic to back this point up is the ratio of total sales price volume to total list price volume. The ratio hovered right at 100%.”

A clear standout this year by any measure and a defining statement on a quest for more affordable accommodations was the spectacular performance of condominium sales. They became the default if you will for some disenfranchised single family home seekers and of course benefited as they have been in recent years to a growing appetite for an alternative lifestyle to a traditional home.

Condominium sales saw increases in the double digits most months and finished the year up 13%. The 1,759 condo sales in 2013 are an all- time best for WinnipegREALTORS®. In contrast the 9,248 residential-detached sales fell short of last year’s total by 2%. Residential-detached properties still made up 72% of total MLS® market share with condos close to 14%. Vacant land sales were third highest at nearly 5% of total MLS® unit sales.

The most active residential-detached price range in 2013 was the $250,000 to $299,999 one with 22% of total sales activity. Close behind was the $200,000 to $249,999 price range at 18%. It is also worth noting more upper end market activity occurred in 2013. There was a 20% increase in residential-detached sales activity over $400,000 in comparison to 2012 and the same 20% gain for house sales over $500,000.

The average days on market for residential-detached sales in 2013 was 28 days, the same time on market as in 2012. 2013 had a home sell for $2,200,000. It equals the highest MLS® residential-detached sale price based on one that sold last year for this amount.

The most active condominium price range by a good margin in 2013 was the $150,000 to $199,999 one at 32%. On the other hand, much higher priced condominium sales did very well with 33 sales over $500,000 in comparison to 13 in 2012. It includes five condominium sales for over $1 million. Only two previously had been sold on MLS® at this price level.

The average days on market for condominium sales was 34 days, identical to the 2012 result.
More detail on 2013 and what lies ahead for 2014 will be well covered off at WinnipegREALTORS® annual forecast breakfast set for Wednesday, January 22nd.

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 license.

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

November 2013

STEADY SALES AND INCREASED INVENTORY BRING BALANCE
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MLS® Sales Up 2%; Inventory Up 28%

WINNIPEG - The first time the Winnipeg Multiple Listing Service® did $1 billion in sales activity was 2002. Then the MLS® did $2 billion in sales in 2007. Sales broke $3 billion in 2011. In 2013 the WinnipegREALTORS® co-operative marketing system has reached $3.2 billion at the end of November!

WinnipegREALTORS® president Richard Dettman reports the dollar volume strength has benefited from 24 sales valued over $1 million so far this year - 20 residential-detached homes and four condominiums.

Although real estate values continue to increase, the market appears to be establishing some degree of balance; a shift from the sellers’ markets of the past dozen years.

“With 3,454 properties available, it’s the best November for active inventory in the last 10 years,” said Dettman. “In November alone, there were 1,247 new listings, which is also the most entered for the month in 10 years. This gives potential buyers a greater selection of houses to choose from.”

November MLS® unit sales were up almost 2% (863/847) while dollar volume rose 1.6% ($219.3 million/$215.8 million) in comparison to the same month last year. Year-to-date MLS® sales are down less than 1% (12,293/12,392) while dollar volume is up 4% ($3.18 billion/ $3.05 billion) in comparison to the same period last year. New listings coming on the MLS® market in November showed a healthy increase of 17% and inventory is up 28% over last year.

Dettman said the local MLS® activity has defied all the national media predictions of gloom & doom for the Canadian real estate market. “We read the anecdotal stories and ‘expert’ ramblings on the Vancouver, Toronto and Calgary markets. But in Winnipeg we do not experience the meteoric price increases and the even more startling market corrections that the big cities experience. Winnipeg continues to be a market that remains steady and affordable.”

He went on to say; “We have predictions from knowledgeable pundits advising that interest rates will stay low through 2015 and inflation should remain under control.” The Bank of Canada announced its trend-setting interest rate will not increase as it does not want to risk reversing the current “gradual unwinding of household imbalances” and slowdown in household debt growth. “In other words, the housing market is well behaved right now and the bank wants to keep it that way,” according to the Canadian Real Estate Association.

Dettman said the market would even be stronger if the federal government would stop tinkering with mortgage regulations; if the provincial government were to be convinced to seriously review their dependence on excessive Land Transfer Tax fees and remove education funding from property owners – then we could look to an even healthier and better balanced real estate marketplace for the foreseeable future.

Even with all the government taxation and interference taken into account, innovative real estate initiatives continue to make our Winnipeg a more exciting and cosmopolitan place to live and do business. The almost extinct construction crane can be seen resurfacing around the new Convention Centre ... and at the SHED (Sports, Hospitality and Entertainment District) ...the Zoo expansion and other Assiniboine Park initiatives ... and of course CentrePort Canada and the potential spillover development opportunities at the Forks from the completion of The Canadian Museum for Human Rights ...

“There is no visible housing market bubble in Winnipeg,” said Dettman. “It’s an exciting time to be involved in real estate in Winnipeg.”

Residential-detached sales in November were most active in the $250,000 to $299,999 price range with 23% of total sales. Neck and neck in second place was the price ranges of $200,000 to $259,999 and $150,000 to $199,999, each with 17% of all residential-detached sales. The highest sales price was $1,200,000 while the lowest was only $61,000. The average days on market for residential-detached sales in November was 34 days, 5 days slower than last month and 3 days slower than November 2012.

Condominium sales in the $150,000 to $199,000 price range were the most active in November with 33% of the sales. The next highest price range was $200,000 to $249,999 with 20% of all condominium sales. The highest sales price was $1,100,000 and the lowest was $68,500. The average days on market for condominium sales in November was 32 days, 2 days slower than last month but 5 days quicker than November 2012.

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 license.

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

October 2013

CONDOMINIUM SALES LEAD THE WAY TO NEAR RECORD OCTOBER
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MLS® Sales Up 7%; MLS® Dollar Volume Rises 12%

WINNIPEG - With the exception of October 2007 when it was the only time MLS® sales for October eclipsed the 1,200 level, October 2013 is only five sales behind and set a new dollar volume record for this month going over $300 million for the first time. As a result, year-to-date dollar volume is on a record-setting pace at less than $50 million shy of reaching the $3 billion mark for the third year in a row. There are still two months to go. Year-to-date sales have come up substantially too from the beginning of the year (were down 13% after 3 months) to be within 1% of 2012’s MLS® sales activity.

Helping bring back MLS® sales to close in on last year’s brisk pace is the impressive month- to- month performance of condominium sales activity. They are up 15% over the same period in 2012 and in October shot up 42% over October 2012. While still just representing less than 16% of total MLS® sales in October as residentialdetached or single family homes captured 70%, condos are by far seeing the best year-over-year property type sales increases of any property type.

Maybe it should not come as a surprise as there has been a 25% increase in condominium listings this year. Moreover, as with other major real estate markets, condominiums on average are more affordable than a stand-alone home on its own lot.

October MLS® unit sales were up 7% (1,196/1,118) while dollar volume rose 12% ($316.7 million/$281.8 million) in comparison to the same month last year. Year-todate MLS® sales are down 1% (11,430/11,545) while dollar volume is up 4% ($2.95 billion/ $2.83 billion) in comparison to the same period last year. New listings coming on the MLS® market in October showed a healthy increase of 13% and while the inventory dropped under 4,000 listings for the first time since June it is up 26% over last year.

Another story to emerge in October was its record-setting dollar volume for this month of the year. It resulted in a number of high end home and condominium sales. There were seven residential properties over a millions dollars including two new condominiums under construction in South St. Vital.

“I am confident, with only two months to go to conclude 2013, WinnipegREALTORS® will have one of its best years on record in its 110-year history,” said Richard Dettman, president of WinnipegREALTORS®. “MLS® dollar volume is almost a sure bet to set a new annual record at well over $3 billion and we can conceivably still reach the 13,000 level sales mark for only the fourth time since it first happened in 2007. It all depends on how much buyers continue to take advantage of the largest and best selection of MLS® listings in many years.”

Residential-detached sales in October were most active in the $200,000 to $249,999 price range with 21% of total sales. Not far off in sales activity was the next higher price range of $250,000 to $299,999 at 18% and the $150,000 to $199,999 with 16% of all residential-detached sales. The highest sales price was $1,575,000 while the lowest was only $14,000. The average days on market for residential-detached sales in October was 29 days, 2 days quicker than last month and one day slower than October 2012.

Condominium sales in the $200,000 to $249,000 price range were the most active in October yet only by a 1% difference to the previously most dominant price range of $150,000 to $199,999. They finished at 27% and 26% respectively. The average days on market for condominium sales in October was 30 days, one day faster than last month and 2 days ahead of October 2012.

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 license.

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

September 2013

SEPTEMBER MLS® LISTINGS GRAB THE SPOTLIGHT
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New Listings Rise 23%; Inventory Up 25%

WINNIPEG - Not to take anything away from a respectable MLS® sales performance and new MLS® dollar volume record for September, but you have to shine the light most brightly on the sharp increase in new listings. The byproduct of this surge in new offerings for buyers left an end of the month inventory far larger and healthier than it has been in years. MLS® sales were ahead of last September by 8% and 3% over the 10-year average for September MLS® sales activity. September also sets a new dollar volume record, just edging out September 2011 when there were over 1200 sales.

September MLS® results conclude a very impressive third quarter where all the additional listings were capturing buyers’ attention. Dollar volume for the third quarter alone was less than $42 million away from reaching the $1 billion mark, well ahead of previous third quarters. Sales as well top out as best ever for this three month period. With leading edge technology available and an extremely active and co-operative network of nearly 1,700 REALTORS® adopting and embracing it, it should not come as much of a surprise that there is less seasonal divergence in monthly sales and listing activity. Being away from the office or workplace does not prevent an agent from keeping on top of a listing or sales transaction.

September MLS® unit sales increased 8% (1,123/1,040) while dollar volume rose 11% ($278.8 million/$251.4 million) in comparison to the same month last year. Year-to-date MLS® unit sales are down less than 2% (10,234/10,427) while dollar volume is up 3% ($2.64 billion/$2.55 billion) in comparison to the same period in 2012. The active MLS® listings or inventory at the end of September is sitting at 4,249, a 22% increase over 2012.

“The conversion rate, that is the number of sales divided by the number of listings expressed as a percentage, combined with average days on market, can be a keen measure of market strength,” said Richard Dettman, president of WinnipegREALTORS®. “September conversion rates have been greater than 30% for over a decade. This combined with the increase in the number of homes on the market, we can easily see a third consecutive $3 billion MLS® sales year.”

Despite the 58% increase in the condominium inventory and a 24% jump in residential- detached properties at the end of September compared to the same time last year, both respective property types are not seeing a real significant change in how many days they are staying on the market. Condominium listings at the end of September were on the market an average of 67 days compared to 63 in 2012 while residential-detached went down from 55 days in 2012 to 53 days this year.

Residential-detached listings priced over $600,000 have been on the market on average the longest at 68 days (77days last year). Inventory in the higher priced condo ranges is considerably reduced so the average numbers can be quite distorted given there is not enough of a sample size to make a reasonable assessment. The busiest residential-detached price range in September was the $200,000 to $249,999 price range at 20% of total sales with the next higher price range from $250,000 to $299,999 not far behind at 18%. The highest sale price was $1,340,000 while the lowest sale price was only $11,500. The average days on market for residential-detached sales in September was 31 days, 3 days slower than last month and 4 days off the pace set in September 2012.

For the first time, condominium sales in the $200,000 to $249,999 price range challenged the previous long standing dominance of the $150,000 to $199,999 price range for highest sales numbers. The latter still prevailed at 31% of total sales but the former was a close second at 28%. The average days on market for condominium sales in September was 31 days, 4 days quicker than last month and the same time as September 2012.

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 license.

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

August 2013

A BUMMER SUMMER? NO WAY!
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Summer Delivers $680 Million Worth of MLS® Sales

WINNIPEG - Not only were barbecues sizzling in August. August MLS® sales were at record levels for this month and dollar volume shattered its previous best for August by going over $300 million for the first time. The same occurrence happened in July with dollar volume easily eclipsing $300 million too. MLS® sales were also at near record levels.

And like the fish that got away, if WinnipegREALTORS® had reeled in 8 more MLS® sales in August it would have reached a new milestone level of 1,300 for this month. This also happened in 2011 and 2005 where they were 10 and 7 short respectively of reaching 1,300 MLS® sales. Whether walking, biking, gardening, golfing, at the cottage or golfing at a course near your cottage, the 1600 strong REALTOR® network reached out across the entire WinnipegREALTORS® market region to deliver the best combined summer months of market activity in the association’s 110-year history.

Helping bring up dollar volume to the record level for August were three million dollar plus sales including a condominium that sold for just under $1,300,000 on Waterfront Drive.

An increase in MLS® listings continues to be one of the main highlights this year with new listings up 15% in August to 2,002. Active MLS® listings or the current inventory at the end of August is now over 4,000 and that represents a 20% increase over the same time last year.

August MLS® unit sales increased 4% (1,292/1,241) while dollar volume rose 9% ($326.9 million/$298.7 million) in comparison to the same month last year. Year-todate MLS® unit sales are down 3% (9,111/9,387) while dollar volume is up less than 3% ($2.36 billion/$2.30 billion) in comparison to the same period in 2012.

"This summer's return to a more balanced housing market benefited everyone,” said Richard Dettman, president of WinnipegREALTORS®. “The upside potential to more new listings coming on stream and a higher inventory of properties to choose from is increased sales activity. Our combined sales from July and August did just that so demand remains strong in our local market.”

He added, “For buyers it meant more choice and for sellers it resulted in enhanced market activity and strong pricing. Compared to August last, sales numbers increased and dollar volume rose 9%. Available listings are up 15%. This larger home inventory translated into increased sales which I expect to continue for September and into the fall. We have a strong, viable local market and as we take our children to school we are going to see more REALTOR® listings along the way."

Evidence of more balanced market activity came in August when there were twice as many homes that sold below list price as went for above list price.

The most active residential-detached price range in August was from $250,000 to $299,999 at 21% of total sales. Close behind was the $200,000 to $249,999 price range at 18%. The highest priced home sold in August went for $1,640,000 while the lowest only sold for $20,900. The average days on market for residentialdetached sales was 28 days, 4 days quicker than last month and 1 day ahead of the pace set in August 2012.

No contest again with the most active condominium price range being from $150,000 to $199,999 at 36% of total sales. What is interesting though is the fact the second most active price range at 20% of sales was not the next higher one but the $250,000 to $299,999 range. The average days on market for condominium sales was 35 days, 2 days slower than last month and 1 more day than August 2012.

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.

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

July 2013

A JULY THAT NOBODY CAN DENY
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A Record July MLS® Dollar Volume Month of $352 Million

WINNIPEG - If July was a cup of coffee it would be brimming over the top. Dollar volume not only crashed through $300 million for the first time in July but eclipsed $350 million in sales transaction activity. Helping achieve this new benchmark for July were sales only 19 shy of the highest July sales ever. Back in July 2008 1,407 sales were recorded on WinnipegREALTORS®’ MLS®.

As a result of a sterling July MLS® performance, year-to-date dollar volume is now ahead of last year’s with both years being the first ones to reach and go over $2 billion in seven months’ time. Without listings you cannot have sales and July was exceptional in seeing more than 2,000 new listings come on the market. This level of listings is more typical of a spring month. Given how 2013 saw delayed spring market activity due to a prolonged winter we may well be in catch up mode in July.

July MLS® unit sales increased 13% (1,388/1,225) while dollar volume rose 20% ($352.8 million/$294.4 million) in comparison to the same month last year. Year-todate MLS® unit sales are down 4% (7,819/8,146) while dollar volume is up less than 2% ($2.03 billion/$2.00 billion) in comparison to the same period last year. The inventory of 3,908 active MLS® listings at the end of July is up 16% over 2012.

"While changes in government financing rules and the late spring challenged sales predictions earlier this year, July proved the Winnipeg market to be a resilient one. In fact, we expect to record 2013 as one of our best in 110 years." said Richard Dettman, president of WinnipegREALTORS®. "The increased number of MLS® listings, across the price spectrum, can only be seen as a positive development for buyers in all price ranges. Home buyers took advantage of the enhanced inventory in July, and they have the same availability advantage in August."

July residential-detached or single family home sales ended a five month losing streak in falling short of last year’s same month sales activity with a 10% increase. On the other hand, condominium sales continue to impress with a 38% jump over July 2012. You only have to go back to 2005 when condominium sales for the entire year are slightly less than the 1,042 sales recorded thus far this year. 2004 had less than 1,000 condominium sales.

If you were to give out a gold star to an MLS® area that is seeing the highest conversion of all its listings to sales it is Valley Gardens in northeast Winnipeg. All of its listings sold in the first seven months. Only one off that achievement is Waverley Heights (not far from the new stadium).

The most active residential-detached price range in July was from $250,000 to $299,999 at 22% of total sales followed by $200,000 to $249,999 at 19%. A huge disparity in the highest and lowest residential-detached sale was readily apparent with a $1,180,000 and a $17,500 sale respectively. Condominium sales while highest again from $150,000 to $199,999 at 29% had the $200,000 to $249,999 price range nipping at its heels with 26% of total condominium sales.

The average days on market for residential-detached sales was 32 days, 10 days off the pace set last month and six days behind July 2012. The average days on market for condominium sales was 33 days, 8 days quicker than last month and July 2012.

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 license.

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

June 2013

A DEAD HEAT! CAN YOU FEEL IT?
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June MLS® Sales of 1,480 Just Shy of Last Year’s Pace

WINNIPEG - A solid MLS® sales performance in June finished off a strong second quarter result and brought year-to-date sales much closer to the downside risk of minus 4% factored into the annual 2013 MLS® market forecast.

No major road blocks in the way to conclude a month ranked in the second tier of Junes that edged up to the 1,500 sales level but could not go further as was the case in 2007, 2008 and 2011. Nevertheless, 2013 June sales are only off the best June ever by 5%. June dollar volume set a new June monthly record of $392 million and it helped bring year-to-date dollar volume within less than 2% of last year’s dollar volume total.

New MLS® listings rose 9% over June last year leaving an inventory going into July of close to 4,000 units for sale. You have to go back to the 90s to find this much MLS® listing supply.

“June MLS® unit sales were virtually even (1,480/1,487) while dollar volume was up 6% ($392.4 million/$369.4 million) in comparison to the same month last year. Year-to- date MLS® unit sales are down 7% (6,431/6,921) while dollar volume has dropped off less than 2% ( $1.68 billion/$1.71 billion) in comparison to the same period last year.

“If a cooler, later spring tempered the multi-year escalating Winnipeg market, our recent weather has reheated sales to equal the June 2012 statistic” said Richard Dettman, president of WinnipegREALTORS®. “2012 was one of the best years on record and repeating this mark is no mean feat.

“Looking ahead, if we can convert or turn at least 35% of our active listings to sales, which is a reasonable expectation give past market performance, then third quarter sales will be off to a very good start. Realistic pricing is an important element in attaining a high listing to sale conversion rate; it is really is a matter of our 1600 Realtors® educating both buyers and sellers as to the current market.”

An interesting observation to make after the first half of 2013 is just how well condominium sales are doing. While off to a slow start at the beginning of the year like other MLS® property types, condominium sales are now up 10 % over last year and are enjoying a better conversion of listings to sales than residential-detached properties. Listings have increased 18%. June condominium sales were not only up 11% but they clearly showed an upward swing in price range movement with 55% of all sales selling above $200,000 where last June it was only 38%.

The most active residential-detached price range in June was the $250,000 to $299,999 one at 23% of total sales. The $200,000 to $249,999 price range was next busiest at 18%. Condominium sales activity happened most frequently in the $150,000 to $199,999 price range at 31% of total sales. Another 19% of condominium sales fell within the $200,000 to $249,999 price range.

The average days on market for residential-detached sales was 22 days, the same pace as last month and 2 days quicker than June 2012. Not surprisingly, the most active price range of $250,000 to $299,999 had the lowest days on market of only 16 days. Average days on market for condominium sales was 36 days, 5 days ahead of last month and 9 days behind June 2012.

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 license.

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

May 2013

HIGHEST MONTHLY MLS® DOLLAR VOLUME EVER
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A New Monthly Dollar Volume Record Set At $412 Million

WINNIPEG - With April starting a recovery from a poor first quarter, May did one better by setting an all time monthly MLS® dollar volume record of $412 million. It is only the second time dollar volume for monthly sales has exceeded $400 million. May MLS® sales finished strong too! They were 5% ahead of the 10-year average and fourth best for the month of May.

Most noteworthy however are condominium sales with a 23 % increase over the same month last year and a 9% improvement in the first five months of 2013 over the same period in 2012. Helping drive this upward trend in condominium sales is more existing supply and new ones coming on the market. The inventory was up 31 % going into May 2013 and it maintained a 27% gain at the end of the month compared to May 2012. Affordable listings were clearly evident with 40% of all condo sales happening in the $150,000 to $199,999 price range.

Overall MLS® inventory is healthy with a 14% increase in May new listings from May 2012 and the same increase in total listings at the end of the month. May MLS® unit sales are down 3% (1,550/1,605) while dollar volume eked out a marginal gain ($411.9 million/$411.4 million) in comparison to the same month last year. Year-to- date MLS® sales are down 9% ( 4,951/5,434) while dollar volume has decreased 4% ($1.28 billion/$1.33 billion) in comparison to the same period last year.

“ Our better second quarter MLS® results so far is bringing us back to a year more in line with what we expected,” said Richard Dettman, president of WinnipegREALTORS®. “This improvement bodes well for June and we can be thankful for more affordable condominium offerings alleviating some of the fall off in residential-detached or single family sales.”

“The tale of two property types is well at play this year with condominium sales almost the exact reverse of single family homes,” said Dettman. “The former are up 9% while the latter are down 10%. All levels of government need to be mindful of the actions they take to facilitate or inhibit one of the most important economic engines in the country.”

The most active residential-detached price range in May was the $250,000 to $299,999 one with 24% of total sales followed by the $200,000 to $249,999 at 18%. For condominium sales, the $150,000 to $199,999 price ranges dominates by a wide margin at 40% of total sales with the higher price range of $200,000 to $249,999 a distant second at 18%.

The average days on market for residential-detached sales was 22 days, 4 days faster than last month and 2 days better than May 2012. Average days on market for condominium sales was 41 days, 12 days slower than last month and 13 days off the pace set in May 2012.

Established in 1903, WinnipegREALTORS® is a professional association representing nearly 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 license.

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

April 2013

APRIL MLS® MARKET REBOUNDS FROM PREVIOUS MONTH
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MLS® Sales Down 7%; MLS® Dollar Volume Off 3%

WINNIPEG - Signs of spring while questionable at times in April brought more buyers out to take advantage of an MLS® inventory higher than it has been in many years. The equivalent of nearly 40 % of the 3,205 MLS® listings at the end of April sold and that is over 400 units more than what sold the previous month. While sales and dollar volume were down from April 2012, sales were still 2% above the 10-year average and dollar volume finished a strong second to last year’s highest April dollar volume of $337 million.

Another positive indicator was new listings coming on the market in April of nearly 2.100 are near the highest level for this time of year. Every indication in May with warmer sunny days enabling yard work to commence in customary fashion is the spring market has arrived in earnest.

It is important to note while active residential-detached listings are higher at the end of April than they were at the same time last year there is a marked difference in the price ranges they fall within. For example, there are 16 % fewer listings available under $250,000 in 2013 and 11% fewer under $300,000. The converse is true as well. In the $450,000 to $499,999 price range there are 45% more listings this year than 2012.

Fortunately for those buyers seeking more affordable priced listings condominiums offered more choice than last year with a 29% increase in active listings under $300,000. This improvement in more affordable housing supply translated directly into a 29% increase in condominium sales. No sales however occurred under $100,000.

As is always the case, specific MLS® neighbourhoods can be more pronounced with either fewer or more listings than the overall market number percentages so it is advisable to call a REALTOR® - a local neighbourhood expert - to fully apprise yourself of what is exactly happening in the neighbourhoods you are most interested in buying a residential-detached or condominium property.

April MLS® unit sales decreased 7% (1,245/1,346) while dollar volume fell off only 3% ($325.9 million/$337.4 million) in comparison to the same month last year. Yearto- date MLS® unit sales are down 11% (3,401/3,829) while dollar volume has decreased 5% ($876.3 million/$926.4 million) in comparison to the same period last year.

“What this month’s results confirm is a sales parameter we have observed for some time. Keeping our local market affordable with more lower priced listings is a key determinant of our sales success,” said Richard Dettman, president of WinnipegREALTORS®. “It also speaks to vendors' value expectations. Winnipeg buyers are discerning customers looking for good value in their home purchases.”

The most active residential-detached price range was the $250,000 to $299,999 price range at 23% of total sales. Interestingly enough, this is the same percentage covering off all sales under $200,000 with just 2% selling for under $100,000. For condominiums, the $150,000 to $199,999 price range remains dominant at 37% however the $200,000 to $249,999 has increased its share to 23% of total condominium sales.

The average days on the market for residential-detached property sales in April was 26 days, two days quicker than last month and the same pace as April 2012. Average days on the market for condominium sales was 29 days, two days slower than last month and 8 days faster than April 2012.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,700 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 license. For further information, contact Peter Squire at 786-8854.