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JULY MLS® SALES of 1,350 NOT AS HOT AS LAST FEW YEARS

Reused by permission of the Real Estate News

July Sales Down 3%; Dollar Volume Off 2%

WINNIPEG  –  July sales finished slightly above the 10-year average of 1,330 MLS® sales for this summer month. However they fell short of last year’s near 1,400 sales and the record year of 2014 when July sales reached close to 1,500. Despite the year’s July numbers, year-to-date MLS® sales activity is ahead of any previous year with 5 months to go.

Both new listings coming on the market in July and the inventory at the end of the month were down 8% from 2015. Yet they would be considered elevated especially in comparison to the 10-year average. For example, the 5,291® MLS® properties presently listed on the market for August are up 28% over the 10-year average.

“WinnipegREALTORS® experienced its strongest sales result ever for June and the first six months, so to start off in a more restrained fashion in July is no cause for concern,” said Stewart Elston, president of WinnipegREALTORS®.  “Summer months are never as busy as the spring which is not surprising given Manitobans’ penchant to take advantage of our glorious weather and all of the seasonal activities that come with it.”

MLS® sales of 1,350 were down 3% from July 2015 while dollar volume fell short by 2% in comparison to the same month last year. But year-to-date MLS® sales are up 7% and dollar volume has increased 9% over the same seven-month period in 2015.

Given the run-away dominance of residential-detached sales at 74% of total MLS® sales and condominiums contributing over 12% of sales, other property types comprise far less market share and consequently are all in the low single digits. Having said that, it should not detract from how well other property types are doing in comparison to 2015.

With the exception of rural and duplex classified property types, which are only keeping pace with last year, most other MLS® property types are experiencing double-digit increases.  Vacant land with building is up 155%, town houses – 93%, mobile homes – 25%, commercial – 24%, vacant land – 18%, and resort property – 12%.

“As we always caution buyers to look beyond the headlines and dig deeper when it comes to their specific interest in the local real estate market, this applies to all property types,” said Elston. “2016 is showing real strength and growth in the lower profile property types so it shows buyers are not only calling their REALTOR® about homes or condos.”

The most active price range for residential-detached sales in July 2016 was from $250,000 to $299,999 at 22% of total sales. 15% of the  sales activity was from $200,000 to $249,999 and close behind at 14% was the $300,000 to $349,999 price range.

The highest sales price was $1,275,000 while the lowest was only $15,000. The average number of days to sell a home was 30, 3 days faster than July 2015.

The most active price range for condominiums in July 2016 was from $150,000 to $199,999 at 34%. The second busiest price range was from $200,000 to $249,999 at 19%. Only 7% of condo sales in July went for over $350,000. The highest one sold for $899,000. The average days on market for condominium sales in July was 44, 3 days slower than July 2015.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,900 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.

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MLS® SALES REACH NEW JUNE RECORD HIGH OF 1,638

Reused by permission of the Real Estate News

PRESS RELEASE
July 11, 2016 For Immediate Release

MLS® Sales Up 9%; MLS® Dollar Volume Rises 13%

WINNIPEG – Back to back months of the second and third best months ever on record with 1,638 transactions in June and 1,629 in May makes 2016 the most active year for the first six months and second quarter. Only May 2007 is higher than this June at 1,652 sales. The next busiest second quarter on record was in 2008 when again there were back to back outstanding monthly results with May and June each recording 1,564 sales.

Sales were up 9% in June over the same month last year and the identical percentage increase for the first six months in comparison to the same period in 2015. It is the first time WinnipegREALTORS® has surpassed 7,000 MLS® sales in six months.

“There is no question the perfect storm I spoke of earlier in the year is materializing,” said Stewart Elston, president of WinnipegREALTORS®. “The Winnipeg real estate market is supported by strong underlying fundamentals. Helping us reach new heights is the excellent supply of MLS® listings with much to choose from throughout the market region. The difference between this year and last year is stronger buyer sentiment and therefore higher conversions of listings to sales.”

Single family homes led the way to this impressive June result with 1,252 sales or 76% of total MLS® sales. Condominiums did not perform as well in comparison to the previous two years but still very respectable at 187 sales or over 11% of total MLS® sales.

Eager buyers vying for coveted single family home listings translated to more above list price offers this June in comparison to last month and June 2015. Over one in four sold for above list price while last June 17% sold for above list price. As for condominiums only 5% sold for above list price in June. However 22% of condos achieved list price.

MLS® dollar volume of $472.3 million is up 13% over June 2015. It is the highest monthly dollar volume on record. Year-to-date dollar volume of close to $2 billion has risen 11% over the first half of 2015.

“2016 is exceeding our initial forecast and expectations for MLS® sales this year,” said Elston. “Recent news of a record-breaking 12-month increase of 19,453 people to our province and 63,119 individuals in the last four years is certainly a contributing factor. Along with population growth and a younger demographic comes an increased number of births which often triggers demand for housing. It is worth noting our own membership numbers have been increasing in the last few years and now sit at over 1,900 members.”

Price growth this year is more in line with the forecast for single family homes. A healthy supply of listings for the most part is keeping price increases in check. The chart below illustrates subdued price appreciation for all quadrants of Winnipeg and a similar pattern in the outlying rural municipalities when comparing the first half of 2016 to the same period in 2015.

Residentail Detached by Zone - Average Price YTD June 2016.xlsx
Condo prices were not expected to see any discernible difference in 2016 if not facing some downward pressure owing to the abundance of MLS® listings and new condo supply on the market. They have decreased very modestly at this stage.

The average year-to-date price for single family homes and condominiums is $306,311 and $232,507 respectively.

Of course depending on the property type you have, its location, the number of competing similar property types with their own strengths and weaknesses, you need to be talking to an expert – a REALTOR® – who can advise you on what you need to do to maximize your chances of achieving the best price possible. For buyers a REALTOR® will be indispensable in imparting critical market intelligence on what prices they can expect to see in the current market for the property type they are interested in purchasing.

Single family homes in particular are enjoying an exceptionally strong year, especially the last two months. Within some Winnipeg neighbourhoods there are not enough listings to meet existing demand. Fort Garry, Norwood, Windsor Park, Whyte Ridge, Crescentwood, Linden Woods, East Kildonan and Crestview are areas where we are seeing more sales in a month than the number of listings remaining on the market at the beginning of the next month.

Condominiums on the other hand are not enjoying near the same extent of sales to active listings conversions. This in part explains why there is less above list price sales than single family homes.
The most active price range in June for residential-detached sales was $250,000-$299,999 (22% of sales), followed by the $300,000-$349,999range (17%) and the $200,000-$249,999 (15%).
Average days on market for residential-detached sales was 26 days, 3 days quicker than June 2015. The highest priced residential-detached sale was $1,450,000 and the least expensive sale was $35,000.

The most active price range for condominiums was $200,000-$249,999 (26% of sales), followed by the $150,000-$199,999 range (23%) and the $250,000-$299,999 range (17%). Average days on market for condo sales was 43 days, a turnaround that is 6 days quicker than June 2015. The highest priced condo sold for $645,000 while the lowest was $66,000.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,900 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.

Layout 1 RD Sales Pie Chart June 2016

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MAY MLS® SALES ECLIPSE 1,600

Reused by permission of the Real Estate News

PRESS RELEASE

June 6, 2016

For Immediate Release

–           –           –

Highest Ever Monthly MLS® Dollar Volume Total of $460 Million

WINNIPEG – May 2016 showed stellar results with MLS® sales surpassing 1,600 for only the third time in WinnipegREALTORS® 113-year history. MLS® dollar volume followed suit with a new all-time monthly record of $460 million.

2016 is picking up where 2015 left off with a full recovery in condominium sales from early last year and residential-detached sales continuing to shine and show gains over the previous year.  Beyond the two main property types, sales increases are also occurring in most others such as duplexes, vacant land, commercial, mobile homes, single-attached and town houses.

“Buyers are taking notice and advantage of one of the most affordable markets in the country,” said Stewart Elston, president of WinnipegREALTORS®.  “They also have the benefit of choosing from a wide array and abundance of good listings.”

Only May 2007 has higher monthly sales than the 1,629 sales transacted in May 2016.  Both May 2016 sales and dollar volume were up 12% over May 2015. New listings were robust too, just shy of 3,000 coming on to the market in May. Despite all these new listings, the inventory of 5,291 listings at the end of May is down 8% from last year.

Year-to-date MLS® sales of 5,446 are up 9% from the same period last year and ahead of previous years, albeit by a very small margin in comparison to 2012. Year-to-date dollar volume of $1.5 billion is up 10% from the first 5 months in 2015. Listings entered on the MLS® in 2016 are virtually the same as last year’s at just over 11,000.

“Given the second quarter, our busiest quarter of the year, is performing so well, it does set us up to usher in another steady and impressive year of MLS® sales activity,” said Elston. “We may even look at adjusting our annual forecast projection at the end of June based on year-to-date numbers.”

Sometimes it is interesting to note where your gains are in sales over the previous year when you look at the price range breakdown. May 2016 saw quite a significant increase in residential-detached sales at the lower end of the spectrum from $125,000 to $149,999 but also experienced a sizable jump in sales activity from $475,000 to $599,999.   As for condominiums, an upward shift is occurring with the $200,000 to $249,999 price range showing a 33% increase in unit sales over May 2015.

You only have to go back to May 2013 when the $150,000 to $199,999 price range for condominiums was so much more dominant than other price ranges at 40% of all sales. May 2016 shows the $200,000 to $249,999 price range coming within a few sales of equaling this price range.

The most active price range for residential-detached sales in May 2016 was from $250,000 to $299,999 at 21% of total sales. Deadlocked in second place were the $200,000 to $249,999 and the $300,000 to $349,999 price ranges at 15% each. The highest sale price was $1,650,000 with the lowest at $37,000.  The average number of days to sell a home in May was 23, 2 days quicker than May 2015.

The most active price range for condominiums in May 2016 was $150,000 to $199,999 (at 24%). Close behind was the $200,000 to $249,999 price range at 22% of all condo sales. The highest condominium sale price was $460,950. The lowest sale price was $84,500. The average days on market for condo sales in May was 47, 6 days slower than May 2015.

Established in 1903, WinnipegREALTORS® is a professional association representing just under 1,900 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.

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Open Houses June 5, 2016

The weather forecast for Sunday looks great and so do these homes! Don’t miss the Open Houses!

127 Garfield Street S., Winnipeg, MB

22 Verlie Road, Sanford, MB

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May Long Weekend Open Houses!

22 Verlie Road, Sanford, MB    Sunday, May 22 from 1:00-4:00 PM

127 Garfield Street South, Winnipeg, MB       Sunday, May 22 from 1:00-3:00 PM

Virtual Tour

Chateau Lorette 1223 Dawson Road, Lorette, MB       Sunday, May 22 from 2:00-4:00 PM

https://mitchellenns.com/claras-listings/chateau-lorette/

 

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APRIL SALES BETTER THAN THE REST

Reused by permission of the Real Estate News

PRESS RELEASE

May 6, 2016

For Immediate Release

APRIL SALES BETTER THAN THE REST

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April MLS® Sales Up 8%

WINNIPEG – April MLS® sales showed continued strength and momentum from an excellent first quarter of MLS® sales and dollar volume activity.

April sales surpassed both last April’s total and the April 10-year average by 8%. The 1,373 sales transacted through WinnipegREALTORS®’ MLS® are the highest sales total on record for the month of April.

Year-to-date sales are also up 8% at over 3,800. This current pace is only outflanked by 2012 while year-to-date dollar volume of over $1 billion has risen nearly 10% over the same period in 2015.

Active listing inventory has come off its peak level of over 5,000 in 2015. It now sits at 4,708 in 2016. New listings coming on the market in April were down 10% from the same month last year. The absorption rate for all MLS® listings going into May if you assume there are no new listings entered on MLS® is down to three and one-half months.

“While there were no major spring storms to deal with, I believe our MLS® market had the perfect storm when it came to what transpired in April,” said WinnipegREALTORS® president Stewart Elston.   “We enjoyed a healthy influx of buyers taking advantage of a very competitive market with such favourable interest rates. At the same time we witnessed a reduction in the number of listings coming on the market. This resulted in more balanced market conditions in which sellers are feeling more hopeful with supply starting to level off.”

Adding fuel to Elston’s delight with an excellent start to the second quarter was Winnipeg receiving top billing in the Globe and Mail’s Report on Business recently. It talks about Winnipeg “powering the engine of one of Canada’s most stable, resilient provincial economies.” The report also indicates Manitoba “is projected to have the third-highest rate of economic growth this year – 2.2 per cent according to RBC Economics Research …and to enjoy the lowest unemployment rate in the country, 5.4 per cent, well below the Canadian norm of 7 per cent”.

Some MLS® areas would have welcomed more listings, as sales were brisk, but from an overall market perspective supply needs to come back more in line with existing demand. Of course, not all areas, nor property types, share the same outcomes month to month, so you need to be talking to a REALTOR® about how your particular needs and preferences fit within the existing market.

Speaking of property types, the stand out in April and one which has been noted this year already is condominium. There has been a strong resurgence of condominium sales in comparison to an underachieving performance in early 2015. Condominium sales increased 34% over April 2015 and are up 21% year-to-date in comparison to the same period last year.

“The comeback in condominium sales activity this year is encouraging since there is a significant inventory of new and resale condominiums on the market presently,” said Elston. “Buyers are waking up to this fact and availing themselves to some attractive offerings.”

While we will look more closely at the various quadrants of Winnipeg and rural municipalities of the WinnipegREALTORS® market region after six months of residential-detached sales activity it is worth noting for the first time the southwest quadrant had an average residential-detached sales price of over $400,000. Two of their 194 sales were in excess of $1 million. It is indicative of good move up activity as the spring market starts to get in full gear.

The most active price range for residential-detached sales in April was from $250,000 to $299,999 at 21% of total sales. Closely matched in second place were the $300,000 to $349,999 and the $200,000 to $249,999 price ranges at 15 and 14% respectively. The highest sales price was $1,250,000 with the lowest being only $9,500.The average number of days to sell a home in April was 26 days, 2 days quicker than April 2015.

The most active price range for condominiums in April was $150,000 to $199,999 at 34%. The next busiest price range was from $200,000 to $249,999 at 20%. The highest condominium sales price was $770,000. The lowest sales price was $56,000. The average number of days to sell a condo was 41 days, 8 days ahead of the pace set in April 2015.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,885 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.

April Wins Race RD Sales Pie Chart April 2016

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First Quarter MLS® Sales Up 8%

Reused by permission of the Real Estate News

PRESS RELEASERD Sales Pie Chart March 2016

April 7, 2016

For Immediate Release

OFF TO A GOOD START IN 2016

–              –              –

First Quarter MLS® Sales Up 8%

WINNIPEG –   WinnipegREALTORS® MLS® market got off to a good start in 2016 with the first three months showing an 8% increase in sales over the same period a year ago. Helping make this result possible was a stellar March 2016 performance in which sales went up 5% over last March. There were 1,058 sales in March and 2,445 in the first quarter.

Owing to a new listings drop of nearly 9% in combination with strong sales, the active inventory at the end of March experienced a slight decrease from 2015. This is the exact opposite of what has been happening the last few years as the number of active listings has been spiking upward significantly. The overall MLS® market as a result is in balanced market conditions with 4 months of inventory.

When you breakdown the two main property types of residential-detached and condominiums a clear difference emerges. Based on March sales activity, the 2,259 residential-detached listings existing at the end of March would last 3 months if no other listings were to come onto the market while the 813 condo listings would be closer to 5 months.

“It is really important for buyers and sellers in any local market to understand one size does not fit all,” said Stewart Elston, president of WinnipegREALTORS®.

“You can have varying degrees of competitive market forces (e.g. supply and demand) at play between and within the many MLS® property types. In evaluating your property’s salability, some questions need to be asked. What price range does the property fall in? What city neighbourhood or rural municipality is it located? What attributes does it have in comparison to similar sized properties? Are they well maintained and upgraded if necessary?

“This is why we always strongly advise and even insist you consult a REALTOR® – a real estate expert – to give you the proper advice and counsel on how the current market applies to your own particular situation.”

Another good example of markets performing differently within the region it encompasses is with regard to residential-detached property inventory.  After three months of sales activity the results show neighbourhoods such as St. Boniface, Norwood, River Heights, East Fort Garry and Richmond West have either sold out or nearly sold all of the listings which have come onto the market this year. Close behind with some very high conversions of listings to sales are Crestview, Fort Rouge, Richmond West, Fort Richmond and Linden Woods.

With the entire market region averaging 51% of residential-detached listings being sold by the end of March the rest tend to be all over the map. This means many neighbourhoods still have a higher percentage of conversions of listings to sales but lots of them including rural municipalities fall under the market region average.

“Just like Vancouver is not the same as Calgary or Toronto, neither do our local neighbourhoods behave the same way,” said Elston.

There are two market developments worth noting as we head into the busiest quarter of our real estate market.

Condominium sales have rebounded from a poor first quarter last year. The 328 sales recorded so far are up 15% over the same period in 2015 and 8% over the 10-year average. March condo sales of 167 increased 25% over March 2015 and 20% over the 10-year monthly average.

The other one is the 19% increase in residential-detached sales over $300,000 this first quarter compared to the same period in 2015. As a result, the year-to-date average residential-detached sales price is $300,844, a 6% increase in comparison to first quarter 2015.

The most active price range for residential-detached sales in March was from $250,000 to $299,999 with 22% of total sales. Deadlocked in second place at 15% each were the $200,000 to $249,999 and the $300,000 to $349,999 price ranges. The $400,000 to $449,999 price range equaled the more active $200,000 to $249,999 price range for having the lowest number of days to sell on the market at only 21 days or 3 weeks.  The average number of days on market to sell a home in March was 31 days, 3 days slower than March 2015.

The most active price range for condominiums in March was from $150,000 to $199,999 at 34%. Second most active was from $200,000 to $249,999 at 20%. Another 14% sold from $100,000 to $149,999. The average days on market to sell a condominium in March was 46 days, 1 day slower than March 2015.

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.

condo infographic March 2016

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