WINNIPEG – September sales of 1,046 were disappointing as they fell 12% in comparison to September 2017 and were off 9% from September’s 5-year average of 1,156 sales. On the other hand, new listings were up 6% and inventory of 5,134 listings grew by 11% over the same time last year.
Year-to-date sales activity shows sales of 10,264 are down 7% over the same period in 2017 while dollar volume has decreased 5% to $3.0 billion. Listings entered on the MLS® at the end of September are 19,771, up less than 2% from 2017.
If you look back before 2016 and 2017, the best years ever on record where sales after nine months were right around 11,000, year-to-date sales are very much in line with 2015 and 2014 and much closer to 2013 in total sales.
“Winnipeg’s resilient market is being tested this year in light of newly tightened federal mortgage regulations and it is preventing a number of prospective buyers from entering our market,” said Chris Dudeck, president of WinnipegREALTORS®. He added, “ The lack of new entrants to a housing market compounds matters further as the cascade effect of more sales occurring further up the real estate ladder is muted due to sellers unable to move on with their plans to buy a home if theirs does not sell.”
We also need to keep things in perspective how Winnipeg and the outlying metropolitan region housing market is performing relative to many other housing markets across the country. At a Canadian Real Estate Association national conference held this month, delegates were told 50 local markets are down more than 10% and 75 out of 101 markets are experiencing declining sales activity in comparison to year-to-date sales in 2017.
“As always, both buyers and sellers need to consult with their REALTOR to develop a strategy to navigate our current market conditions,” said Dudeck.
In September there were 5 million dollar plus single family home sales with one selling for $2 million. The lowest sales price was $44,500. For condominiums, one unit sold for close to $1 million at $964, 950 while the lowest one went for $66,500.
The average days to sell a residential-detached or single family home was 32 days while for condominiums it was a week longer at 39 days.
A real positive for the Manitoba economy going into the last three months of the year is the recently signed United States-Mexico-Canada Agreement. It should bring more certainty and economic stability to what was concerning for many Manitoba businesses which rely on exporting their goods and products south of the border.
One of the most important components you need to take into account when selling a home is strategy”, said Marina R. James, CEO of WinnipegREALTORS®. “Your REALTOR® knows strategy and will help you navigate through complex issues from start to finish.”
WINNIPEG – April sales began to take off like our Winnipeg Jets. Sales of 1,283 were more spring-like in numbers as only down 1% from last April and up nearly 2% over the 10-year average for this month. New listings of 2,621 in April increased 7% from the same month last year while the existing inventory at month end of 4,550 was up nearly 4% over 2017.
MLS® dollar volume of nearly $390 million just edged out last year’s total. Year-to-date dollar volume climbed over $1 billion and is less than 5% off last year’s first four month total dollar volume. Year-to-date sales of 3,511 are down 6% from the same period in 2017.
April’s average residential-detached sales price was just under $330,000, a modest increase over April 2017. Helping elevate this average sales price was a home in East Fort Garry which sold above list price for $2.6 million and three other million dollar plus home sales in the Waverley West MLS® area.
The April condominium average sales price of $236,027 was down slightly from April 2017. Condo sales of 165 were ahead of last April’s total by 5%. The highest percentage increase of all MLS® property type sales in April was duplexes at 50%.
“Clearly market activity picked up in April to show once again how resilient the Winnipeg Metropolitan Region can be in the face of some adversity with new mortgage qualification rules in place as well as higher mortgage rates,” said Chris Dudeck, president of WinnipegREALTORS®. “A real enduring strength of our local market in the last few years has been its affordable prices with different options to choose from given overall balanced market conditions.”
A true test of this year’s return to more seasonal sales activity will be this month as last May had the highest monthly sales ever at just under 1,700 sales. Can it be a jet-fuelled month? Only time will tell but there are positive signs as a result of solid market metrics in April.
While there are more listings on the market going into May than there were last year this does not mean they are all evenly distributed amongst varying property types and areas within the Winnipeg Metropolitan Region. Residential-detached listings of nearly 2,400 lean towards tighter market conditions based on expected strong sales the next few months and condominium listings of almost 900 show a more elevated inventory and more opportunities for buyers to with longer days on market to sell and greater selection available.
One clear difference too between these main property types is the percentage of listings selling for above list price in April. 28% of residential-detached properties sold for above list price compared to 9% for condominiums.
As the market gets busy at this time of year you need to be contacting a REALTOR® to make sure you are well positioned if selling your property, and if buying, prequalified and ready to make an offer if the right property is listed in your preferred area,” said Marina James, CEO of WinnipegREALTORS®