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    Solid December closes out a successful year of MLS® sales activity

    http://www.winnipegrealtors.ca/Resources/PressRelease?fileID=485

    Reused by permission of the Real Estate News

     

     

     

     

     

     

     

     

     

    WINNIPEG – A solid result in December of 635 MLS® unit sales and a dollar volume over $179 million capped off a successful year in 2017.

    Actual percentage differences in comparison to December 2016 were relatively modest but positive with sales up 3%, dollar volume rising 7% and listings increasing 8%. All MLS® property types performed exceptionally well in December with only residential-detached experiencing a drop of 8% in sales. A total MLS® inventory of 2,851 listings is available for sale as 2018 begins.

    2017 finished up strong with a total of 13,525 sales, down less than 1% from the record year of 2016 where 13,632 sales were transacted. A new annual dollar volume record was set in 2017 with $3.92 billion worth of MLS® sales – an increase of close to 4% in comparison to 2016.

    When asked for his insight on 2017, outgoing WinnipegREALTORS® president Blair Sonnichsen said, “Considering tougher mortgage qualification requirements were in effect for insured mortgages, two Bank of Canada interest rate increases were brought in, and impact fees were imposed by the City of Winnipeg on new residential development, we are particularly pleased with our MLS® market performance. This indicates to me our REALTORS® worked diligently with mortgage brokers and financial institutions to overcome any challenges clients may have encountered in this regard. REALTORS® as a result were able to conclude nearly as many sales as they did in our record year of 2016.”

    A byproduct of 2017 which has been noted before, is the many affordable options available to buyers in the WinnipegREALTORS® market region. It became very apparent early on in 2017 that buyers were making adjustments within certain property type categories or between them to attain their dream of acquiring a place to call home.

    “Within the many neighbourhoods of Winnipeg or the outlying rural municipalities in the capital region, buyers made informed choices and took advantage of one of the most affordable residential real estate markets in the country, “said Sonnichsen.

    2017 was a year where stronger move up market activity helped offset some drop off in the first-time buyer price ranges for single family homes. One clear example of higher end sales gaining ground over 2016 was the fact there were 45 million dollar plus homes sold in comparison to 30 in 2016. Even condominiums saw a spike in million dollar plus sales with 6 compared to none in 2016.

    More move up sales activity in 2017 was a contributing factor in lifting the annual average sale price upward for both residential-detached and condominium property types. The residential-detached average sale price went from $302,726 in 2016 to $315,720 in 2017. The condominium average sale price rose over $9,000 to $244,687 in 2017.

    Residential-detached average sale prices for the MLS® zones of Winnipeg and rural municipalities outside the city show price gains over 2016 with only Winnipeg North decreasing slightly.

    The southwest zone eclipsed an average sale price of $400,000 in 2017 for the first time. When you have over 300 sales in one MLS® area (Waverley West) in this zone having an average sale price of $546,664 you know it will skew the entire zone’s average sale price higher. This MLS® zone also includes Tuxedo which had an average sale price of $853,378.

    Speaking of residential-detached sales in 2017, despite the sales gains noted in higher price ranges, over half of all sales still occur under $300,000 with the busiest price range from $250,000 to $299,999 commanding a total market share of 21%. It is worth noting the $300,000 to $349,999 price range for the first time in 2017 supplanted the $200,000 to $249,999 price range as the second most active price range. The average days on market to sell a home in 2017 was 29 days, 2 days quicker than 2016.

    The highest sale price for homes was $2,460,000 with the lowest selling for only $10,000.

    The most active price range for condominium sales in 2017 was from $150,000 to $199,999 at 28% of total sales. Another 35% of condo sales occurred fairly evenly in the next two higher price ranges from $200,000 to $249,999 and $250,000 to $299,999. The average days on market to sell a condo in 2017 was 43 days, 4 days quicker than 2016.

    The highest sale price for condominiums was $1,575,000 while the lowest was $42,000.

    Some other property types did not take a backseat to residential-detached and condominiums in 2017. In fact they outperformed them in terms of sales increases over 2016.

    Single-attached properties had a double-digit increase of 12% to finish at 537 sales and a 4% market share. Town houses showed the largest sales increase of them all at 19% while commercial jumped 8%. Residential-detached sales were actually down 2% from 2016 and condominiums which started off the year with high monthly percentage gains over 2016 finished up with an increase under 3%. Condominium sales were only 9 sales short of the annual record set in 2014 when 1,798 sales were transacted on WinnipegREALTORS®’ MLS®.

    “What these different property type outcomes illustrate is how important it is to consult with a REALTOR® – your local market expert – on what is happening with respect to your specific property type and how you need to navigate the market to get the best results,” said Marina R. James, CEO of WinnipegREALTORS®.

    WinnipegREALTORS® will get into more detail with analysis and explanation of what happened in 2017 when it hosts its 12th Annual Forecast breakfast on February 7, 2018. It will also look ahead to what it expects to happen in 2018 with new federal mortgage lending guidelines, the potential of more Bank of Canada interest rate increases and municipal elections.

    “One real strength of our local market is its stability,” said Sonnichsen. “As we embark on a new year I believe Manitoba’s resilient and diversified economy will once again help us meet the headwinds which may pose a challenge to us in 2018.”

     

     

     

     

     

     

     

     

     

     

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    WinnipegREALTORS® has highest third quarter sales on record

    Reused by permission of the Real Estate News

    September 2017 Press Release: http://www.winnipegrealtors.ca/Resources/PressRelease?fileID=472

    WINNIPEG – September sales of close to 1,200 processed through WinnipegREALTORS® MLS® System closed off the third quarter with a record total of 3,916 sales, just ahead of the previous best third quarter in 2016.

    September sales of 1,193 were down less than 2% from September 2016, the highest level of sales for the month of September in WinnipegREALTORS® 114-year history. The impressive third quarter sales activity moves total MLS® sales to just 11 sales shy of 11,000, the new benchmark sales level established in 2016 for the first three quarters.
    “Our sales activity this year has kept pace with record-setting sales in 2016” said Blair Sonnichsen. “Our more affordably-priced housing options in our local real estate market have been instrumental in enabling buyers to successfully conclude a purchase this year.”
    One of those options includes purchasing a property outside Winnipeg as the outlying rural municipalities have experienced growth in total market share over the past few years.  In September alone rural residential-detached sales represented 28% of total sales.
    This year-to – date breakdown chart of all residential-detached sales in Winnipeg and the rural municipalities shows the latter represents 26% of total sales. Steinbach is the most active MLS® area of all MLS® areas WinnipegREALTORS® tracks every year with 365 sales in the first nine months.
    “Our capital region has been growing at a more rapid pace than the City of Winnipeg and that is being reflected in our residential-detached sales,” Sonnichsen said.
    When it comes to condominium sales Winnipeg is far more dominant compared to outside the city and Osborne Village remains the premier MLS® area with 132 sales. Of note this year is the emergence of the downtown in second place with 92 sales -14 of them occurred in September.
    Backing up WinnipegREALTORS® contention that real estate is more affordable than in most other major markets across the country was the recent release of RBC’s Housing Affordability Measures 2017 second quarter report. In stating housing markets such as ones in the Toronto area are eroding Canada’s affordability to its worst level since 1990, it shines a light on Winnipeg saying its “neutral affordability conditions continue to support brisk housing activity. Home resales in the area are on pace to equal, if not surpass, last year’s record high”. It goes on to say Winnipeg’s housing affordability is “very close to its long-run average”.
    “REALTORS® are well informed market experts who can show you all the affordable housing options which exist in Winnipeg and the capital region,” said Marina R. James, CEO of WinnipegREALTORS®.
    Going into the fourth quarter listing supply remains balanced overall however there are differences within WinnipegREALTORS® market region and between the various property types.
    The most active price range for residential-detached sales in September was from $250,000 to $299,999, 22% of total sales. 55% of all residential-detached sales in September were priced under $300,000. The highest priced residential-detached property sold was $1,451,000 while the lowest was $22,000.
    Condominium sales activity was most active in the $150,000 to $199,999 price range at 27% of total sales. 77% of all condominiums in September sold for under $300,000. The highest condo sales price was $560,000. The lowest-priced one was $49,500.
    Established in 1903, WinnipegREALTORS® is a professional association representing just 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.
    The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
    For further information, contact Peter Squire at (204) 786-8854.
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