WINNIPEG – What stood out in August was the performance of the higher end of the market where residential-detached sales above $500,000 were up 32% over August 2016 and 7 sales eclipsed 1 million dollars in value. There were some other high end commercial sales with a motor inn and apartment complex each selling for over $1 million.
MLS® unit sales of 1,288 were down 5% from August 2016 – the best August on record. However sales in August were up nearly 6% over the 10-year average for the month of August. As a result of the upper end market performing so well and residential-detached sales under $300,000 down 35% from August 2016 MLS® dollar volume increased 4% to $378 million.
Year-to-date MLS® unit sales activity is marginally ahead of 2016 with a total of 9,796 sales. Dollar volume on the other hand has risen 5% over 2016 to $2.86 billion.
At the end of August inventory of 2,469 residential-detached properties is down 11% while condominium supply of 855 units is up 5% in comparison to the same time last year.
While 2017 has been tougher on first-time buyers in particular purchasing a residential-detached property, other property types have experienced gains this year due in part to them making alternative choices. Sales of condominiums, duplexes, resort properties and single-attached have all had single-digit percentage increases over the same period in 2016. Town house sales have risen the highest percentage at 11%. It should also be noted commercial property sales are up 9%.
The most active price range for residential-detached sales in August was from $250,000 to $299,999, 20% of total sales. Another 30% of sales were evenly split percentage-wise between the $200,000 to $249,999 and $300,000 to $349,999 price ranges. The highest priced residential-detached property sold was $1,700,000.
Condominium sales showed very similar percentage market share in the three price ranges from $150,000 to $299,999 with the lowest price range of $150,000 to $199,999 slightly ahead with 24% of total sales. The highest condo sales price was $439,900.
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