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Busy Month of Real Estate Activity!

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Winnipeg – While May is not a make or break month for the year, it has proven to be the busiest month of real estate activity for WinnipegREALTORS® and one the 114 year-old association counts on to contribute measurably  to the year–end total. 2017 did not disappoint.

May 2017 ushered in an all-time record sales and dollar volume month with MLS® sales just shy of 1,700 and dollar volume flirting with the one-half billion or $500 million mark. May sales of 1,696 were up 4% while dollar volume of $499.4 million increased 8% in comparison to the same month last year.

As a result, year-to-date sales in comparison to the same period last year, made up lost ground in April to total 5,434 sales, only 12 sales off last year’s brisk pace, while dollar volume of $1.58 billion gained a few percentage points to end up 4% ahead of 2016 at this time.

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After 5 months, condominium sales are leading the way for all property types with an increase of nearly 9% over the same period in 2016. May’s condo transactions of 214 helped make this possible with a 13% jump in activity over May 2016. Year-to-date residential-detached sales on the other hand are down 1%.

Besides condos, May was an excellent month for single-attached and town house sales with increases of 25% and 18% respectively.

Current inventory going into June shows 2,406 residential-detached or single family home listings and 883 condominium listings. This translates to less than 2 months of residential-detached listing supply and 4 months for condos if no new listings were to come on the market.

 

It pays to know the average price of homes for sale in your neighbourhood, as well as that of homes that have sold, including both over-list and under-list sales. We track all Winnipeg neighbourhoods daily, which allows us to more accurately set list prices on the homes we sell, while also making intelligent offers. If you would like a Free Home Value Appraisal in Crescentwood, River Heights, Tuxedo, Fort Garry, Fort Richmond, Linden Ridge, Linden Woods, Fort Whyte, Whyte Ridge, St. Norbert, Bridgewater Forest, Assiniboine Landing, Headingley, St. Boniface, Norwood, St. Vital, River Park South, Windsor Park, Southdale, Island lakes, Royalwood, Sage Creek, East Kildonan, Valley Gardens, North Kildonan, Eaglemere, Transcona, Birds HIll, East st. Paul, Pritchard Farm, West Kildonan, Riverbend, River Grove, Garden City, Maples, Polo Park, Deer Lodge, St. James, Silver Heights, Crestview, The Oakes, West St. Paul please Contact Us or Call (204) 792-6453. We track the market closely and you can too with Winnipeg Market Tracker.

Notable MLS® areas with scarce to limited residential-detached listings include Riverview, Fort Rouge, Crescentwood, River Heights, Linden Woods, Charleswood, Whyte Ridge and Richmond West – all neighbourhoods in the southwest quadrant of Winnipeg.  In the southeast quadrant, St. Boniface, St. Vital, River Park South and Windsor Park in particular would welcome a new influx of listings to meet spring market demand.

Based on high turnover of inventory in May, other neighbourhoods in short supply include North and East Kildonan, Transcona, Mandalay West, the West End, Wolseley, St. James, Westwood and Crestview.

Beyond the success of over 1,750 REALTORS® working together to help buyers and sellers achieve more sales than ever before in one month, it is important to understand the economic impact of all these completed transactions.

In 2017, the Canadian Real Estate Association estimates each home sale will generate an estimated $53,300 in spin-off spending and create one job for every three transactions. MLS® home sales and purchases in 2017 will add an estimated $27.6 billion in spin-off consumer spending to the economy and create almost 192,000 jobs.

Track the Winnipeg Real Estate Market!! Free Automated Email Service allows you to track the MLS market in real time. Follow the values in any neighborhood in Winnipeg. Find out what your neighbor’s house down the street sold for. Follow Winnipeg MLS listings in real time. Visit Winnipeg Market Tracker!

 
This information is courtesy of:
The Michael Leclerc Home Selling Team
Royal LePage Top Producers
Winnipeg MB
Phone: (204) 792-6453

April MLS® Sales Fall Off First Quarter Pace

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April Residential MLS Detached Sales

 

WINNIPEG – After a solid first quarter of MLS® sales activity, April sales were more subdued. Unit sales of 1,300 were down 5% from a record April in 2016 but still up 2% over the 10-year average for this month.

MLS® dollar volume decreased 1% in April however for the first four months is up 2% to $1.08 billion. New MLS® listings in April fell 5% while the inventory or active listings at the end of April is down 7%.

The percentage of new listings being converted to sales is in line with April 2016 when the equivalent of over 53% of the 2,439 listings entered on the MLS® in April were sold.

The drop off in sales activity compared to April 2016 was most noticeable in the first-time buyer market segment. WinnipegREALTORS® has identified a concern regarding the new stress test on insured mortgages and its impact on buyer qualification.

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For residential-detached properties under $300,000 there was a 15% decrease in sales activity in comparison to last April. On the other hand upper price ranges in residential-detached outperformed April 2016.

There was also a decline in condominium sales in the price ranges from $150,000 to $249,999.

Another new development this year which helped propel higher end sales was the City of Winnipeg’s impact fee which came into effect on May 1, 2017. There have already been 15 sales of homes valued over $1 million and six of those are new or to be built homes in the Waverley West MLS® area. It is clear buyers are advancing their plans to commit earlier this year to avoid paying the impact fee ($500 for every 100 square feet).

It is also apparent from examining April sales activity that vacant lots in rural municipalities benefited from the onset of higher fees in Winnipeg as there was a jump of 27% in vacant lot sales from April 2016. The vast majority of those are located outside Winnipeg.

 

It pays to know the average price of homes for sale in your neighbourhood, as well as that of homes that have sold, including both over-list and under-list sales. We track all Winnipeg neighbourhoods daily, which allows us to more accurately set list prices on the homes we sell, while also making intelligent offers. If you would like a Free Home Value Appraisal in Crescentwood, River Heights, Tuxedo, Fort Garry, Fort Richmond, Linden Ridge, Linden Woods, Fort Whyte, Whyte Ridge, St. Norbert, Bridgewater Forest, Assiniboine Landing, Headingley, St. Boniface, Norwood, St. Vital, River Park South, Windsor Park, Southdale, Island lakes, Royalwood, Sage Creek, East Kildonan, Valley Gardens, North Kildonan, Eaglemere, Transcona, Birds HIll, East st. Paul, Pritchard Farm, West Kildonan, Riverbend, River Grove, Garden City, Maples, Polo Park, Deer Lodge, St. James, Silver Heights, Crestview, The Oakes, West St. Paul please Contact Us or Call (204) 792-6453. We track the market closely and you can too with Winnipeg Market Tracker.

 

In terms of residential-detached sales activity while the most active price range remained from $250,000 to $299,999 at 20% the next busiest from $300,000 to $349,999 was not far off at 16%.

The average days to sell a home in April was 25 days, one day quicker than the record-setting April 2016. The sales- to -list price ratio in April was 99.19%, an improvement from the 98.59% in April 2016.

Condominium sales continue to be most active in the $150,000 to $199,999 price range which represented 30% of total sales. Next busiest at 16% was the $200,000 to $249,999 price range. Average days to sell a condo in April was 40 days, one day quicker than April 2016.

 

Track the Winnipeg Real Estate Market!! Free Automated Email Service allows you to track the MLS market in real time. Follow the values in any neighborhood in Winnipeg. Find out what your neighbor’s house down the street sold for. Follow Winnipeg MLS listings in real time. Visit Winnipeg Market Tracker!

 
This information is courtesy of:
The Michael Leclerc Home Selling Team
Royal LePage Top Producers
Winnipeg MB
Phone: (204) 792-6453

Winnipeg March MLS® SALES UP 5%

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In March, 1,111 MLS® listed properties sold in the Greater Winnipeg market region, which is an increase of 5% over March 2016 and 8% over the 10-year average for this month. Dollar volume rose 10% to $326 million. This is the first time in March there has been over $300 million in MLS® sales transactions.

MLS® listings entered in March were right in line with last year at 2,200 though active listings or inventory of 3,903 listings going into April is down 9% from 2016. This is largely due to a very active 2016 which left less listings carrying over into 2017.

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Due to a good result in March where sales start to accelerate and are significantly higher than either of the first two months of the year, first quarter sales of 2,438 are in line with last year and 5% ahead of the 10-year average for the first three months. Dollar volume of close to $700 million is at its highest level ever for the first quarter and up over 4% from the same period in 2016.

Looking more closely at single family home sales in the first quarter in comparison to the same period in 2016 they are down less than 2% while condominiums are on a record setting pace with an increase of 18%. Condos may well be benefiting from their lower price point in comparison to single family homes as anyone requiring an insured mortgage with less than 20 per cent down must qualify for the higher Bank of Canada 4.64 % 5-year term rate.

Another point worth noting with regard to March specifically is explaining why the average residential-detached selling price was just under $320,000, noticeably higher than the 2016 year- end average of $302,707. It was the result of what is called a compositional shift in sales activity where March had a real overweight in higher priced sales. For example, there was a 25% increase in sales over $350,000 and above compared to March 2016.

It pays to know the average price of homes for sale in your neighbourhood, as well as that of homes that have sold, including both over-list and under-list sales. We track all Winnipeg neighbourhoods daily, which allows us to more accurately set list prices on the homes we sell, while also making intelligent offers. If you would like a Free Home Value Appraisal in Crescentwood, River Heights, Tuxedo, Fort Garry, Fort Richmond, Linden Ridge, Linden Woods, Fort Whyte, Whyte Ridge, St. Norbert, Bridgewater Forest, Assiniboine Landing, Headingley, St. Boniface, Norwood, St. Vital, River Park South, Windsor Park, Southdale, Island lakes, Royalwood, Sage Creek, East Kildonan, Valley Gardens, North Kildonan, Eaglemere, Transcona, Birds HIll, East st. Paul, Pritchard Farm, West Kildonan, Riverbend, River Grove, Garden City, Maples, Polo Park, Deer Lodge, St. James, Silver Heights, Crestview, The Oakes, West St. Paul please Contact Us or Call (204) 792-6453. We track the market closely and you can too with Winnipeg Market Tracker.

If you take the median price (mid-point of all sales) of residential-detached homes in March 2017 there is a far closer alignment to March 2016 – $285,500 versus $284,000.

For the first three months this year the average residential-detached selling price is $307,977, a 2.4% increase over the same period in 2016. As for condominiums, the average selling price for the first quarter is $244,406, a 7.9% increase over first quarter 2016.

Residential-detached unit sales in March were more spread out amongst a number of price ranges with the highest at 18% of total sales from $250,000-$299,999 and the $200,000-$249,999 at 15%. A close third at 14% was from $350,000-$400,000.

March condominium unit sales at nearly one in four sales were from $150,000-$199,999 however there were a number of price ranges with sales activity in the teens. Amongst them, the $250,000-$299,999 was highest at 18%.

Track the Winnipeg Real Estate Market!! Free Automated Email Service allows you to track the MLS market in real time. Follow the values in any neighborhood in Winnipeg. Find out what your neighbor’s house down the street sold for. Follow Winnipeg MLS listings in real time. Visit Winnipeg Market Tracker!

 
This information is courtesy of:
The Michael Leclerc Home Selling Team
Royal LePage Top Producers
Winnipeg MB
Phone: (204) 792-6453

Home prices up in Linden Woods and Charleswood, but sales down

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New listing! 2 Fennbark Place , Winnipeg. Of course you want a pool! Call (204) 792-6453 or Click Image for more info.
Of course you want a pool! Call (204) 792-6453 or Click Image for more info.

The average home sale price was up in the Winnipeg neighbourhoods of Linden Ridge, Linden Woods, Charleswood, South Charleswood, Fort Whyte and Whyte Ridge in February 2017 as compared to the same month last year, but overall sales were down.

There were 10 homes sold in Winnipeg MLS areas 1M, 1N and 1P in February 2017 as compared to 13 homes sold in February 2016. Listings were up in these areas from 12 in February 2016 to 15 in February 2017 but the average time to required to sell a home was down from 31.5 days in February 2016 to 26 days in February 2017.

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Also on a brighter note, the average home price on homes that sold in Linden Ridge, Linden Woods, Charleswood, South Charleswood, Fort Whyte and Whyte Ridge in February 2017 came in at $555,933, up from the average home price of $489,264 in these neighbourhoods in February 2016.

The highest price paid for a home in Winnipeg MLS areas 1M, 1N and 1P in February 2016 was $1,135,000 for a home on Loudon Road. The lowest price paid was for a home on Hammersmith Road that closed at $374,500.

Total Active Listings Month end February 2017: 15
Total Active Listings Month end February 2016: 12

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Total Homes sold Month end February 2017: 10
Total Homes sold Month end February 2016: 13

Sales to Listing Ratio 2016: 85.66%
Sales to Listing Ratio 2015: 130.5%

It pays to know the average price of homes for sale in your neighbourhood, as well as that of homes that have sold, including both over-list and under-list sales. We track all Winnipeg neighbourhoods daily, which allow us to more accurately set list prices on the homes we sell, while also making intelligent offers. If you would like a Free Home Value Appraisal in Linden Ridge, Linden Woods, Charleswood, South Charleswood, Fort Whyte, Whyte Ridge or any other Winnipeg neighbourhood, please Contact Us or Call (204) 792-6453. We track the market closely and so can you with Winnipeg Market Tracker.

Average days to sell a home February 2017: 26
Average days to sell a home February 2016: 31.5

Average sale price February 2017: $555,933
Average sale price February 2016: $489,264

Lowest sale price for month of February 2017: $374,500 Hammersmith Road
Highest sale price for month of February 2017: $1,135,000 Loudoun Road

Track the Winnipeg Real Estate Market!! Free Automated Email Service allows you to track the MLS market in real time. Follow the values in any neighborhood in Winnipeg. Find out what your neighbor’s house down the street sold for. Follow Winnipeg MLS listings in real time. Visit Winnipeg Market Tracker!

This information is courtesy of:
The Michael Leclerc Home Selling Team
Royal LePage Top Producers
Winnipeg MB
Phone: (204) 792-6453