Winnipeg’s MLS® market has seen a steady rise in prices and dollar volume since 2002.
This year the trend is continuing with first-quarter dollar volume up 18.4 per cent and the average house price up 5.5 per cent from the fourth quarter in 2005 and 13.8 per cent over the same period last year, according to the Winnipeg Real Estate Board.
One development in the MLS® resale market over the past few years has been the progression towards more sales activity in higher price ranges. For example, in the over $300,000 price range, there have been twice as many house sales this year in the first three months compared to the same period in 2005.
Within this price range, houses are also selling on average in a quicker time frame — six and one-half weeks.
In January, a residential property in East St. Paul sold for $1.275 million, the earliest time of year a house has sold at this high a price point in WREB history. In the first quarter, another home sold for over $800,000 in St. Vital.
However, the pièce de résistance was the sale of a stately mansion on Wellington Crescent listed on MLS®. It sold for $2.025 million, $50,000 over asking price, and in just six hours. It is the first home ever in the board’s 103-year history to sell for more than $2 million.
This record could soon be surpassed as there is a five-bedroom, 5,300-square-foot mansion in River Heights now listed on MLS® for $2.477 million.
The second highest house sale in WREB MLS® history went for $1.8 million in 2004. It was a 4,400- square-foot bungalow in Linden Woods.
The third highest home sale is another Wellington Crescent mansion that sold for $1.75 million in 1996.
“This is a good indicator of how Winnipeggers are more confident about investing in higher value real estate in the greater Winnipeg market area,” said Walter Boni, president of the Winnipeg Real Estate Board.
“Over and above the board reaching this MLS® milestone achievement of its first $2-million sale, it is significant that these higher-priced homes, on average, are only on the MLS® market for a period of just over six weeks.
“It just goes to show more buyers and sellers are using the MLS® system to find houses in all price ranges to successfully meet their needs and requirements.”
The WREB reported that there were 1,015 MLS® sales in March with dollar volume hitting $150.1 million, a nine per cent hike in dollar volume when compared to March 2005.
Year-to-date MLS® sales were up three per cent by the end of March to 2,353 units and dollar volume jumped 18 per cent to $341.9 million.
MLS® listings in the first quarter of the year were up 13 per cent and the conversion of these listings to sales is at 70 per cent.
“Our MLS® system continues to perform exceptionally well,” said Boni.
“We fully intend to enhance it through continual upgrades to help our 1,100 REALTOR® members provide the best value-added services available to their clients.”