By Peter Squire
The Winnipeg Metro Region market heated up in terms of dollar volume with a new record set for July with $437 million representing a 10% increase over July 2018. Sales of 1,440 trended upward with nearly a 5% rise over last July and only 3% shy of the best July on record in 2014.
Year-to-date sales activity of 8,263 sales shows a 4% gain over the same period last year while dollar volume of close to $2.5 billion is up more than 5% in comparison to 2018. This is the highest dollar volume reached for WinnipegREALTORS® in the first seven months of 2019.
Helping explain the higher percentage increase in dollar volume this July are some notable increases in sales in some of the higher price ranges in condominiums and to a lesser extent, single family homes. For example, in condominiums, there were 20 sales compared to ten last July in the $275,000 to $299,999 price range. There were nine sales compared to three last July in the $375,000 to $399,999 price range and twice as many sales over $600,000 this year with one selling for $1 million. A good example in single family homes with 60 sales in the $400,000 to $424,999 price range compared to 34 in 2018 in this same price range.
One of the results of having higher-priced condominium sales the last few months is the average year-to-date sale price drawing even with 2018 at $240,000. The single family home year-to-date average sales price of $328,718 is up less than 2% compared to the same period last year.
Listings continue to exhibit strong increases on a monthly basis over last year with over a 10% jump in new listings coming on the market in July or a 15% growth in inventory with 6,083 listings available for sale going into August.
“The strong numbers in both sales, dollar volume and listings in July is a reflection of buyers taking advantage of lower mortgage rates, a fabulous choice of an abundant supply of listings, and some very attractive affordable housing options beyond just single family homes and condominiums,” said Ken Clark, president of WinnipegREALTORS®. “It is also worth noting, in July the Bank of Canada lowered the rate used by the mortgage stress test to qualify for a mortgage from 5.34 per cent to 5.19 per cent.”
And in addition to single family homes and condominiums which offer alternative housing choices for buyers, the attached housing category performed very well in July with over 100 sales with an average sale price of just under $257,000.
The most active of the attached property type category, which includes duplexes, townhouses and single-attached, was the latter one with 72 sales – a 22% increases over the same month last year. Year-to-date nearly 400 single-attached properties have been sold and increased 22% over the same period last year.
Single-attached is the third busiest property type with 5% of total MLS® market share. Leading the way after seven months is single family homes with close to 73% and then condominiums with a 12% market share.
“We have reason to be optimistic of achieving a good MLS® result in August given the positive trend over 2018 and the wide array and diversity of listings on the market,” said Clark. “All provincial election volunteers on the campaign trail will certainly notice all of our MLS® listings available for sale.”
“Get out and take advantage of our spectacular summer weather to see all of our listings for sale throughout the Winnipeg Metro Region,” said Marina R. James, CEO of WinnipegREALTORS®. “Our REALTORS® know the local market and will apply their skills and abilities to help find the right home for you.”
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Peter Squire is WinnipegREALTORS® Vice-President, External Relations & Market Intelligence.