The Winnipeg real estate market continued its winning ways in September, according to statistics recently released by the WinnipegREALTORS® Association.
“September became one of the more active real estate months as it was the fifth consecutive month with 1,000-plus MLS® sales,” said WinnipegREALTORS® president Wes Schollenberg.
“Certainly there’s a lot of multiple offers out there,” he added. “If people are prepared to make their homes look super clean and desirable and the home is in the right neighbourhood, they’ll get lots of action.”
September MLS® sales were up two per cent to 1,060 units, while dollar volume sales increased by 15 per cent to $177.1 million, according to the association.
Helping the dollar volume total was a home in Royalwood which sold for $1.15 million, the third $1-million-plus sale this year through MLS®.
Year-to-date MLS® sales are ahead of last year’s pace by just under seven per cent with 10,503 units sold, while dollar volume climbed upward by 20 per cent to $1.49 billion.
“With a full quarter of MLS® market activity remaining for 2007, WinnipegREALTORS® has already produced the equivalent of a solid annual performance ... and dollar volume closing in on last year’s record level of $1.86 billion,” said Schollenberg.
In terms of sales, September’s market closely mirrored the same month in 2003.
“The big difference, however, between September 2007 and September 2003 is the 62 per cent increase in dollar volume over the four-year time frame,” said Schollenberg.
Nearly half the MLS® inventory available in September sold and the year-to-date conversion of listings remained high at 78 per cent.
Schollenberg said listings are at a low level which makes it extremely important to enlist the help of a real estate professional.
“Going into the final quarter of 2007, I fully expect our 1,300 REALTORS® to not let up in providing buyers and sellers with professional advice to successfully complete a transaction on what is often the most important investment of one’s life. Our REALTORS® make it their business to know exactly what is going on in the marketplace.”
Schollenberg said there has been a noticable increase in interest in the condominium market.
“Condos are very, very hot,” he added. “Certain developments are selling quite quickly.”
Schollenberg said there is expansion available in the local condo market because it represents just nine to 10 per cent of all MLS® sales.
“As a percentage of total sales, the local condo market lags behind other cities,” he said. “In Edmonton it’s about 30 per cent of the housing market and in Vancouver it’s over 50 per cent.”
More multiple complexes are being built as developers recognize the demand in the marketplace for condos, seniors’ housing and apartments, Schollenberg added.
In September, residential-detached sales were highest in the $160,000 to $199,999 price range, which accounted for 23 per cent of all sales. The under $100,000 price range bounced back from previous months, grabbing 20 per cent of sales. In August, this category accounted for just 17 per cent of sales.
Seven per cent of sales, or 75 homes, sold for over $300,000.
On average, homes spent 23 days on the market in September before being sold, the same time frame as August, but six days faster than September 2006.