MLS® Sales up 2%; MLS® Dollar Volume Rises 6%
WINNIPEG – June 2014 MLS® sales rank third highest on record for this month and have only been eclipsed by 3% in June 2007 and June 2008. As a result, year-to-date sales for the first half of 2014 show a slight edge over 2013 at close to 6,500 sales – only 1% off the 10-year average. Just shy of $416 million, June MLS® dollar volume resulted in the second highest MLS® monthly total ever. Only last month is higher when $438 million worth of listings was sold on MLS®.
New listings entered in June on MLS® continue to march along on an upward trend in 2014 with a 22% increase over June 2013. It leaves year-to-date listings placed on MLS® up 13% to 12,052 listings. There are 1,000 more MLS® listings available going into July than was the case last year at this time.
For the first six months, condominium listings have increased 33% over 2013. A number of new projects are helping add to the jump in listings this year. More listings have translated into an 11% rise in condominium sales. Residential-detached listings are up to a lesser extent. They have risen 12% with sales ahead by 2%. Listings in particular vary according to which MLS® neighbourhood you are interested in. So contact a REALTOR® if you want to know exactly what the current supply situation is in any given area in Winnipeg or RMs in the capital region.
June MLS® unit sales increased 2% (1,515/1,480) while MLS® dollar volume went up 6% ($415.7 million/$392.4 million) in comparison to the same month last year. Year-to-date MLS® sales are up less than 1% (6,476/6,431) while MLS® dollar volume has increased less than 5% ($1.76 billion/ $1.68 billion) in comparison to the same period last year.
“One of our better second quarter MLS® results after a slow start to 2014,” said David Powell, president of WinnipegREALTORS®. “Besides sales activity, June was especially impressive in the spike in new listings coming on the market. This development bodes well for continued strong MLS® sales activity in July and the third quarter. To just keep pace with 2013, we will need to perform at a high level.”
At the halfway mark in the year, other MLS® property types are mixed in their results. Single-family attached properties have picked up steam this year with a 16% rise in activity over 2013. They offer more affordability than single family homes or condominiums. Multi-family properties are doing well too with a 17% jump in sales.
On the other hand, vacant lots are well off last year’s sales with a 32% decrease and duplexes are down 27%. With so many resale properties now available it is safe to assume more buyers are less inclined to buy a lot and build their own home if they can find an existing home which meets their requirements.
The most active residential-detached price range for sales was the $250,000 to $299,999 one at 25%. Closest to it were the two price ranges immediately below and above at 18 and 14% respectively. If you now add in the 12% of sales from $350,000 to $399,999 and another 11% from $150,000 to $199,999, you capture 80% of total residential-detached sales. The highest sale price was $1,495,000 and the lowest price being only $35,000 (almost entirely exempt from the provincial land transfer tax).
The busiest condominium price range continues to be from $150,000 to $199,999 at 32%. However there is a tilt upward with the next two highest price ranges representing 36% of sales activity – evenly split at 18%. The highest condominium sale price was $715,000.
The average days on market for residential-detached properties was 25 days, the same pace as last month and 3 days slower than June 2013. Average days on market for condominiums was 41 days, 11 days off pace set last month and the same result as June 2013.
Established in 1903, WinnipegREALTORS® is a professional association representing over 1,800 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession. REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by The Canadian Real Estate Association and are used under licence.
For further information, contact Peter Squire at 786-8854.