Over 4,000 MLS® Properties Available to Purchase
WINNIPEG – When Santa descends on Winnipeg and surrounding rural
municipalities and cities such as Steinbach this Christmas he will see
plenty of real estate signs. For vendors they will be wishing for a
sold affixed to their sign. Buyers with more choice to find that
perfect home may wish for the same on a house they are successful in
securing before year end.
2014 has been an extremely busy listing year with active MLS® listings
at the end of November up 20% from 2013 and current MLS® listings or
new ones coming on the market in November up 6% from last November.
Based on the average number of listings remaining for sale at the end
of November over the last 10 years, there are approximately 1,500 more
MLS® listings available for sale this December. This larger inventory
has created buyers’ market conditions. It makes the word “comparable”
take on increased meaning when there is this much more selection of
properties to choose from in many years.
The potential for more sales is greater but November MLS® sales were
right around the 10-year average of 828 sales. Supply is still
carrying the day (over 22,000 MLS® listings entered on the MLS® this
year) with demand lagging somewhat behind. Not to worry as MLS® sales
in November were down less than 4% and year-to-date sales are less
than 1% off the same period in 2013. Year- end MLS® sales are likely
to finish fifth best on record while MLS® dollar volume will once
again reach a new all-time high of close to $3.4 billion.
As for MLS® property types, condominium sales rebounded in November
with an increase over the same month last year of 19% while
residential-detached or single family homes was down 5% from November
2013. Vacant land which has experienced the largest decrease in sales
activity of any property type in 2014 actually held its own in
November with similar sales.
Only 12% of residential-detached sales in November sold for above list
price while 80% sold below list price. For condominiums, nearly 14% of
units sold went for above list price while 72% sold below list price.
When you examine the different quadrants of Winnipeg and the outlying
rural municipalities, rural residential-detached sales led the way
with nearly one in four sales and the southwest quadrant of Winnipeg
was second with 20% or one in five sales.
To no surprise, condominium sales in November and throughout the year
are most prevalent in the Osborne Village MLS® area. Other MLS® areas
showing strong sales in November were the downtown, Tuxedo and the
large MLS® area encompassing Royalwood, Island Lakes, Sage Creek and
Southland Park.
This month also resulted in the highest priced condominium to sell on
WinnipegREALTORS®’ MLS®. It was a $1,750,000 condominium on Wellington
Crescent. The previous highest was a $1.5 million condo sale in 2009.
November MLS® unit sales decreased less than 4% (831/863) while dollar
volume was down less than 1% ($217.8 million/$219.3 million) in
comparison to the same month last year. Year-to-date MLS® sales are
down less than 1% (12,222/12,293) while dollar volume is up nearly 3%
($3.26 billion/$3.17 billion) in comparison to the same period last
year. MLS® listings entered on the MLS® this year show a gain of close
to 12% at 22,014.
“There is clearly a window of opportunity for buyers to seize a time
when property selection is so good,” said WinnipegREALTORS® president
David Powell. “Let’s not forget either how favourable interest rates
remain with the Bank of Canada Governor Stephen Poloz keeping the
benchmark overnight rate this month at 1%.
Powell cautioned buyers that not all MLS® areas in Winnipeg are
sitting on excess inventory. A prime example is in Windsor Park where
there were only 3 active residential-detached listings at the end of
November after 9 sales this month. Fort Richmond mirrored Windsor Park
with only 3 active listings going into December and 10 sales during
November. So it is always best to consult a REALTOR® to advise you on
the current market situation for the property type, price range and
MLS® areas you are considering in your buying criteria.
In a bit of a departure from the norm, the most active
residential-detached price range in November was from $200,000 to
$249,999 at 21% of total sales where the next higher price range of
$250,000 to $299,999 fell back to second at 19%. The average days on
market to sell a home in November was 34 days, 2 days quicker than
last month and the same pace as November 2013.
The most active condominium price range for sales activity in November
was the $150,000 to $199,999 price range at 27%. Not far off at 20%
was the $200,000 to $249,999 price range and a close third was from
$250,000 to $299,999 at 17%. The average days on market for
condominium sales in November was 46 days, 6 days slower than last
month and two weeks off the pace set in November 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, please contact Peter Squire at 786-8854.
