WINNIPEG – There will be an excess of white noise from all media
outlets across the country about real estate market activity in the
first two months of the year. We will be bombarded by new highs and
lows from Toronto and Calgary and Vancouver … but the real story
should address what’s happening in Winnipeg. If we want to know the
weather, we don’t listen to the Toronto radio and TV feeds – we listen
to our local experts. The same should be true about our real estate
market.
February MLS® listing inventory, the number of properties available
for sale in Winnipeg, rose 24%. So buyers had more properties to
choose from than last February, which should indicate more balance in
the marketplace.
Listings entered into the MLS® system were also up 18% over last
February, with the addition of 1,535 properties.
The number of sales processed in the month was just 8 shy of last
February, with 672 sales recorded (680 in 2014). And dollar volume was
down 2% at $172 million vs. $176 million last February.
All in all, a balanced market that is keeping pace with last year and
last year was a very decent real estate market in Winnipeg.
The February numbers helped maintain January’s quick start.
Year-to-date numbers are still providing more choice for buyers while
sales and dollar volume almost mirror last year’s numbers. New
listings added in the first two months are up 21% at 3,090 (2,549 in
2014), sales are up 1% over 2014 (1,260 vs. 1,245) and dollar volume
is up .6% at $324 million vs. $322 million.
President David MacKenzie referred to the activity in the first two
months and looked back at the Association’s Forecast Breakfast in
January.
“We all realize that two months doesn’t make a market … or accurately
indicate a direction. But at our Forecast Breakfast early in the year
our experts told us that 2015 looked as if home sales would increase
slightly over 2014 (up zero to 2%), home prices should increase the
same 0-2%. Condo prices should increase a little more at 2-4% while
dollar volume should increase slightly – around 1-3%.
“We will of course monitor the activity every month, but it looks like
January and February have given us a solid platform on which to
continue to build our crystal-ball projections.”
The most active residential-detached range in February was $250,000 to
$299,999 at 22% of the market while the usual frontrunner price range
of $200,000 to $249,999 fell back to second busiest at 17%. The
average days on market for residential-detached sales was 34 days, one
day quicker than February 2014.
For condominium sales activity in February, the $150,000 to $199,999
price range was the most dominant again at 33% of total sales with the
$250,000 to $299,999 range capturing 23% of sales. The average days on
market for condominiums in February was 48 days, 4 days slower than
February 2014.
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 (204) 786-8854.
