A New August Benchmark of Over 1,300 Sales
Summer vacations, the Olympics, Folklorama, Blue Bomber winning streak and other August activities did not get in the way of buyers taking advantage of a healthy supply of some of the most affordable house prices in the country.
August was indeed splendid with a new benchmark in sales established. For the first time in August, MLS sales went over 1,300 to finish at 1,350. This represents an 11% increase over the 10 year average for this summer month and sets up a potential record breaking sales year with sales ahead by nearly 7% with four months to go.
Year to date dollar volume of over $2.7 billion is maintaining a record pace as well with a gain of over 8% in comparison to the first eight months in 2015.
"2016 is showing strong market activity with a number of new monthly sales highs already recorded," said Stewart Elston, president of Winnipeg Realtors. "One way of looking at it is buyers are converting opportunities in greater numbers this year. They are reaping the benefit of many listings to choose from at prices which are being held in check by a balanced market. Helping keep prices more affordable are record low borrowing costs."
Both August MLS sales an dollar volume increased 7% in comparison to the same month last year. New listings were up only 3% while the inventory at the end of August of 5,148 listings is down 8% from 2015. Due in part to such solid sales activity this year, the two busiest MLS property types, residential-detached and condo - are down 11 and 9% respectively in available listings from last year.
Condo sales have made big strides over last year with a 14% increase in August over the same month in 2015 and 10% year to date. 2014 is the only year condo sales were better up until the end of August.
"This August's sales performance puts to rest any notion summer is not an important, if not an essential time, in our yearly market activity," said Elston. "With the exception of May and June, July and August are very active as sellers want to take advantage of ideal curb appeal conditions to show off their properties while buyers too want to see them in the best possible light."
One home in particular which caught some buyer's eye was one in South Charleswood. It is the highest residential-detached MLS sale this year at $2 million. There was also a house sale for $21,000.
"When there is such a wide range of house prices within our market, a myriad of Winnipeg neighbourhoods and rural municipalities to choose from and varying degrees of listing supply availability, you need to be talking to a Realtor about your own specific situation in order to make an informed decision" said Elston.
The most active price range for residential-detached sales in August 2016 was from $250,000-$299,999 at 24% of total sales. 15% of the sales activity was from $200,000-$249,999 while another 13% was from $300,000 to $349,999. The average number of days to sell a home was 35 days, 3 days quicker than August 2015.
The most active price range for condos in August 2016 was from $150,000-$199,999 at 29% of total sales. Tied for second at 18% and well back in comparison were the $100,000 to $149,999 and $200,000 to $249,999 price ranges. Similar to residential-detached, a condo sale price of $973,350 is the highest condo sale price this year.
The average days on market for a condo sale was 47 days, 8 days faster than August 2015.