MLS® listings entered in March were right in line with last year at 2,200 though active listings or inventory of 3,903 listings going into April is down 9% from 2016. This is largely due to a very active 2016 which left less listings carrying over into 2017.
“Helping give us more confidence going into the second quarter are Manitoba’s employment numbers,” said Peter Squire, MLS® market analyst. “The recently released Statistics Canada labour force survey shows Manitoba’s March employment went up 2,800 jobs and the unemployment rate decreased 0.3 percentage points to 5.5 %. Only B.C. has a lower rate at 5.4%.”
“Condos are leading the way so far in marked sales increases compared to the first quarter in 2016,” said Sonnichsen. “They have captured an additional 3 percentage points of total MLS® market share at the expense of single family or residential-detached sales”.
Another point worth noting with regard to March specifically is explaining why the average residential-detached selling price was just under $320,000, noticeably higher than the 2016 year- end average of $302,707. It was the result of what is called a compositional shift in sales activity where March had a real overweight in higher priced sales. For example, there was a 25% increase in sales over $350,000 and above compared to March 2016.
If you take the median price (mid-point of all sales) of residential-detached homes in March 2017 there is a far closer alignment to March 2016 - $285,500 versus $284,000.
For the first three months this year the average residential-detached selling price is $307,977, a 2.4% increase over the same period in 2016. As for condominiums, the average selling price for the first quarter is $244,406, a 7.9% increase over first quarter 2016.
Residential-detached unit sales in March were more spread out amongst a number of price ranges with the highest at 18% of total sales from $250,000-$299,999 and the $200,000-$249,999 at 15%. A close third at 14% was from $350,000-$400,000.
March condominium unit sales at nearly one in four sales were from $150,000-$199,999 however there were a number of price ranges with sales activity in the teens. Amongst them, the $250,000-$299,999 was highest at 18%.