Highest Ever Monthly MLS Dollar Volume Total of $460 Million
May 2016 showed stellar results with MLS sales surpassing 1,600 for only the third time in Winnipeg Realtors 113 year history. MLS dollar volume followed suit with a new all time monthly record of $460 million.
2016 is picking up where 2015 left off with a full recovery in condo sales from early last year and residential-detached sales continuing to shine and show gains over the previous year. Beyond the two main property types, sales increases are also occurring in most others, such as duplexes, vacant land, commercial, mobile homes, single attached and town houses.
"Buyers are taking notice and advantage of one of the most affordable markets in the country," said Stewart Elston, president of Winnipeg Realtors. "They also have the benefit of choosing from a wide array and abundance of good listings."
Only May 2007 has higher monthly sales than the 1,629 sales transacted in May 2016. Both May 2016 sales and dollar volume were up 12% over May 2015. New listings were robust too, just shy of 3,000 coming on to the market in May. Despite all these new listings, the inventory of 5,291 listings at the end of May is down 8% from last year.
Year to date MLS sales of 5,446 are up 9% from the same period last year and ahead of previous years, albeit by a very small margin in comparison to 2012. Year to date dollar volume of $1.5 billion is up 10% from the first 5 months in 2015. Listings entered on the MLS in 2016 are virtually the same as last year's at just over 11,000.
"Given the second quarter, our busiest quarter of the year, is performing so well, it does set us up to usher in another steady and impressive year of MLS sales activity," said Elston. "We may even look at adjusting our annual forecast projection at the end of June based on year to date numbers."
Sometimes it is interesting to note where your gains are in sales over the previous year when you look at the price range breakdown. May 2016 saw quite a significant increase in residential-detached sales at the lower end of the spectrum from $125,000 to $149,999 but also experienced a sizable jump in sales activity from $475,000 to $599,999. As for condos, an upward shift is occurring with the $200,000 to $249,999 price range showing a 33% increase in unit sales over May 2015.
You only have to go back to May 2013 when the $150,000 to $199,999 price range for condos was so much more dominant than other price ranges at 40% of all sales. May 2016 shows the $200,000 to $249,999 price range coming to within a few sales of equaling this price range.
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