A July High for MLS Sales
Not only were the ice cream vendors hopping in July, realtors were kept busy too with the most active July in our 111 year history. Close to 1,500 sales were transacted with a record breaking July dollar volume of nearly $390 million. MLS listings kept coming on the market too with more than 2,300 new ones to whet the appetite of eager buyers. It resulted in building a healthy inventory of over 5,000 MLS listings by month end.
July 2014 compares favourably to a good month in June and was only 2% off June 2014 when it enjoyed the third highest sales for thismonth. This gives credence to comments made at the end of the second quarter that Winnipeg is in a delayed spring market due to a prolonged winter.
To show just how record breaking this July was in terms of sales, July 2014 is only the second time MLS sales reached over 1,400 sales for this summer month. It outperformed the ten year average by nearly 200 sales or 15%.
Speaking of 200 sales, condo sales were up 18% over the same month last year at 202 sales. Single attached, which is the strongest MLs property type performer year to date, saw an increase in July of 16% over July 2013. Residential-detached or single family homes as a result of its over 7% rise in sales activity from July 2013 is up 3% for the year.
July MLS unit sales increased 7% while dollar volume went up 10% in comparison to the same month last year. Year to date sales are now up close to 2% while dollar volume has risen 5% in comparison to the same period last year. 55% of the 14,376 listings entered on MLS have been converted to sales this year.
In July 2014 two out of every three residential-detached listings sold for less than list price where it was less than one in two in 2008. Conversely, for the same number of total sales, there were almost twice as many residential-detached listings that sold above list price in July 2008 compared to this July.
Condo's in July saw even less sales go for above list price but had more sales at list price than residential-detached properties.
One out of every four residential-detached sales in July sold in the $250,000 to $299,999 price range. Another 30% sold in the two lower price ranges from $150,000 to $249,999. There was a huge divergence in range of sale prices from a high of $2,000,000 to a low of $17,000.
The most active condo price range for sales was from $150,000 to $199,999 at 28%. Not far behind is the $200,000 to $249,999 range at 23%. The highest condo sale price was $675,000 and the lowest was only $37,500.
The average days on market to sell a residential-detached property in July was 28 days, three days off the pace set last month and 5 days quicker than July 2013. For condo sales, the average days on market in July was 34 days, 7 days quicker than last month and one day slower than July 2013.