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.

MLS sales up 2%;  MLS Dollar Volume rises 6%

June 2014 MLS sales rank third highest on record for this month and have nly been eclipsed by 3% in June 2007 and June 2008.  As a result, year to date sales for the first half of 2014 show a slight edge over 2013 at close to 6,500 sales -- only 1% off the ten year average.  Just shy of $416 million, June MLS dollar volume resulted in the second highest MLS monthly total ever. Only last month is higher when $438 million worth of listings was sold on MLS.

New listings entered in June on MLS continue to march along on an upward trend in 2014 with a 22% increase over June 2013.  It leaves year to date listings placed on MLS up 13% to 12,052 listings.  There are 1,000 more MLS listings available going into July than was the case last year at this time.

For the first 6 months condo listings have increased 33% over 2013.  A number ofnew projects are helping add to the jump in listings this year.  More listings have translated into an 11% rist in condo sales.  Residential-detached listings are up to a lesser extent.  They have risen 12% with sales ahead by 2%.  Listings in particular vary according to which MLS neighbourhood you are interested in. So contact a Realtor if you want to know exactly what the current supply situation is in any given area in Winnipeg or RMs in the capital region.

June MLS unit sales increased 2% while MLS dollar volume went up 6% in comparison to the same month last year.  Year to date MLS sales are up less than 1% while MLS dollar volume has increased less than 5% in comparison to the same period last year.

At the halfway mark in the year, other MLS property types are mixed in their results. Single family attached properties have picked up steam this year with a 16% rist in activity over 2013.  They offer more affordability than single family homes or condos.  Multi-family properties are doing well too with a 17% jump in sales.

On the other hand, vacant lots are well off last year's sales with a 32% decrease and duplexes are down 27%.  With so many resale properties now available, it is sale to assume more buyers are less inclined to buy a lot and build their own home if they can find an existing home which meets their requirements.

The most active residential-detached price range for sales was the $250,000 to $299,999 one at 25%.  Closest to it were the two price ranges immediately below and above at 18 and 14% respectively.  If you now add in the 12% of sales from $350,000 to $399,999 and another 11% from $150,000 to $199,999, you capture 80% of total residential-detached sales.  The highest sale price was $1,495,000 and the lowest price was $35,000.

The busiest condo price range continues to be from $150,000 to $199,999 at 32%.  However there is a tilt upward with the next two highest price ranges representing 36% of sales activity --evenly split at 18%. The highest condo sale price $715,000.

The average days on market for residential-detached properties was 25 days, the same pace as last month and 3 days slower than June 2013.  Average days on market for condos ws 41 days, 11 days off pace set lastmonth and the same result as June 2013.

$438 Milion transacted in May 2014

An all time record setting month for MLS dollar volumeand the third highest month for MLS sales brings year to date sales even with last year and dollar volume ahead by 4%.

May is really a make or break one for the year rand if this is a marathon we are right up with the lead runners when it comes to staying with 2013.  Where we are ahead of 2013, however, is in listings.   The over 4,500 active listings by month end are up 22% from last year.  New listings entered on the MLS in May rose 10% over May 2013.  It was not until 2006 that new listings in May consistently eclipsed 2,000 and we have not reached 2,755 in May 2014.

Helping set a new monthly dollar volume record was seeing for the first time the average monthly residential-detached sales price reach and climb over the $300,000 lever to $300,786.  The year to date average residential-detached price is lower at $294,232. May 2014 had three homes sell for over $1 million, including one of the highest on record at $1,820,000.

As much as it should be noted that over one third of all residential-detached MLS properties in May sold for above list price and another 10% sold at list price, a number of listings did not sell as the conversion of all MLS new listings on the market to sales was 57%.  This places Winnipeg Realtors many Winnipeg and rural MLS areas within balanced market territory.

There are always exceptions to the rule.  Some Winnipeg MLS neighbourhoods in particular are still seeing much higher conversions of listings to sales.  The main Charleswood neighbourhood south of Roblin Blvd in May had 18 residential-detached sales compared to 15 new listings.  In a situation like this one, the remaining active listings from the end of the previous month are being sold to enable a higher number of sales than new listings.  Fort Garry and Linden Woods are two other areas with a very high equivalent number of sales to new listings.

Conversely, recreational beach MLS areas, such as both the eastern and western sides of Lake Winnipeg, experienced fewer conversions of listings to sales in May as the former tend to come on strong at the beginning of the cottage season with sales following later.  This year has seen listings being delayed and sales also due to late spring conditions.

Not only are local markets different across the country but they very within a local market too -- urban and rural.  It behooves buyers to contact a Realtor to help them understand what the current market situation is in a city neighbourhood or rural municipality where they may want to live.

May MLS unit sales were up 1% while dollar volume rose 6% in comparison to the same month last year.  Year to date sales are in a virtual deadlock with 2013 while dollar volume is up 4% in comparison to the same period last year.

The most active residential-detached price range was the $250,000 to $299,999 with 26% of total sales.  Well back in second place was the next lower price range of $200,000 to $249,999 at 16%.  Condo sales were most active in the $150,000 to $199,999 price range at 30% of total sales while the $200,000 to $249,999 price range finished respectably at 22%.

The average days on market for residential-detached property sales was 25 days, one day quicker than last month and 3 days off the pace set in May 2013. Average days on market for condo sales was 30 days, 8 days faster than last month and 11 days earlier than May 2013.

MLS Sales Drop Less Than 2%

In what has been anything but a normal year for getting everyone into normal spring market expectations and buying activity to match them, April sales actually held their own.  They fell just shy of last year's total number and are exactly at the 10 year average performance level for this month.

Owing to affordability issues that have been well identified with first time buyers, which in turn has a broader impact on other aspects of the housing market, single family homes continue to underachieve compared to more affordable property types such as condos and single-attached properties.  Given single family homes or residential-detached units make up the majority of sales in the Winnipeg MLS market region, converting less than 50 per cent of your inventory is going to make it difficult to see a stronger overall April MLS sales result.

Year to date results mirror April in that sales are in lockstep with last year's.  However, year to date sales are down 4% from the 10 year average of 3,548 sales.  2007 which remains the best year ever for total MLS sales, also holds the highest sales number for the first four months at 3,740.

April MLS unit sales were down less than 2% while dollar volume was up 2% in comparison to the same month last year.  Year to date MLS sales essentially were even while dollar volume rose 3% in comparison to the same period last year.  The MLS inventory remains healthy with 11% more to choose from at this time than last year.

"May will now be a true test of how our MLS market behaves this year as thisisthemonth where sales usually reach the highestmonthly total of the year and push dollar volume upanother notch," saidDavid Powell, president ofWinnipeg Realtors.  "We are ingreat shape with supply so demand will be the determining factor."

Talking about supply, those would be spring buyers should be contacting the Realtor to find out just what is available on the currentmarket.  Some consumers who have been unsuccessful in the past securing a home they desire, may be pleasantly surprised this year given there are 3,860 active MLS listings available at the end of April.

The most active residential-detached price range was $250,000 to $299,999 with 20% of total sales.  The immediate price ranges above and below this range were next at 17% each.  There were only 5 sales from $750,000 to $1 million with no sales at or above $1 million. The lowest sale price was $42,500.  Condo sales were most active in the $150,000 to $199,999 price range at 29% of total sales.  A strong second place result was the $200,000 to $249,999 price range at 22%.

The average days on market for residential-detached property sales in April was 26 days, 2 days quicker than last month and one day off pace set in April 2013.  Average days on market for condo sales was 38 days, 6 days slower than last month and nine behind the turnover rate in April 2013.