First Quarter MLS Sales Up 8%

Winnipeg Realtors MLS market got off to a good start in 2016 with the first three months showing an 8% increase in sales over the same period a year ago.  Helping make this result possible was a stellar March 2016 performance in which sales went up 5% over last March.  There were 1,058 sales in March and 2,445 in the first quarter.

Owing to a new listings drop of nearly 9% in combination with strong sales, the active inventory at the end of March experienced a slight decrease from 2015.  This is the exact opposite of what has been happening the last few years as the number of active listings has been spiking upward significantly.  The overall MLS market, as a result, is in balanced market conditions with four months of inventory.

When you breakdown the two main property types of residential-detached and condos, a clear difference emerges.  Based on March sales activity, the 2,259 residential-detached listings existing at the end of March would last three months if no other listings were to come onto the market while the 813 condo listings would be closer to five months.

"It is really important for buyers and sellers in any local market to understand one size does not fit all," said Stewart Elston, president of Winnipeg Realtors.

"You can have varying degrees of competitive market forces (eg. supply and demand) at play between and within the many MLS property types.  In evaluating your property's salability, some questions need to be asked.  What price range does the property fall in?  What city neighbourhood or rural municipality is it located?  What attributes does it have in comparison to similar sized properties?  Are they well maintained and upgraded if necessary?

"This is why we always strongly advise and even insist you consult with a Realtor -- a real estate expert -- to give you the proper advice and counsel on how the current market applies to your own particular situation."

Another good example of markets performing differently within the region it encompasses is with regard to residential-detached property inventory.   After three months of sales activity the results show neighbourhoods, such as St Boniface, Norwood, River Heights, East Fort Garry and Richmond West, have either sold out or nearly sold all of the listings which have come onto the market this year.  Close behind with some very high conversions of listings to sales are Crestview, Fort Rouge, Fort Richmond and Linden Woods.

With the entire market region averaging 51% of residential-detached listings being sold by the end of March the rest tend to be all over the map.  This means many neighbourhoods still have a higher percentage of conversions of listings to sales but lots of them, including rural municipalities, fall under the market region average.

"Just like Vanoucver is not the same as Calgary or Toronto, neither do our local neighbourhoods behave the same way," said Elston.

There are two market developments worth noting as we head into the busiest quarter of our real estate market.

Condo sales have rebounded from a poor first quarter last year.  The 328 sales recorded so far are up 15% over the same period in 2015 and 8% over the 10 year average.  March condo sales of 167 increased 25% over March 2015 and 20% over the 10 year monthly average.

The other one is the 19% increase in residential-detached sales over $300,000 this first quarter compared to the same period in 2015.  As a result, the year to date average residential-detached sales price is $300,844, a 6% increase in comparison to first quarter 2015.

The most active price range for residential-detached sales in March was from $250,000 to $299,999 with 22% of total sales.  Deadlocked in second place at 15% each were the $200,000 to $249,999 and the $300,000 to $349,999 price ranges.  The $400,000 to $449,999 price  range equalled the more active $200,000-$249,999 price range for having the lowest number of days to sell on the market at only 21 days.  the average number of days on market to sell a home in March was 31 days, 3 days slower than March 2015.

The most active price range for condos in March was from $150,000-$199,999 at 34%.  Second most active was from $200,000-$249,999 at 20%.  Another 14% sold from $100,000-$149,999.  The average days on market to sell a condo in March was 46 days, one day slower than March 2015. 

February Leaps Ahead of the Rest

Whether an extra day in February paved the way for a record month is debatable as the best previous high for this month was 797 in 2007 and there were only 28 days to reach that level.  What it does show however, is more buyers came out of the woodwork to take advantage of some of the best supply of affordable house prices in the country.

Another February milestone was set this year too with dollar volume easily surpassing $200 million for the first time.  New listings coming on to the market were up in double digits as well, however, the stronger conversion of listings to sales kept the overall inventory close to where it was a year ago.  Based on the strong sales activity in February and a high influx of new listings, there is roughly 4 1/2 month's supply of MLS listings available going into March.  It was near six months at the end of January.

In percentage terms, February MLS sales of 816 increased 21% compared to February 2015.  February MLS dollar volume of $222 million was up 29% over the same month last year.  New listings coming onto the market in February vaulted ahead by 14% leaving an inventory of over 3,700 MLS listings at the end of February, only 2% more than last year at this time.

Given February's impressive result, year to date sales and dollar volume are up 10 and 14% respectively.  Listings entered on the MLS for the first two months have increased nearly 6%.

"Our record setting February is an indication of the Winnipeg market's steadfast performance in contrast to some of the adversity we are seeing in other markets across the country," said Stewart Elston, Winnipeg Realtors President. "The Conference Board of Canada is predicting Winnipeg's economy will out perform most other major Canadian cities this year."

One noticeable trend which has emerged in the last few years is rural sales are gaining at the expense of the City of Winnipeg.  One out of every four MLS home sales in 2015 were in the outlying rural municipalities.  February 2016 was no exception as 28% of all home sales happened outside the city of Winnipeg.

"In light of the current City of Winnipeg budget deliberations where Winnipeggers are seeing not only property tax increases but a proposed 25% increase in their frontage levy, talk of well beyond inflation jumps in quarterly water and sewer rates and a significant increase in combined building permit fees, it should not be lost on our civic politicians that outlying rural municipalites are an option for buyers seeking lower operating costs of owning a home," said Elston.

As mentioned in the 2016 forecast for Winnipeg's MLS market, the very balanced market conditions will continue to keep a lid on pricing and this was borne out in February.  Both the residential-detached and condo average sale prices were very close to the 2015 year end numbers.  Residential-detached was almost identical at a little over $294,000 while February average condo sales price was just below the $235,000 recorded for 2015.

The most active price ranges in MLS residential-detached sales in February were between $250,000-$299,999  and $200,000 to $249,999 with 22 and 15% respectively of total sales.  The most active price range also had the lowest average days on market of 30 days.  The average number of days on market to sell a home in February was 37 compared to 34 in 2015.

The most active price range in condos was between $150,000 and $199,999 at 28% of total sales.  The second busiest price range with 20% of sales was between $200,000 to $249,999.  The average days on market was 48 days, the same time it took in February 2015.

BUT JANUARY'S A GOOD START

It has often been said that one month does not a market make.  Yet here it is, January 2016, and we only have one month to look at, so January is the market!  And not to disappoint, the activity in the first 31 days does give us a lot to evaluate.

Winnipeg Realtors was founded as the Winnipeg Real Estate Exchange in 1903, and one of the founding Objects of the Corporation was to "...compile, record and publish statistics and  acquire and distribute information respecting the real estate ... business of its Members ...".  So we've been looking at and interpreting market activity and statistics for 113 years.

Here's how the New Year kicked off ...

In terms of inventory, we have more listings available this January for buyers than we've had for the past five January's.  More supply starts to change the sellers' markets we've experienced since 2003/4 and brings more balance to the marketplace.  Just recently we've seen a reduction in the number of multiple offers and sales over list price that became the norm in the sellers' markets.  Buyers can again exercise more due diligence by viewing more properties and making offers conditional on financing or home inspections than at the height of the market where demand was always exceeding supply.

At the end of January there were 3,406 listings available for viewing, up over 60% from the 2,125 listings available for sale in 2011.

There were 1,519 listings entered into the MLS system in January, just 36 fewer than last January.  But those 1,500 plus listings were 22% more than in January 2014 and 30% more than 2013!

And sales held their own at 571, 17 fewer than last January, but six more than 2014.  One month is just too small a sample to see trends or make conclusions ... but it appears that the market in Winnipeg remains healthy.

Dollar volume was $149 million this year, off 1.75% from last January's $152 million, but up over January's total for 2011 through 2014 inclusive.

"The numbers for January appear to reflect the Association's forecast breakfast projections presented on January 27.  Despite some of the negative headlines we see from national organizations trying to figure out trends and movements based on an overweight emphasis on the Vancouvers, Torontos and Calgarys, in Winnipeg we tend to be less exposed to speculative influences like foreign investors and an economy based on a single resource like oil.  So when you see headlines implying Winnipeg's market is high risk or shows strong indications of problematic conditions, we should remember that real estate is local.  The activity you see in our local MLS stats can be relied upon," said Stewart Elston, Winnipeg Realtors President.

The forecast breakfast referenced by Elston showed that last year's predictions were bang on and this year's forecast continues to see the glass as half full.

Referring the the forecast, Elston states that "with interest rates remaining at historical lows and very positive predictions from other analysts suggesting that everything from employment and confidence levels in Winnipeg and Manitoba are high, immigration is encouraging, and the province's GDP and overall economy are all favourable, we can't see any reason to predict that the local real estate market will be anything but stable."

The most active price ranges in the Winnipeg's single family residential market as recorded on the MLS for January were between $200,000 and $249,999 and between $250,000 and $299,999, which combined accounted for 39% of sales.  The average number of days on the market was 44 compared to 41 in 2015.

The most active price ranges in the condo market were between $150,000 and $199,999 at 26%, which was the same percentage as sales between $250,000 and $299,999.  But there were only 69 condo sales in January and this is such a small sample that no conclusions can yet be formulated.  Average days on the market for condos came in at 62 days, on average 16 days longer than last year.

DECEMBER SALES UP 4%

2015 finished on a strong note.  Following on the heels of a record sales month for November, December sales of 642 were up 4% from last December.  They are the third highest for this month and are only behind the best sales years ever by a very modest amount.

"It is really quite remarkable how close our year end sales have been the last few years, including our highest sales year in 2007," said Winnipeg Realtors outgoing president David MacKenzie.  "They all tend to hover just above or close to the 13,000 level and in percentage terms we are only talking a little over 1% when we compare the 12,927 sales recorded this year to the 13,079 in 2007."

While sales and even prices have shown consistent and similar results, listings have not chartered the same path. The number of listings entered on the MLS were 24,603 in 2015, up 7% over 2014 and 41% over the 10 year average of 17,433.  With an increase in listings but sales remaining consistent, the market's inventory has also been rising month to month.  This is borne out in having over five months of inventory available going into 2016.

"Buyers are in a great position to take advantage of a current market which is providing a large number and array of properties for sale and ones which remain some of the most affordably priced in the country," said MacKenzie.  "Sellers need to take heart knowing Winnipeg Realtors is still enjoying one of the best sales years it has ever had. They need to be aware, however, that more competition for those sales creates more downward pressure on prices since supply is outstripping demand."

An indicator of stiffer competition for selling your home is evident when you see the number of single family home sales selling below list price.  Properties below list accounted for 65% in 2014 but now represent 75% of the market in 2015.  In December alone 87% of all single family home sales sold below list price.  Of the single family or residential detached listings which sold in 2015, on average they achieved 98% of the total list price.

When 2015 was all said and done, a new MLS dollar volume record was established at $3.5 billion.  This resulted in a 2% increase over 2014.  Despite sales being higher this December from December 2014, dollar volume actually fell 2.89% when compared to December 2014.

It was a tale of different stories when it came to the two primary MLS property types.  Residential detached performed exceedingly well with sales and dollar volume up 3 and 5% respectively, in comparison to 2014.  On the other hand, condos never recovered from an unexpectedly poor first quarter where sales were off by 20%.  By year end this deficit was cut in half but nonetheless represented a 10% decrease compared to 2014.

The average sales price for residential detached was $293,992, a 2% increase over 2014.  The average condo sales price showed a 1% decrease from $239,171 in 2014 to $236,204 this year.

Residential detached represented nearly 3 out of every 4 properties which sold on MLS in 2015.  Condo market share was 12.5%.  25% of residential detached sales in 2015 happened outside Winnipeg in the  capital region. The southwest quadrant of Winnipeg was second with 19% of total sales.

The most active price range for residential detached sales in 2015 was $250,000-$299,999, followed by the $200,000-$249,999 and the $300,000-$349,999.  Average days on the market for residential detached sales was 33 days, three days slower than 2014.  The highest priced residential detached sale was $2.7 million.  The least expensive sale was $8,000.

The most active price range for condos in 2015 was $150,000-$199,999, followed by the $200,000-$249,999 and the $250,000-$299,999.  Average days on market for condo sales was 49 days, nine days off the pace set in 2014. The highest priced condo sale was $950,000.  The least expensive sale was $57,000.

Looking ahead to 2016, Manitoba's GDP is expected to increase to 2.3%, which is an improvement over the expected increase of 2.0% in 2015.  In keeping with one of the country's best GDP's, Manitoba's employment is forecast to grow by 1.6% in 2015 and 1% in 2016.  This will keep its unemployment rate below 6%.  Manitoba had Canada's second highest population increase of 1% in 2015.

"While we do have an abundance of listings to work our way through at the beginning of the year, the good news is Winnipeg's and Manitoba's economy is performing relatively well," said MacKenzie.  "A most recent survey by CIBC shows Manitobans are most confident about their state of finances so this is another positive indicator that they will continue to take advantage of an excellent selection of properties for sale at some of the most affordable prices in the country."

NOVEMBER MLS SALES UP 9%

Mild weather, hosting the Grey Cup, being singled out as one of the best destinations in the world to visit by National Geographic Traveler magazine or just having an excellent supply of terrific listings to choose from with such favourable mortgage rates, it was the first time November nudged over 900 sales in Winnipeg Realtors 112 year history.

Not surprisingly, dollar volume was at its highest level too for this month at nearly $245 million and with a month to go, it is virtually assured a new annual dollar volume record will be set around the $3.5 billion mark.  November also set a record for the highest priced  residential-detached or single family property sold ever at $2.7 million.  It is a spectacular home and acreage nestled along the Assiniboine River in St Francois Xavier.

"We have said all along this year Winnipeg is a very stable real estate market with good fundamentals supporting it," said Winnipeg Realtors president David MacKenzie.  "November's strong result puts us in an advantageous position to beat out last year's solid sales performance and usher in a new annual dollar record."

November MLS unit sales of 903 represent an increase of nearly 9% over November 2014 and are the highest on record for this month.  Similarly, dollar volume of close to $245 million set a new November dollar volume record and was up 12% over November 2014.  Year to date MLS unit sales of 12,285 are up less than 1% while dollar volume of $3.3 billion has increased almost 3% over the same period in 2014.

Listing supply continues to be elevated with 4,377 available for sale at the end of November.  This total is only a 5% increase over last year but is significantly more in percentage terms over some previous years when there were well under 3,000 properties for sale.

"Higher levels of listings, particularly in a property type where there are not as many sales each month, can put downward pressure on pricing given the heightened competition for buyers," said MacKenzie.  "This is why it is so important to talk to your Realtor about your property type in the context of the current market.  Where do you price your property best based on supply, location and competition within your price range segment?"

The five months of MLS listings supply available at this time tilts more towards a buyers' market.  As a result it puts more of a premium on vendors to do everything possible to place their property in its most positive light to sell given the stiff competition which exists.

As for the status of different MLS property types heading into the final month of the year, residential-detached or single family homes, which represent 3 out of every 4 homes sold so far in 2015, are ahead 3% in sales activity and 2% in average sales price in comparison to the same period in 2014.  The average sale price is $294,973.

Condos, which got off to a real slow start at the beginning of the year, have recovered to some extent but are still off 11% from 2014.  Their average sales price of $236,947 is down less than 1% from last year.  Condos are the second most active MLS property type with 12% of total market share.

An affordable alternative to single family and condo properties is single-attached.  They have increased nearly 8% in sales this year and experienced an average sale price rise of over 3%.  Their average sales price is $226,860.  This third most active MLS property type only captures 3% of the total MLS market.  Vacant  land sales are slightly lower in activity but similar in percentage terms.

The most active price range in November for residential-detached sales was $250,000-$299,999, followed by the $200,000-$249,999 and $150,000-$199,999 and $300,000-$349,999.  Average days on market for residential-detached sales was 41 days, a week slower than November 2014.  The highest priced residential-detached sale was $2.7 million.  The least expensive sale was $49,000.

The most active price range in November for condos was the $150,000-$199,999 range followed by the $100,000-$149,999 and the $250,000-$299,999.  Average days on market for condos was 49 days, three days off the pace set in November 2014.  The highest priced condo sale was $587,932 and the lowest sale price was $101,000.

October MLS Sales Down Less Than 3%

With two months to go, it is too close to call whether this year's sales activity can eke out a victory over 2015.  The lead has changed a few times when comparing sales activity between 2015 and 2014.  At present, 2014 regains the lead with a total of 11,391 versus 11,382 sales this year.  Last year was Winnipeg Realtors fifth highest sales year recorded at over 12,800 sales.  It was a good year and only less than 2% off the best year in 2007.

On the other hand, MLS dollar volume continues to set new records every year even if sales fall short of previous years.  2015 is no different.  Its $3.1 billion in MLS sales transactions activity is up 2% over 2014.  Listings entered on the MLS for the first ten months are 22,400, an 8% increase over 2014.

October MLS sales of 1,084 represent a decrease of less than 3% from October 2014 while dollar volume of $283 million dropped a similar percentage to last October.  New listings of over 1,800 in October were slightly more than what came on the market in October 2014.

"When you see some of the mixed sales results across the country, such as Calgary's sales being well off last year's activity, I am pleased to say Winnipeg is holding its own," said David MacKenzie, president of Winnipeg Realtors.  "We should appreciate our economic fundamentals remain solid and this should give us reason to see us finish off well this year and feel confident going into 2016.  Both Manitoba's employment and population have increased in the first nine months."

In CMHC's most recent Fall 2015 Housing Outlook for Winnipeg and its surrounding rural municipalities, it indicated:

"Elevated levels of net migration will continue to have a positive impact on housing demand as new immigrants make their way into homeownership.  Adding to demand is a turnaround in employment in 2015 after the losses experienced in 2014.  Gains in full time jobs, particularly among workers aged 25 to 44 who tend to be first time buyers and favour housing at the lower price points, will support resale growth."

One area Winnipeg Realtors will need to keep monitoring is the higher than usual supply of listings as it moves into slower months of sales activity.  Heading into November there are over 2,700 residential-detached properties and around 800 condos available for sale.  In the second quarter where more brisk sales activity occurs, residential-detached active listings were as high as 3,301 while condos peaked at 983.

"Buyers are in an enviable position to take advantage of plentiful choice of listings in all of our MLS property types," said MacKenzie.  "You need to be talking to a Realtor, the MLS market expert, on what will best fit your needs according to your particular preferences and qualifications to meet financial obligations for the property you desire."

A sign of a far more balanced market with healthy competition for buyers is only 6% of all residential-detached or single family homes sold at list price in October while 82% went for below and 12% went for above list price.  Nevertheless, the total residential-detached sales dollar volume in October represented 97% of the total dollar volume worth of listings sold.

The most active priced range in October for residential-detached sales was $250,000-$299,999 followed by the $200,000-$249,999 and $150,000-$199,999.  Average days on market for residential-detached sales was 35 days, one day faster than October 2014.  The highest priced residential-detached sale was $1,125,000.  The least expensive sale was $18,000.

The busiest condo price ranges were the $250,000-$299,999 and the $150,000-$199,999 followed by the $200,000-$249,999.  Average days on market for condo sales was 47 days, a week off pace set in October 2014.  The highest priced condo sale was $599,900 and the lowest priced sale was $88,000. 

September Sales Better than Average at 1,144

September MLS sales activity and the year to date pace is indicative of a steady market.  It is tracking very closely to 2014 as was forecast.  2014 saw Winnipeg Realtors 5th highest MLS sales result in its 112 year history.

If we even use the third quarter or the past three months as an example and look back over three years, including 2015, it is quite remarkable how similar they are.  Some may say nearly identical as there is a difference of only seven sales between the highest and lowest sales results.  In order of highest third quarter MLS sales to lowest they are as follows:  2013 - 3,803; 2014 - 3,802; 2015 - 3,796.  You would be hard pressed to find such a minimal sales difference in any other major Canadian real estate market.

"They are not headline grabbing numbers," said Winnipeg Realtors president David MacKenzie.  "What they tell us is we are very much in a narrow range of monthly MLS sales results when up against the same month in 2014.  Stability lives here and that is an attribute we can feel positive about in a world full of uncertainty."

September MLS sales of 1,144 were off 3% from September 2014.  However, they are over 2% higher from the 10 year September average.  There has only been one September when sales climbed over 1,200.  Despite sales being down 3% from 2014, dollar volume of $307 million eclipsed last year's level of $305 million and is the highest MLS dollar volume on record for September.

Year to date dollar volume is now over $2.8 billion, up 2% from 2014.  At 10,298 sales, year to date sales are in a virtual deadlock with 2014 as a mere 20 more sales have been processed through Winnipeg Realtors MLS in 2015 when compared to the same period in 2014.

More activity has emerged in the last few years with listings.  Winnipeg is in a far more balanced market with 5,538 MLS listings available at the end of September.  This equates to roughly five months of supply if no new listings were to come onto the market.

Single family homes represent the most at 3,110 while condos are well back at 860.  There are another 708 vacant land listings.

"People in the market who are looking to buy property are well placed at this time to take advantage of a healthy supply of all MLS property types within our market region," said David MacKenzie.  "They should be calling their Realtor as they will advise them on what specific choices they have within the property type and location they are interested in living."

The most active price range in September for residential-detached sales was $250,000-$299,999, followed by the $200,000-$249,999 and $300,000-$349,999.  Average days on market for residential-detached sales was 35 days, two days slower than September 2014.  The highest priced residential-detached sale was $1,150,000.  The least expensive sale was $39,500.

The busiest condo price range was $150,000-$199,999, followed by the $200,000 to $249,999 and $250,000-$299,999.  Average days on market for condo sales was 56 days, 16 days slower than September 2014.  The highest priced condo sale was $482,500 and the lowest priced sale was $72,500.

NEW AUGUST DOLLAR VOLUME RECORD SET AT CLOSE TO $341 MILLION

The strong sales performance in August resulted in bringing year to date sales ahead of last year for the first eight months of 2015.  Last month 2014 was ahead slightly but the lead slipped away by the end of August owing to the 11% increase in sales over August 2014.

Dollar volume on the other hand has remained ahead of 2014 throughout the year.  In fact, August reinforced this consistent edge by setting a new dollar volume record for this month.  Over $340 million was transacted through the MLS in August with one single family home sale fetching $2.1 million.  Year to date dollar volume is now over $2.5 billion.  It is up nearly 3% over last year and is the highest level it has ever been for the first eight months.

At 1,258 sales, August 2015 is right up there with the best.  The three higher August month sales on record are modestly better with none reaching the 1,300 level.  As for listings, compared to the last few years, where there was a 25% and 19% increase in MLS inventory by month end over the previous year, this year's 5,600 listings is more restrained.  It is up less than 10% from August 2014 and down nearly 400 listings from last month.

Nevertheless, the healthy supply of listings which roughly equates to 4 1/2 months on hand if no new listings were to come on the market, has not gone unnoticed by buyers wishing to take advantage of historically favourable mortgage rates and some of the more affordable house prices in the country.

"At this point in the year, we are experiencing our fifth best sales year and dollar volume is ranked first and poised to set a new record by year end," said Winnipeg Realtors president Dave Mackenzie.  "We are confident in the stability and consistency of Winnipeg's real estate market.  It really is symptomatic and reflective of a Manitoba economy which is diverse, resilient and performing well."

Manitoba boasts one of the lowest unemployment rates in the country and has shown positive gains in job creation.  Its unemployment rate has averaged 2.1% below Canada's rate over the past 15 years.  Manitoba's GDP is expected to be the third best in the country at 2.2% in 2015.

While condo sales have been the subject of some concern this year, some perspective is in order.  Based on a five year average of sales, up until the end of August 2015 sales of 1,118 are only down 3%.  The 160 condo sales or 26% increase in August over the same month last year has narrowed the year to date deficit from 19% at the end of July to 13% at August month end.

"Two things need to be kept in mind for condos in the context of our local market," said Mackenzie.  "Despite their gains in overall MLS market share over the last few years at the expense of single family homes, the latter still represents the lion's share of our MLS market activity.  This year three out of every four sales is a single family home where condos have been closer to one in ten at 12% of total MLS market share.  The second point is we still have four months to go and a month like we had in August shows the gap may be narrowed further before year end."

Speaking more to the affordability of Winnipeg's housing market where prices have been held in check due to a very balanced housing supply, the recent release of RBC's housing affordability index for the 2015 second quarter is helpful in understanding where we fit in a national context.  It shows when it comes to buying a detached bungalow based on the pre-tax income needed to service the costs of owning a home at current market values, Winnipeg is right in line with Montreal and Ottawa, not far off Calgary and Edmonton and well below Toronto and Vancouver.

The most active price range in August for residential-detached sales was $250,000-$299,999, followed by the $200,000-$249,999 and $300,000-$349,999.  Average days on market for residential-detached sales was 38 days, a week slower than August 2014.  The highest priced residential-detached sale was a home in Headingley which sold for $2.1 million.  The lease expensive sale was $35,000.

The busiest condo price range in August was $150,000-$199,999, followed by $200,000-$249,999 and $250,000-$299,999.  Average days on the market for condo sales was 55 days, two weeks slower than August 2014.  The highest priced condo sold for $501,000 and the lowest priced sale was $60,000.

MLS Sales Down 6%

It is no easy feat to overtake a record July set in 2014.  Nonetheless, July 2015 sales were still brisk.  At nearly 1,400 sales, they are 6% higher than the 10 year sales average and third highest for this month ever.  If not for condo sales lagging behind in July as well as this year to date, July 2015 would have narrowed the gap in MLS sales from last July and been even more impressive.

Residential-detached sales continue to perform well in comparison to 2014.  They are only down 2% from last July and are up 3% year to date.  On the other hand, condo sales are off 22% in July and 17% for the year.

¨We are a little bit surprised by how condo sales are not rebounding from a slow start this year,¨ said Winnipeg Realtors president Dave MacKenzie.  ¨One thing I know for sure is it has nothing to do with lack of supply.  With 939 condo listings available at the end of July, it is over double what was available at the end of July 2013 and up 35% from last July.¨

July`s MLS dollar volume at $384 million is just 1% down from July 2014 despite sales being 6% higher that year.  Year to date dollar volume is 1% ahead of 2014 at $2.17 billion.  Year to date MLS sales of 7,896 are down less than 1% from 2014.

¨Overall our sales are very consistent with last year,¨ said MacKenzie.  ¨Although you always need to appreciate and understand not all MLS areas and property types or sales and listings within our different price ranges behave the same way.  This is why you need to be talking to a Realtor about your specific market needs and how the current market is affecting you.¨

While affordability remains a hallmark of Winnipeg`s real estate market, July results show first-time buyers were not as active compared to last year.  In examining the three key affordable house price ranges from $150,000 to $299,999, there were 80 fewer residential-detached sales.  This number represents a 13% decrease from July 2014.

Condo sales showed a similar downward result for the two price ranges from $150,000 to $249,999 with 23 fewer sales from 2014.  However, the next higher price range from $250,000 to $299,999 showed an increase of six sales over last year.

But we must remember that MLS sales in 2014 set records, so this year`s numbers are still healthy.

¨We should never be complacent about our market being more affordable than other major markets in the country,¨ said MacKenzie.  ¨Issues we have identified such as land transfer taxes, property taxes and other costs of home ownership affect Manitobans` ability to purchase a property.¨

The most active price range in July for residential-detached was $250,000-$299,999, followed by the $300,000-$349,999 and $200,000-$249,999.  Another 22% of sales were split evenly in the $150,000-$199,999 and the $350,000-$399,999.

Average days on market for residential-detached sales was 33 days, 5 days slower than July 2014.  The highest priced residential-detached sale was $1,431,000 and the least expensive sale was $30,000.

The busiest condo price range in July was $150,000-$199,999, followed by $200,000-$249,999 and the $250,000-$299,999.  Days on market for condo sales was 41 days compared to 34 days last year with the highest priced condo selling for $880,000 and the lowest priced sale at $87,500.

June MLS Sales Eclipse 1,500

Since 2007 when for the first time June sales surpassed 1,500, this level has become the new benchmark upon which June is judged.  At 1,509 MLS unit sales in June, over 1,500 sales have occurred three times after 2007 including last year when there were 1,515 sales.  There is only a 55 unit sales difference or over 3% higher sales activity in the record-setting June 2008. 

Not much difference on a year to date basis either.  Year to date sales are running less than 1% ahead of last year with 6,502 sales.  This total is only off 7% from 2007, which at the halfway mark and year end holds the highest unit sales level in Winnipeg Realtors 112 year history.

This reinforces why Winnipeg's real estate market may lack the excitement of other housing markets because it's so steady and stable in generating similar results every year.

"In all honesty, our Winnipeg market can be quite boring due to how remarkably close the month end numbers are in comparison to the same month the year before," said Winnipeg Realtors president David MacKenzie.  "I will take that result any day over the uneven swings which occur in some other major Canadian markets."

A byproduct of this stability is more affordable house prices.  In RBC's most recent housing affordability report, which has been compiled since 1985 and captures Manitoba's proportion of pre-tax household income needed to service the costs of owning a home at market values, condos fared better with bungalows and two storey homes going up marginally.  In conclusion, RBC says "affordability measures remain remarkably close to long term averages."  Sound familiar?

Speaking of average house prices, they are very much in line with last year at the halfway mark of 2015.  There is no breakout like this for condo sales; however, the year to date average sale price of $241,029 is up over 1% from the same period in 2014.

As indicated in the 2015 annual MLS forecast, a plentiful listing supply will ensure well balanced market conditions prevail and therefore keep a lid on increasing house and condo prices.  13,728 listings have been entered on the MLS this year, an increase of 14% over 2014. Based on brisk sales activity in June, there is an inventory of approximately four months going into July.

Reflecting how prices are being kept in check is the similar dollar volume this June compared to last June.  Dollar volume eked out an ever so slight edge over 2014 (less than 1%) with a record-setting $416 million for this month and one of the highest monthly totals on record.  Year to date dollar volume of nearly $1.8 billion is up less than 2%over the same period in 2014. It is the highest level on record for the first six months.

Owing to a healthy supply of MLS listings and historicallty low mortgage rates, buyers are continuing to capitalize on choice and rates or choice rates if the property they have long sought after is available for sale.  Demand is holding up well too with one of the lowest unemployment rates in the country at 5.6% and continued population growth fuelled by strong immigration.  Manitoba's real GDP is expected to grow 2.3% in 2015, making it the third best among provinces and above the national average of 1.8%.

"Given the outstanding selection of listings available throughout the city and entire capital region, it behooves buyers to see for themselves and call their Realtor for their expert advice," said MacKenzie. "Realtors know the market and can give you quick access to new MLS listings.  Your chances of finding what you want have never been better -- resale or new prooperties."

MLS property-type breakdown shows condo sales in June were only down 6% in comparison to last June.  This is a vast improvement over some earlier months, such as February and April when they were well off last year's sales activity.

"We surveyed our real estate brokers recently and the majority of them felt the introduction of the new Condo Act on February 1st had some impact on sales," said MacKenzie.  "Everyone involved in the condo sales process is adjusting to the new requirements of the Act so our expectations are to see sales numbers perform better in the second half of 2015.  Let's not forget either an increased supply of affordable residential-detached homes competes directly with condos."

Year to date sales show residential-detached units up 5% while condos have decreased 15%.

The most active price range in June for residential-detached sales was $250,000-$299,999, followed by the $200,000-$249,999 range and the $300,000-$349,999 range.  Another 22% of sales were split evenly in the $150,000-$199,999 and the $350,000-$399,999 ranges.

Average days on market was 29 days, 4 days slower than June 2014.  The highest priced residential-detached sale was $1,165,000 and the least expensive sale was $32,000.

The most active price range for condos was $150,000-$199,999 followed by the $200,000 to $249,999 range and the $250,000-$299,999 range.  Days on market for condos was 49 days, compared to 41 days last year with the highest priced condo selling for $655,000 and the lowest priced sale at $57,000.

Year-to-Date Sales Match 2014

While still a large influx of new listings came onto the market in May, it was the first decrease over the same month the previous year in over two years. Just this year alone monthly increases have been significant (eg. 33% spike in March over March 2014).

One month does not make a trend.  However, due to less inventory going into June and higher sales activity occurring in the spring market, the MLS inventory has a supply of four months. Altus Group, a leading national housing consulting firm which tracks local markets every month, states five months inventory of resale product is considered to be a normal market.

"Overall our local market is balanced and offers plenty of choice for discerning buyers to find their preferred property," said Winnipeg Realtors president David MacKenzie.  "Sellers on the other hand need to be realistic in their pricing as there is lots of competition from other similar properties."

After five months of MLS activity, one in five single family home sales are achieving above list price results.  Condos are more like one in ten with another 15% selling at list price.

Year-to-date MLS sales of 4,993 are slightly ahead of last year, while 1,455 sales recorded in May were 7% off the pace set in May 2014.  MLS inventory remains healthy at 5,751 listings, while new listings coming on the market of 2,726 were down 1% over last May.

Residential-detached property sales this year are up 7% despite suffering a 5% setback in May.  Condo sales are off 20% from 2014 but experienced 10% or half the annual percentage decrease in May.  In terms of total MLS market share, residential-detached sales represent 76% while condos are 12%.

May dollar volume of $410 million is one of only five months in Winnipeg Realtors 112 year history to eclipse $400 million.  It decreased 6.5% from May 2014. Year-to-date dollar volume of $1.37 billion is up 2% over last year and is the highest on record for the first five months.

President David MacKenzie said we should be pleased with another solid year so far.  "The numbers speak for themselves and it is not trite to say ideal conditions exist within our local market to take advantage of such favourable low mortgage rates.  Your Realtor can help you find what property best suits your needs."

The most active price range in May for residential-detached sales was $250,000 to $299,999 (23% of sales), followed by the $200,000 to $249,999 (16%) and the $300,000 to $350,000 (15%).

Average days on market was 25, the same as May 2014.  The highest priced residential-detached sale was $1,405,000 and the least expensive sale was $35,000.

The most active price range for condos was $150,000 to $199,999 (31% of sales) followed by the $200,000 to $249,999 and the $250,000 to $299,999 price ranges (both at 18%).  Days on market for condos was 41, compared to 30 last year.  The highest priced condo went for $950,000 and the lowest priced sale was $60,000.

Year-to-Date Statistics Positive Across the Board

The real estate market is either very, very good....or really, really suspect...depending on which headlines you choose to read.

It's difficult to decide what's really happening from the sound bites, but the numbers on the resale market for the first four months of the year paint a fairly rosy picture.  Statistics for the first third of the year are up from comparable numbers last year, and last year recorded the fourth best resale numbers in the past 20 years and the best dollar volume ever through the MLS.

"Our numbers continue to support our Forecast Breakfast predictions."  said President David MacKenzie. "In January we predicted that sales would be up .2% year over year and home prices would increase by the same amount.  And the January through April activity bears that out and then some."

The April MLS listing inventory, the number of properties available for sale in Winnipeg, rose almost 36%.  So buyers had more properties to choose from than last April, which indicates more balance in the marketplace.

Listings entered into the MLS system were also up 23% over last April with the addition of 2,837 properties this year.

Sales followed suit.  The number of sales processed in the month was up close to 4% from last April, with 1,273 sales recorded.  And dollar volume was up 8.8% at $352.3 million.

The April numbers helped maintain positive year to date market stats.  8,336 listings have been entered on the MLS system since January 1st, up 25% from last year,and 3,538 sales have been recorded, up 4% from the same period in 2014.

The January through April dollar volume is up 6.5% at $962.4 million.

President David MacKenzie was positive about the market activity in the first 4 months, "We often say that real estate is local with national averages and trends meaning very little.  Our market is OUR market.  And even within our own market, activity is local.  What's trending in Island Lakes will not necessarily be mirrored in the North End. I know of some MLS areas where offers are few and far  between while in other pockets of the City, multiple offers are still happening."

He went on to say that in April, 22% of residential-detached homes sold for more than list price, 8.5% sold at list, while 69% sold below list.

For condos, almost 11% sold above list...18% sold at list...and 71% sold below list.

The most active price range in April for residential-detached homes was $250,000 - $299,999 followed by the $200,000 - $249,999 range.

Average days on the market was 27, compared to 26 last April.  The highest priced residential-detached sale fetched $1,590,000 and the least expensive was $8,000.

The most active price range for condos was $150,000 - $199,999 followed closely by the $200,000 - $249,999 range.  Days on market for condos was 49, compared to 38 last year, with the highest priced condo going for $630,000 and the lowest priced sale at $72,500.

More spring-like weather this March compared to the previous few years helped spur more sales activity.  MLS sales climbed over 1,000 and ended up being just 2% off the ten year March average of 1,025.  First quarter sales activity showed a similar pattern, also off 2% from the ten year average of 2,318 MLS sales.

MLS dollar volume of $276 million was up 11% over March of last year and up 9% over the ten year average.

New and available listings continue to be impressive when compared to last March.  New listings entered on the MLS in March increased 33% while the active listings or existing inventory were up 29% to 4,338 MLS listings.  Whatever is being sold is more than being replenished by the entry of new listings on the system.

You have to go back to 1999 to find as many listings available for sale at this time of year and back to 1995 when there were more new listings entered on MLS in March.  For the first quarter, 5,499 listings have been entered on MLS, an increase of 37% over the ten year average.

March MLS unit sales were up 9% while dollar volume increased 11% in comparison to the same month last year.  Year to date MLS sales increased less than 5% while dollar volume was up just over 5%.  The 5,499 listings entered on MLS for the first quarter are up 26% from the same period in 2014.

"Conditions are ideal for buyers to take advantage of a healthy supply of listings and historically low mortgage rates," said David MacKenzie, President of Winnipeg Realtors.  "Our mortgage brokers are telling us we have likely not seen rates as low as we have now since the 50's or 60's."

MacKenzie added, "The much more balanced market has kept prices totally in line with last year so affordability remains a real strength of our local market compared to other Canadian cities."

The most active residential-detached price range in March was the $250,000 to $299,999 price range at 19%.  It eked out a slight edge over the $200,000 to $249,999 range which represented 18% of total sales.  Three out of four residential-detached sales in March were between $150,000 and $350,000.

For condo sales activity in March, the busiest price range was from $150,000 to $199,999 at 28%.  Not far behind was the range from $200,000 to $249,999 at 25%.

The average days on market for residential-detached sales was 28 days, six days quicker than last month and the same pace as March 2014.  The average days on market for condo sales was 45 days, three days faster than last month and 13 days off the pace set in March 2014.

Year-to-date MLS Statistics Up Slightly

There will be an excess of white noise from all media outlets across the country about real estate market activity in the first two months of the year.  We will be bombarded by new highs and lows from Toronto and Calgary and Vancouver...but the real story should adress what's happening in Winnipeg.  If we want to know the weather, we don't listen to the Toronto radio and TV feeds -- we listen to our local experts.  The same should be true about our real estate market.

February MLS listing inventory, the number of properties available for sale in Winnipeg, rose 24%.  So buyers had more properties to choose from than last February, which should indicate more balance in the marketplace.

Listings entered into the MLS system were also up 18% over last February, with the addtion of 1,535 properties.

The number of sales processed in the month was just eight shy of last February, with 672 sales recorded (680 in 2014).  And dollar volume was down 2% at $172 million vs $176 million last February.

All in all, a balanced market that is keeping pace with last year and last year was a very decent real estate market in Winnipeg.

The February numbers helped maintain January's quick start. Year-to-date numbers are still providing more choice for buyers while sales and dollar volume almost mirror last year's numbers.  New listings added in the first two months are up 21% at 3,090, sales are up 1% over 2014 and dollar volume is up .6% at $324 million vs $322 million.

President David MacKenzie referred to the activity in the first two months and looked back at the Association's Forecast Breakfast in January.

"We all realize that two months doesn't make a market...or accurately indicate a direction.  But at our Forecast Breakfast early in the year, our experts told us that 2015 looked as if home sales would increase slightly over 2014, home prices should increase the same 0 - 2%.  Condo prices should increase a little more at 2 - 4% while dollar volume should increase slightly -- around 1 - 3%."

"We will, of course, monitor the activity every month, but it looks like January and February have given us a solid platform on which to continue to build our crystal ball projections."

The most active residential-detached range in February was $250,000 to $299,999 at 22% of the market while the usual frontrunner price range of $200,000 to $249,999 fell back to second busiest at 17%.  The average days on market for residential-detached sales was 34 days, one day quicker than February 2014.

For condo sales activity in February, the $150,000 to $199,999 price range was the most dominant again at 33% of total sales with the $250,000 to $299,999 range capturing 23% of sales. The average days on market for condos in February was 48 days, four days slower than February 2014.

January MLS Sales Up 4%

MLS activity in January was very solid with the third highest sales total on record for this month. It also ushered in a new January monthly dollar volume high of over $150 million.  New listings coming on to the market remain robust with a 25% increase over 2014.  This increase is even more significant considering the rise in new listings is at 40% when you compare it to a ten year average. Not surprisingly, active listings or the inventory available for buyers to choose from, is up 25% as well over 2014.

January MLS unit sales were up 4% while dollar volume rose 4% in comparison to the same month last year.

"At our annual forecast breakfast last month we said 2015 would be a more balanced market and January results bear this point out" said Dave MacKenzie, President of Winnipeg Realtors. "The healthy influx and overall supply of listings is keeping prices in check.  It therefore makes it more affordable for buyers wanting to capitalize on such favourable mortgage rates."

MacKenzie added "All real estate markets are local so national commentary about overheated Canadian real estate markets does not apply here.  The law of supply and demand is solidly entrenched in Winnipeg's market."

Single family homes had a particularly strong month with an 11% increase over January, however, the upper end market was quieter than usual.

In January 2014 there were two home sales of one million or more, 4 from $750,000 to $999,999 and 21 from $500,000 to $749,999.  There were no sales this January of $1 million or more, one sale from $750,000 to $999,999 and 15 sales from $500,000 to $999,999.  The next lower price range of $450,000 to $499,999 shows a distinct contrast with January 2015 outselling January 2014 by nine sales or over 50% in comparison.

The single-attached property type, which was flagged last year as one to watch given it offers more affordability than a single family home or condo, had a sales increase of 39% over January 2014.

"With supply levels well above the norm and mortgage rates so conducive to financing a property in light of the recent reduction of the Bank of Canada overnight rate from 1.0 to .75%, prospective buyers should be contacting their Realtor now to find out first-hand what possibilities exist for them to move ahead with a purchase," said MacKenzie.

The most active residential-detached range in January was the $200,000 to $249,999 one at 22%, while the front runner price range of $250,000 to $299,999 fell back to second busiest at 20%.  The average days on market for residential-detached sales was 41 days, two days quicker than January 2015.

For condo sales activity in January, the $150,000 to $199,999 price range was by far the most dominant at 37% of total sales with the next two higher price ranges each capturing 17% of sales.  The average days on market for condos in January was 46 days, one day slower than January 2014.

David MacKenzie succeeds outgoing president David Powell.  MacKenzie becomes 112th president 40 years after his father Gordon was president and will lead over 1,800 members active in the local real estate market.

In only a few other occasions in Winnipeg Realtor 112 year history has a father-son combination presided over the longest running real estate association in the country.

In Gordon MacKenzie's case, he was instrumental in getting Winnipeg Realtors own piece of real estate, its office building located at 1240 Portage Avenue, built in 1975. It has proven to be a terrific legacy and still very much a hive of activity with the boardroom constantly booked for board of director, standing committee and task force meetings.

David MacKenzie started his real estate career in September 1981 and has been involved in organized real estate ever since. Did he have any choice in the matter?  Let him answer that one himself.

"There is no question my father strongly influenced me to get involved in organized real estate once I made the commitment to be a realtor," said MacKenzie.  "As a successful real estate broker/owner in his own right, he was able to impart first-hand to me the importance of getting involved and contributing to the well-being of your profession."

Will one of his two sons follow suit?

"Like my dad, I will let them decide on their own if they want to pursue real estate as a career," said MacKenzie. "I know I have no regrets and look forward to my 34th year in the business."

David MacKenzie, together with Derrick Sigmar, are broker/owers of Sigmar MacKenzie Real Estate Services Ltd. Sigmar MacKenzie offers both real estate and appraisal services.  It was established in 2002 and is located in Old St Vital at 575 St Mary's Rd.  Sigmar's father, Murray Sigmar, also headed up Winnipeg Realtors in 1982.

David MacKenzie has been chair of many standing committees and served as a director of Winnipeg Realtors for at least three different terms. Prior to coming back to join the executive in 2014, MacKenzie was President of the Manitoba Real Estate Association in 2008.  He has also served as a Manitoba regional director on the Canadian Real Estate Association's board of directors.

Currently he chairs the industry's Real Estate Insurance Alliance, which looks after errors and omissions insurance claims made by the public in Manitoba and the Atlantic provinces.

"The public is protected when working with a realtor in case they feel they need to make a claim for an error or omission," said MacKenzie.  "Much of our effort on the Alliance, besides dealing with some claims, is on making sure realtors are keeping up on changes in legislation, regulations and business practices, so claims can be significantly reduced."

As like most of his fellow realtors, MacKenzie volunteers in various capacities and has been active coaching both flag football and hockey in the the St Vital community.

What is on his to do list for members?

"First I will say we have a strong board of directors and a solid support staff, so it is very much a team effort in delivering services our members expect and deserve in order to serve the public well." said MacKenzie. "During my year we will sharpen our tools and make a commitment to enhance what we can deliver wherever possible."

A new Condo Act is coming into effect on February 1st, a new version of our MLS system is out this year with plans to revamp our Commercial Property Information Exchange and Winnipeg Realtors is partnering with the Manitoba Real Estate Association as the presenting sponsor of the 2015 Home Expressions Show at the end of March, so you can appreciate there is lots to get going on as this new year unfolds.

Over 4,000 MLS Properties Available to Purchase

When Santa descends on Winnipeg and surrounding rural municipalities this Christmas he will see plenty of real estate signs.  For vendors they will be wishing for a sold affixed to their sign.  Buyers with more choice to find that perfect home may wish for the same on a house they are successful in securing before year end.

2014 has been an extremely busy listing year with active MLS listings at the end of November, up 20% from 2013 and current MLS listings or new ones coming on the market in November up 6% from last November.  Based on the average number of listings remaining for sale at the end of November over the last 10 years, there are approximately 1,500 more MLS listings available for sale this December.  This larger inventory has created buyers' market conditions. It makes the word "comparable" take on increased meaning when there is this much more selection of properties to choose from in many years.

The potential for more sales is greater but November MLS sales were right around the ten year average of 828 sales.  Supply is still carrying the day (over 22,000 MLS listings entered on the MLS this year) with demand lagging somewhat behind. Not to worry as MLS sales in November were down less than 4% and year to date sales are less than 1% off the same period in 2013.  Year end MLS sales are likely to finish fifth best on record while MLS dollar volume will once again reach a new all time high of close to $3.4 billion.

As for MLS property types, condo sales rebounded in November with an increase over the same month last year of 19% while residential-detached or single family homes was down 5% from November 2013.  Vacant land which has experienced the largest decrease in sales activity of any property type in 2014, actually held its own in November with similar sales.

Only 12% of residential-detached sales in November sold for above list price while 80% sold below list price.  For condos, nearly 14% of units sold went for above list price while 72% sold below list price.

When you examine the different quadrants of Winnipeg and the outlying rural municipalities, rural residential-detached sales led the way with nearly one in four sales and the southwest quadrant of Winnipeg was second with 20% or one in five sales.

To no surprise, condo sales in November and throughout the year are most prevalent in the Osborne Village MLS area. Other MLS areas showing strong sales in November were the downtown, Tuxedo and the large MLS area encompassing Royalwood, Island Lakes, Sage Creek and Southland Park.

This month also resulted in the highest priced condo to sell on MLS.  It was a $1,750,000 condo on Wellington Crescent.  The previous highest was a $1.5 million condo sale in 2009.

November MLS unit sales decreased less than 4% while dollar volume was down less than 1% in comparison to the same month last year.  Year to date MLS sales are down less than 1% while dollar volume is up nearly 3% in comparison to the same period last year.  MLS listings entered on the MLS this year show a gain of close to 12%.

In a bit of a departure from the norm, the most active residential-detached price range in November was from $200,000 to %249,999 at 21% of total sales where the next higher price range of $250,000 to $299,999 fell back to second at 19%.  The average days on market to sell a home in November was 34 days, two days quicker than last month and the same pace as November 2013.

2014 MLS Dollar Volume Surpasses $3 Billion

Winnipeg Realtors experienced its fourth busiest October on record.  It had over 1,100 MLS sales which is 5% higher than the ten year average for October and only 7% off the best October months in 2007 and 2013. Dollar volume decreased slightly more than sales did in October as significant inventory is putting pressure on holding prices down. However, the second highest dollar volume for October was still enough to push year to date dollar volume over $3 billion for the first time with still two months to go.

MLS listings remain an important development in how the market is evolving this year.  New listings entered on the MLS in October were up 7% while the active listings or current inventory heading into November has risen 21% over last year. The three month streak of 5,000 MLS listings going into the next month came to an end though with more than 4,600 MLS listings available at present.

October MLS unit sales decreased 7% while dollar volume dropped 8% in comparison to the same month last year.  Year to date MLS sales are down less than 1% while dollar volume is up 3% in comparison to the same period last year.

"Given all the additional listings we have on the MLS market this year it may appear and feel like we are not doing as well in terms of sales" said David Powell. "This is not the case at all.  We are less than 3% off our best year to this date and have the highest dollar volume on record at over $3 billion.  Buyers are realizing good opportunities exist to take advantage of all the choice and supply of listings in our current market."

One of the impacts of higher inventory the last few months has been on condo sales activity.  Some of the empty nesters wanting to sell their bigger homes and get into a condo have experienced increased difficulty due to more competition from similar empty nester properties being placed on the market.  This has resulted in a decline in condo sales from what would have been expected otherwise.  Of the 114 condo sales in October, only five sold for above list price with 4 out of 5 selling below list price.

The two leading property type sales categories of residential-detached or single family and condos are up 2 and 4% respectively to the end of October.  Vacant land sales are down 31%, so are a drag on MLS total sales.

For residential-detached sales in October, the two price ranges of $250,000 to $299,999 and $200,000 to $249,999 were evenly split at 21% each of total sales.  The $150,000 to $199,999 was next busiest at 13%.  One home sold for $1,625,000 while another went for $35,000. The average days on market to sell a residential-detached property was 36 days, 3 days slower than last month and a week off the pace set in October 2013.

The most active condo price range for sales activity was from $150,000 to $199,999 at 37%.  Well back was the $200,000 to $249,999 price range at 21%.  The highest sale price was $740,000.  The average days on market for condo sales was 40 days, the same as last month and ten days less than October 2013.

September MLS Sales Up 5%

Buyers took advantage of the over 5,000 MLS listings available at the beginning of September.  As a result, sales were less than 3% off the best September recorded in 2011.  The 2,364 new listings entered on MLS during the month of September kept listings at a level not seen since 1997.

Given such a competitive market with supply presently outstripping demand, there were price adjustments happening for a number of MLS listings.  MLS dollar volume was still up 9%. It was the first time dollar volume in September went over $300 million.

September MLS unit sales increased 5% while dollar volume rose 9% in comparison to the same month a year ago.  Year to date MLS sales are up less than 1% while dollar volume has increased 4% in comparison to the same period last year.  MLS listings entered on MLS are up 12% to 18,846.

"Buyers clearly are in the driver's seat at this juncture with the significant rise in listing supply available on our MLS" said David Powell, President of Winnipeg Realtors.  "Though challenging for sellers with more choices for buyers to pick from, sales are remaining strong as on par with one of our best years on record in 2013."

"I believe these buyer market conditions will not last as inventory wil come down to become more balanced in 2015.  Right now is clearly a time buyers should be talking to their Realtor about the changing market and what opportunities they have to consider for all MLS property types."

Speaking of property types, condo sales have slowed down somewhat in the past two months, but remain up 8% for the year. Residential-detached properties are slightly ahead of last year and helping them keep a lead was a 10% increase in September sales over September 2013.

For residential-detached sales in September the most active price range was from $250,000 to $299,999 at 21% of total sales. Close on its heels was the next lower price range of $200,000 to $249,999 at 20%.  Even the $150,000 to $199,999 price range fared quite well in third place at 15%.  The average days on market to sell a residential-detached property was 33 days, 2 days slower than last month and September 2013.

The most active condo price range was from $150,000 to $199,999 at 35% of total sales.  A distant second was the $200,000 to $249,999 price range at 20%and then it falls back to 14% for the $250,000 to $299,999 price range. The average days on market for condo sales was 40 days.  One day quicker than last month and ten days off the pace set in September 2013.

August MLS Sales Off 12%

2014 is going down as the year of more listings.  In August the healthy supply of MLS listings did not translate into more sales.  In fact, MLS sales dropped 12% in comparison to the same month last year.  The 10 year average for August sales activity still shows August 2014 down 5%.

Listings are another story altogether.  Based on the 10 year average for August, active listings or current inventory at the end of August, August 2014 has 59% more listings at 5,108.  As for new MLS listings entered on MLS in the month of August, the 2,106 new listings were up 22% over the 10 year average.

While a disappointing result, year to date sales activity is in a virtual deadlock with last year.  2013 is the fourth best year on record for sales activity.  Dollar volume on the other hand is on pace to set another annual record as is up nearly 4% from last year, which turned in a third consecutive record-breaking dollar volume year of over $3 billion.

August MLS unit sales decreased 12% while dollar volume fell off 8% in comparison to the same month last year.  Year to date MLS unit sales are down every so slightly while dollar volume is up nearly 4% in comparison to the same period in 2013.  Year to date MLS listings entered on MLS stand at 16,482, a 12% increase over 2013.

Condo's, despite a 14% decrease in August sales activity, remain up 9% for the year.  Residential-detached sales, while down 12% in August, are up marginally for the year. The biggest decline in property type sales by far as of the end of August is vacant lots.  Their sales have been cut down by one-third compared to 2013.

Less than one in five residential-detached sales in August went for above list price.  This trend should encourage buyers to check out the market in 2014 as there may be listings they lost out on in more hectic times that they now have a better chance of buying.

Not all MLS neighbourhoods or price ranges behave the same as different market forces are at play.  It is therefore always recommended you contact a Realtor who can give the expert advice you need on your particular housing queries.

Nearly 70% of all residential-detached sales in August were from $150,000 to $349,999, a range of $200,000.  The most active price range was from $250,000 to $299,999 at 23%.  The average days on market to sell a residential-detached home was 31 days, three days slower than last month and August 2013.

60% of all condo sales were from $150,000 to $249,999.  The most active condo price range was from $150,000 to $199,999 at 35%. The average days on market for condo sales was 41 days, a week slower than last month and six days off the pace set in August 2013.