2016 has been firing on all cylinders with yet another best result for MLS® sales activity in the month of September. Sales of 1,216 eked out a slight edge over 2011 and are only the second time sales in September have gone over 1,200.
As a result, year-to-date sales of 11,000 are at their highest level ever for nine months and similarly dollar volume reached $3 billion for the first time with three months to go.
“We are without question enjoying a record-setting sales and dollar volume year,” said Stewart Elston, president of WinnipegREALTORS®. “Given Manitoba’s impressive immigration and population increases in 2016 you know it has to translate into more demand for housing.” “And contrary to some other major markets where supply has been an issue in meeting demand, our market has a healthy supply of MLS® listings to choose from.”
Strength of demand in September was especially evident in residential-detached homes with one out of three active listings being sold. It also shows in the year-to-date conversion of residential-detached listings to sales with a 61% conversion ratio compared to 56% in 2015. The conversion of condominium listings to sales is higher this year too at 45% compared to 41% in 2015.
Further to this point, net interprovincial migration numbers from Statistics Canada have improved from July 2015 to July 2016 so this shows a combination of less people moving out of Manitoba and more coming back from other provinces.
September sales of 1,216 were up 6% over the same month last year while dollar volume of nearly $336 million rose 9% over September 2015. Year-to-date sales of 11,000 are up 7% over the first nine months in 2015 while dollar volume of $3.06 billion has increased 11% over the same period in 2015.
This year’s better than expected MLS® sales activity goes well beyond residential-detached and condominium properties which are up nearly 5 and 10% respectively. All other MLS® property types are ahead of last year at this time with some significantly higher. Town house sales are up 71% over 2015 while mobile homes and vacant land have increased 20%.
The most active price range for residential-detached homes in September 2016 was from $250,000 to $299,999 at 21% of total sales. The second most active was the lower price range of $200,000 to $249,999 at 17%. The highest sales price was $1,598,327 while the lowest was $21,000. The average days on market to sell a home was 30 days, 5 days faster than September 2015.
The most active price range for condominiums in September 2016 was $150,000 to $199,999 at 31% of total sales. The next most active price range was from $250,000 to $299,999 at 18%. The highest priced condo was $918,750 while the lowest was $94,800. The average days on market to sell a condominium was 51 days, 5 days quicker than September 2015.