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July Sales Down 3%; Dollar Volume Off 2%
WINNIPEG - July sales finished slightly above the 10-year average of 1,330 MLS® sales for this summer month. However they fell short of last year’s near 1,400 sales and the record year of 2014 when July sales reached close to 1,500. Despite the year’s July numbers, year-to-date MLS® sales activity is ahead of any previous year with 5 months to go.
Both new listings coming on the market in July and the inventory at the end of the month were down 8% from 2015. Yet they would be considered elevated especially in comparison to the 10-year average. For example, the 5,291® MLS® properties presently listed on the market for August are up 28% over the 10-year average.
“WinnipegREALTORS® experienced its strongest sales result ever for June and the first six months, so to start off in a more restrained fashion in July is no cause for concern,” said Stewart Elston, president of WinnipegREALTORS®. “Summer months are never as busy as the spring which is not surprising given Manitobans’ penchant to take advantage of our glorious weather and all of the seasonal activities that come with it.”
MLS® sales of 1,350 were down 3% from July 2015 while dollar volume fell short by 2% in comparison to the same month last year. But year-to-date MLS® sales are up 7% and dollar volume has increased 9% over the same seven-month period in 2015.
Given the run-away dominance of residential-detached sales at 74% of total MLS® sales and condominiums contributing over 12% of sales, other property types comprise far less market share and consequently are all in the low single digits. Having said that, it should not detract from how well other property types are doing in comparison to 2015.
With the exception of rural and duplex classified property types, which are only keeping pace with last year, most other MLS® property types are experiencing double-digit increases. Vacant land with building is up 155%, town houses - 93%, mobile homes - 25%, commercial - 24%, vacant land - 18%, and resort property - 12%.
“As we always caution buyers to look beyond the headlines and dig deeper when it comes to their specific interest in the local real estate market, this applies to all property types,” said Elston. “2016 is showing real strength and growth in the lower profile property types so it shows buyers are not only calling their REALTOR® about homes or condos.”
The most active price range for residential-detached sales in July 2016 was from $250,000 to $299,999 at 22% of total sales. 15% of the sales activity was from $200,000 to $249,999 and close behind at 14% was the $300,000 to $349,999 price range.
The highest sales price was $1,275,000 while the lowest was only $15,000. The average number of days to sell a home was 30, 3 days faster than July 2015.
The most active price range for condominiums in July 2016 was from $150,000 to $199,999 at 34%. The second busiest price range was from $200,000 to $249,999 at 19%. Only 7% of condo sales in July went for over $350,000. The highest one sold for $899,000. The average days on market for condominium sales in July was 44, 3 days slower than July 2015.