Above average sales in October set the stage for a new annual sales record in WinnipegREALTORS® 113th year of serving the Greater Winnipeg Area real estate market.
October sales of 1,138 were up 5% over October 2015 and likewise over the 10-year average for this month. October dollar volume of close to $310 million increased 9% over the same month last year.
Year-to-date sales of over 12,000 are 7% ahead of the same period last year and are well within reach of eclipsing the annual sales record set in 2007 of 13,079. Year-to-date dollar volume of $3.37 billion is up 9% over 2015 and will easily set a new annual dollar volume record in November. Manitoba MLS® dollar volume just edged over $4 billion in early November.
“It is a matter of when, not if,” said Stewart Elston, president of WinnipegREALTORS®, when queried on WinnipegREALTORS® setting a new all-time sales record this year. He added, “Our strong international immigration numbers are a real contributor to creating demand for MLS® listings.”
CMHC’s regional economist Lai Sing Louie pointed out earlier this month, at an MHBA housing conference, Manitoba’s elevated population growth has expanded the first-time homebuyer age group of 25 to 34 year olds.
First-time homebuyers not only make up a significant segment of any housing market but are instrumental in the ongoing home sales process. When they purchase their first home they provide current owners with the opportunity to upgrade or downsize leading to a cascade of more purchases all the way up the housing ladder continuum.
While first-time buyers are a key driver of single family home sales, their presence is being felt in how well the more affordable condominiums, single-attached and townhouse property types have performed in 2016. Condominium sales are up 10% over last year and less than 3% off their best year at this juncture in 2014. Single-attached and townhouse properties have risen 9 and 51% respectively over 2015.
If you are looking for where the predominant gains in sales activity occurred in the two main property types in 2016, simply put; higher price ranges in single family and the lower ones in condominiums. Sales are higher in all price ranges $250,000 and above in single family homes while condominium price ranges under $250,000 are consistently better.
This helps explain why the average sale price for condominiums in 2016 of $234,623 is modestly lower than 2015 (1.5%) while the 2016 average single family or residential-detached sale price of $303,660 is up 3% this year.
“Winnipeg’s balanced housing market has kept prices in check despite brisk sales activity,” said Elston. “This is in sharp contrast to some high priced markets in Canada where listings can be in short supply.”
There is no one national housing market. All markets are local with their own factors shaping their outcome. You need to talk to your REALTOR® to understand exactly what is happening in regard to your own local market situation.
The most active price range for residential-detached homes in October 2016 was from $250,000 to $299,999 at 23% of total sales. The lower price range of $200,000 to $249,999 was second busiest at 16%. The highest- price home sale was $1,375,000 and the lowest sale price was $39,000. The average days on market to sell a home was 33 days, 2 days faster than October 2015.
30% of condominium sales in October occurred in the $150,000 to $199,999 price range with another 17% happening in the $200,000 to $249,999 range. The highest-price condo sale was $975,000 and the lowest sale price was $88,000. The average days on market for condos was 47 days, the same pace as October 2015.