July Market Update

In July, there were 3,191 listings actually available for buyers to see … down just 17 properties from July of last year (3,208). The number of new listings added in July this year was 1587 … just 95 shy of last year’s 1,682. Sales were 178 fewer than last year (1,195 vs. 1,373) and with 178 fewer sales, dollar volume dropped $15.2 million from July 2009 to $261,349,000 (from $276,582,000).

From January to the end of July, properties marketed through the Multiple Listing Service® are ahead of last year’s record setting pace. The number of listings from January to the end of July is 11,625 – up from 11,410 last year (+2 %). Sales are 7,647 vs.7,469 last year (+2.4%). And dollar volume is up to $1.71 billion versus $1.52 billion in ’09 (+13%).

“We are quite fortunate to be in Winnipeg where real estate is still affordable compared with other major Canadian cities – and yet the market has been on a steady rise – even this year. There have been some dramatic fluctuations in other areas of the country.” said Claude Davis, President of WinnipegREALTORS®.

“We never like to look at one month at a time. If we did it would look like our market corrected from June to July of this year – but June dollar volumes are historically better than July’s. In terms of dollar volume, this is the third best July on record (only behind 2009 and 2008). But year-to-date it’s the best dollar sales through the MLS® ever.” Davis reported.

He went on to say, “Some other major cities also show why we don’t look at one month’s figures. If we just looked at July, while Winnipeg would be down 13% from last July in terms of sales, Calgary would be down 42% and Vancouver, down 45.2%! Even Toronto was down 34% compared to July of 2009. It’s good to be in Winnipeg!” 

We’ve often reported in this release that if you want to know Winnipeg’s weather – don’t watch Calgary or Vancouver or Toronto weather reports. The same is true about residential real estate activity.

And the single detached resale activity is pretty balanced. 21% of the sales through MLS® are above $300,000; 39% are between $200,000 and $300,000; 34% are between $100,000 and $200,000 – and the remaining 6% are under $100,000. Average days on market for a single family residential sale was 28 days, 2 days faster than in 2009.

And the condominium resale market showed an almost perfect bell-curve. 9% over $300,000 and 8% under $100,000; with 41% between $200-300,000 and 42% between $100-200,000. Condos averaged 31 days on market as opposed to 33 days last year.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,600 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market.  Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®.   WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession.  REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by the Canadian Real Estate Association and are used under licence.

For further information, contact Peter Squire at 786-8854.

Reg Black

Reg Black

Broker/Owner
CENTURY 21 Sun Country Realty
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