BEST OCTOBER IN WINNIPEG MLS MARKET ACTIVITY EVER
Winnipeg Home Sales Up 15%; Dollar Volume Jumps 34%
The Winnipeg real estate market in October performed exceptionally well with MLS® sales and dollar volume activity being well ahead of October 2006, the previous best October on record. It has been an amazing ten month run with MLS® monthly market activity setting new monthly records and a year-to-date pace unrivalled in the WinnipegREALTORS® Association’s 104-year history.
To indicate how active October 2007 was, the equivalent of 87 per cent of the listings that were entered on the MLS® this month sold. 57 per cent of the entire MLS® inventory turned over as well. October also resulted in the fourth million dollar plus sale on MLS® this year as a 4,808 sq ft river property near St. Vital Park sold for $1,236,000; $86,000 over list price. Houses in Winnipeg this year are selling on average for 4% above their list price.
October MLS® sales are up 15% (1,201/1,040) while dollar volume increased 34% ($210.4 million/$157.3 million) when compared to the same month last year. Year-to-date MLS® sales are running over 7% ahead of the same period last year (11,704, 10,886) while MLS® dollar volume is up 21% ($1.99 billion/$1.64 billion).
Another important highlight of October 2007 is the significant increase in condominium sales. They were nearly double the number for the same month last year. Year-to-date condominium sales are 1,241, up 30% over 2006.
Helping spur on increased condominium sales are new projects coming on stream such as the Mosaic off Bison Drive near the University of Manitoba. There were 74 units that sold in October alone.
Residential-detached sales in October were most pronounced in the $160,000 to $199,999 price range with 24% of total sales activity. The over $300,000 price range was a solid 10 % which shows a trend this year to higher end home sales. The under $100,000 price ranges only represented 16% of total sales. The average days on market for residential-detached sales in October was 24 days, one day slower than September’s pace and 4 days quicker than October 2006.