Key-Move Realty Ltd.

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WINNIPEG  -  WinnipegREALTORS® experienced its strongest third quarter of market activity on record with close to 4,100 MLS® sales worth 1.19 billion dollars. Each of the three months had their highest dollar volume totals ever for their respective months. A new sales record was also set for the month of August while July and September were right at the top.

As a result of this marked improvement in third quarter market activity over 2018, year-to-date sales are up 6% with 10,913 sales while dollar volume of $3.25 billion has increased 7% over the first nine months in 2018. This now places 2019 within less than 1% of the best years on record in 2016 and 2017 with respect to sales and the highest dollar volume of any previous year with three months to go.

September sales of 1,211 are ahead of the same month last year by 16% and only 4 sales shy of the best September on record in 2016. Dollar volume was up 16% too at close to $350 million.

It is worth noting that single-attached and duplex properties are showing double-digit sales percentage increases over last year as are up 17% and 27% respectively after nine months. 53 single-attached properties sold in September, a 43% increase over September 2018.

Another development more pronounced in the third quarter this year is the double-digit percentage increase in new listings each month over the same month in 2018.

In September, new listings coming on the market rose 10% to 2,365. So despite the impressive sales this month inventory remaining for sale going into October is over 6,000 listings as was the case at the end of August. This means that one out of five listings sold in September. 

“Good economic fundamentals, growth in our membership and market region well beyond Winnipeg, a healthy listing supply and favourable mortgage rates despite tougher qualifications rules, is behind the impressive market activity we have had this third quarter," said Ken Clark, president of WinnipegREALTORS®.  “However, it is important to keep in mind and be attentive to just how competitive the current market is with so many listings for buyers to choose from."

Due to the elevated supply in listings this year prices are being held in check. The year-to-date average single family home sales price is $325,215 ($322,828 in 2018) while the year-to-date average condo sales price is $238,820 ($239,877 in 2018). The percentage of listings selling at or above list price for single family homes this year is just over 27% while condominiums are at 21%.

Affordability remains a defining feature of the local market with more than one in two single family homes and 76% of condos selling in September for under $300,000. In a recent survey reported in The Canadian Press on affordability of Canadian cities by Forum Research, its President  Lorne Bozinoff said, “ When it comes to mortgages Winnipeggers are paying amongst the lowest proportion of their income every month."

When there are as many listings as we currently have on the market that means there are also many   sellers looking to buy another property within our local market," said Clark. “This bodes well for continued strong sales activity into the fourth quarter."

“All real estate markets are local and then some in terms of differences within their market region," said WinnipegREALTORS® CEO Marina R. James. “You need to hire a REALTOR® who has the knowledge and expertise to educate you on how you can best navigate your specific real estate need.

A record month of sales and dollar volume activity for August capped off a very active summer. July and August were identical twins when it came to sales. However dollar volume differed with lower dollar volume in August due in part to condominium sales activity showing much larger gains than single family.

August MLS® sales of 1,439 were up 13% over August 2018 and rose 9% above the five-year average for this month.  The highest previous month of sales activity for August was 1,350 sales in 2016. August dollar volume of $411 million resulted in close to a 10% gain over the same month last year.  It is the first time August dollar volume has eclipsed the $400 million mark.

The real highlight of August 2019 was the 37% increase in condominium sales over August 2018. The 199 sales are 19% higher than the five-year average for this month and a few sales below the best condo month sales performances ever for the Winnipeg Metro Region.

With the exception of 9 new condo sales in a Fort Rouge project, the vast majority of condo sales in August were resales with many of the larger percentage gains over 2018 occurring in the southwest quadrant of Winnipeg.  When you add up the August condo sales activity of East Fort Garry, Linden Woods and Fort Richmond, there are 34 sales. There were 12 altogether last August.

As for single family sales, the 1,014 total for this month are record-setting too for this month but only up 4% over August 2018. 3% of these sales can be attributed to the expansion of MLS® this year to the south-central region of Manitoba in the Morden/Winkler area. Another 25% of total single family sales came from outside Winnipeg.

“It is not often, if at all, when we see condominium sales outperform single family to the degree they did this month," said Ken Clark, president of WinnipegREALTORS®.   He added, “It means their year-to-date percentage gain over 2018 sales is greater than single family's now."

If condominiums were the lead standout in this record-performing MLS® month, there was a strong supporting cast of other property types besides single family. All property types saw increases over August 2018 with large double-digit increases in many instances. The 27 resort property sales increased 50% over 2018.

Year-to-date MLS® sales of 9,702 are 5% higher than the same period of time last year while dollar volume of $2.91 billion is up 6% from 2018. Sales are within 1% of the best years on record in 2016 and 2017.

Inventory is somewhat elevated at over 6,000 listings and is 17% greater than we were at the same time last year, however overall we remain in balanced territory.

“It is becoming abundantly clear with the strong results we had in August that buyers are capitalizing on the incredible choice and vast array of affordably-priced properties available on our MLS® for sale," said Clark. “A very favourable 5-year fixed rate in the current mortgage market bodes well for buyers heading into the fall season."

“In a competitive market where there are so many listings to choose from, you need to hire a REALTOR® to make your property stand out and come up with the  right strategy to sell your home," said Marina R. James.  “REALTORS® have the knowledge, expertise and tools to sell your listing."