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WINNIPEG - October MLS® sales of 1,107 increased 8%

October strong start to fourth quarter

WINNIPEG - October MLS® sales of 1,107 increased 8% over October
2017 and 1% over the 5 –year average for this month. Sales
rebounded and actually outsold a slower performing September as
usually it is the other way around.

A record was set with the highest dollar volume ever achieved for
the month of October. Just under $330 million was transacted this
October, a 13% increase over October 2017.

Year-to-date sales of 11,371 are down 5% from the same period in
2017 while dollar volume of $3.36 billion is just shy of 4% off the
record pace in 2017. Listings entered on the MLS® to the end of
October are slightly ahead of last year with both respective years
over 21,000 listings. The big difference behind fewer sales in 2018 is
52.6% of listings sold compared to 56.5% in 2017.

“October results showed how our local market despite some challenges
can quickly rebound and deliver solid results,” said Chris
Dudeck, president of WinnipegREALTORS®. “There still remains
a wide range and selection of properties for sale with two months
to year end.”

As for specific property types, both residential-detached and condominium
sales activity in October were right in line with their
5-year average for this month of 798 and 143 respectively. Where
these two depart in similarity is in the percentage of new listings
which sold in October; 67% for residential-detached versus 50%
for condominiums.

The average sales price for these two property types diverged as
well from October 2017. In October 2018 six homes sold for over
$1 million with one selling for $1.9 million. This helped propel the
average residential-detached sales price up 4% to $324,786. On the
other hand, condominiums had an unusually strong average sales
price in October 2017 of $254,187 so no surprise it was not as high
in October 2018 at $234,509.

The year-to-date average residential-detached sales price rose to
$323,001, a 2% increase over the same period a year ago. While the
condominium year-to-date average sales price of $239,349 experienced
a drop of less than 2% from 2017.

The most notable market region area to contribute to the increased
residential-detached sales this October was from the outlying rural
municipalities. Compared to the same month last year, rural sales
increased 26% and also represented 26% of the total residential-detached
sales.

Another area which performed well in October was the southeast
quadrant of Winnipeg. It had the second largest percentage increase
at 13%. In respect to condominium sales, the southwest
quadrant of Winnipeg showed the biggest improvement in outperforming
last October’s condo sales with a 16% increase or 13 more
sales.

“Looking ahead to November and the end of the year, a real positive to
build on for Manitoba is the economic indicator showing U.S. exports
increased 21.9% in the first eight months of 2018, first among provinces,”
said Dudeck. “This is very encouraging knowing a new NAFTA/
USMCA agreement has been signed to give more certainty and confidence
to Manitoba businesses which are dependent on exporting their
products and services south of the border.”

“Only a REALTOR® can help you decipher all the subtleties and
nuances inherent in the ebb and flow of a dynamic housing market,”
said Marina R. James, CEO of WinnipegREALTORS®. “Reach
out to your REALTOR® if you have any questions about what is
happening in your neighbourhood.”







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