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FEBRUARY MLS ACTIVITY CONFIRMS REAL ESTATE IS LOCAL

April 4, 2015

by Jordan Katz

PRESS RELEASE

March 5, 2015

For Immediate Release

FEBRUARY MLS® ACTIVITY CONFIRMS REAL ESTATE IS ‘LOCAL’

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Year-to-Date MLS® Statistics Up Slightly

WINNIPEG – There will be an excess of white noise from all media outlets across the country about real estate market activity in the first two months of the year. We will be bombarded by new highs and lows from Toronto and Calgary and Vancouver … but the real story should address what’s happening in Winnipeg. If we want to know the weather, we don’t listen to the Toronto radio and TV feeds – we listen to our local experts. The same should be true about our real estate market.

February MLS® listing inventory, the number of properties available for sale in Winnipeg, rose 24%. So buyers had more properties to choose from than last February, which should indicate more balance in the marketplace.

Listings entered into the MLS® system were also up 18% over last February, with the addition of 1,535 properties.

The number of sales processed in the month was just 8 shy of last February, with 672 sales recorded (680 in 2014). And dollar volume was down 2% at $172 million vs. $176 million last February.

All in all, a balanced market that is keeping pace with last year and last year was a very decent real estate market in Winnipeg.

The February numbers helped maintain January’s quick start. Year-to-date numbers are still providing more choice for buyers while sales and dollar volume almost mirror last year’s numbers. New listings added in the first two months are up 21% at 3,090 (2,549 in 2014), sales are up 1% over 2014 (1,260 vs. 1,245) and dollar volume is up .6% at $324 million vs. $322 million.

President David MacKenzie referred to the activity in the first two months and looked back at the Association’s Forecast Breakfast in January.

“We all realize that two months doesn’t make a market … or accurately indicate a direction. But at our Forecast Breakfast early in the year our experts told us that 2015 looked as if home sales would increase slightly over 2014 (up zero to 2%), home prices should increase the same 0-2%. Condo prices should increase a little more at 2-4% while dollar volume should increase slightly – around 1-3%.

“We will of course monitor the activity every month, but it looks like January and February have given us a solid platform on which to continue to build our crystal-ball projections.”

The most active residential-detached range in February was $250,000 to $299,999 at 22% of the market while the usual frontrunner price range of $200,000 to $249,999 fell back to second busiest at 17%. The average days on market for residential-detached sales was 34 days, one day quicker than February 2014.

For condominium sales activity in February, the $150,000 to $199,999 price range was the most dominant again at 33% of total sales with the $250,000 to $299,999 range capturing 23% of sales. The average days on market for condominiums in February was 48 days, 4 days slower than February 2014.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,800 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 (204) 786-8854.

Shaila Wise

WinnipegREALTORS®
Administrative Assistant, Public Affairs
Phone: 204-786-8854 Ext. 219
Fax: 204-784-2343
Website: www.winnipegrealtors.ca
Email: swise@winnipegrealtors.ca
Fighting for Homebuyers
www.2muchltt.com

A GOOD START TO MLS SALES IN 2015

April 4, 2015

by Jordan Katz

PRESS RELEASE

February 5, 2015

For Immediate Release

A GOOD START TO MLS® SALES IN 2015

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January MLS® Sales Up 4%

WINNIPEG - MLS® activity in January was very solid with the third highest sales total on record for this month. It also ushered in a new January monthly dollar volume high of over $150 million. New listings coming on to the market remain robust with a 25% increase over 2014. This increase is even more significant considering the rise in new listings is at 40% when you compare it to a ten-year average. Not surprisingly, active listings or the inventory available for buyers to choose from is up 25% as well over 2014.

January MLS® unit sales were up 4% (588/565) while dollar volume rose 4% ($151.6 million/$146.0 million) in comparison to the same month last year.

“At our annual forecast breakfast last month we said 2015 would be a more balanced market and January results bear this point out, “ said Dave MacKenzie, president of WinnipegREALTORS®. “The healthy influx and overall supply of listings is keeping prices in check. It therefore makes it more affordable for buyers wanting to capitalize on such favourable mortgage rates.”

Mackenzie added, “All real estate markets are local so national commentary about overheated Canadian real estate markets does not apply here. The law of supply and demand is solidly entrenched in Winnipeg’s market.”

Single family homes had a particularly strong month with an 11% increase over January however the upper end market was quieter than usual.

In January 2014 there were 2 homes sales of one million or more, 4 from $750,000 to $999,999 and 21 from $500,000 to $749,999. There were no sales this January of $1 million or more, 1 sale from $750,000 to $999,999 and 15 sales from $500,000 to $999,999. The next lower price range of $450,000 to $499,999 shows a distinct contrast with January 2015 outselling January 2014 by 9 sales or over 50% in comparison.

The single-attached property type which was flagged last year as one to watch given it offers more affordability than a single family home or condominium had a sales increase of 39% over January 2014.

“With supply levels well above the norm and mortgage rates so conducive to financing a property in light of the recent reduction of the Bank of Canada overnight rate from 1.0 to .75%, prospective buyers should be contacting their REALTOR® now to find out first- hand what possibilities exist for them to move ahead with a purchase,” said Mackenzie.

The most active residential-detached range in January was the $200,000 to $249,999 one at 22% while the usual frontrunner price range of $250,000 to $299,999 fell back to second busiest at 20%. The average days on market for residential-detached sales was 41 days, 2 days quicker than January 2015.

For condominium sales activity in January, the $150,000 to $199,999 price range was by far the most dominant at 37% of total sales with the next two higher price ranges each capturing 17% of sales. The average days on market for condominiums in January was 46 days, 1 day slower than January 2014.

For further information, contact Peter Squire at (204) 786-8854.