PRESS RELEASE
June 8, 2011
For Immediate Release
MLS® SALES AND NEW LISTINGS REBOUND IN MAY
- - -
Despite improvement in new listings in May, tight supply remains an ongoing issue with two of the most active residential-detached price ranges from $150,000 to $199,999 and $200,000 to $249,999 being down from last year’s amount going into June. In both of these price ranges the inventory would run out in a little over a month if no new listings were added.
While MLS® May sales for all property types were up 5% there was some big divergence in residential-detached versus condominium sales increases with the latter rising 16% and the former up less than 2%. Vacant land residential sales increased an astounding 103% with 67 sales in May. Speaking of land, one 2 acre vacant commercial property near the airport sold for over $1.6 million. There were also three million plus residential-detached property sales in May – two in East St. Paul.
May MLS® unit sales increased 5% (1,463/1,394) while dollar volume rose 7% ($350.0 million/$325.9 million) in comparison to the same month last year. Year-to-date MLS® sales are up 2% (5,144/5,020) while dollar volume has risen 6% ($1.19 billion/$1.12 billion) in comparison to the same period last year. MLS® listings entered on the MLS® this year are identical to last year’s total of 3,385.
"In viewing these May MLS® results as the glass half full given our recovery from last month, nevertheless one major concern still remains the fall off in first-time buyer activity relative to the same month last year," said Ralph Fyfe, president of WinnipegREALTORS®.
"This pattern or trend has emerged over the last few years as house prices have continued to climb. Here we are again with residential-detached sales under $250,000 down 15% in comparison to May 2010. With housing affordability becoming a bigger issue at the lower end of the market where coming up with the necessary down payment and closing costs is more difficult, it really is time for the province to give serious consideration to offering a first-time home buyer exemption on the land transfer tax. Ontario and B.C. have had one in place for years."
Looking ahead, a real good piece of news for home buyers is the Bank of Canada’s reluctance to hike the overnight lending rate in the next few months given ongoing concerns with the U.S. and global economies. The expectation now by leading Canadian bank economists is nothing will
happen until September. They do not expect the rates to go up higher than 75 basis points by year end.
For residential-detached sales in May, the most active price range was the $200,000 to $249,999 with 21% of total sales. Next busiest was the $250,000 to $299,999 price range at 19%. The shift and tilt to higher price range brackets is clearly evident in May with 70% of all residential-detached sales occurring at $200,000 and over. Average days on market for residential-detached sales was 22 days, 4 days faster than last month and one day slower than May 2010.
The lion’s share of condominium sales activity in May was from $150,000 to $199,999 with 42% of total sales. Another 21% came from the next lowest price bracket of $100,000 to $149,999. The average days on market was 28 days, six days quicker than last month and one day off the pace set in May 2010.
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.
Market Rocks
PRESS RELEASE
<>April 7, 2011
For Immediate Release
- - -
Beat All Previous March Records
WINNIPEG – Not to take away from former Winnipegger Neil Young’s artist of the year and humanitarian awards at the Junos last month or local REALTORS® rocking the night away March 16th to raise thousands of dollars for the Manitoba Real Estate Association Shelter Foundation, the local real estate market marched to its own steady beat with a recording better than ever before for this month of the year. It also is apparent the first quarter was outstanding as it edged out the best first quarter ever in 2007 with over 2,500 in
March
In the southwest and southeast quadrants of the city where the average residential-detached sale price were both over $300,000, a good number of the
With 48% of residential-detached listings going for above list price, and 65% of all homes selling for over $200,000 (42 % over $250,000), the average home sale price was pushed up to $255,000, a big jump from the previous month and March 2010.
March
“The change in the mortgage amortization period from 35 to 30 years in March may have spurred on more activity than we initially had predicted and with mortgage rates starting to inch up a bit lately those buyers are looking even smarter now for getting a head start on the spring market,” said Ralph Fyfe, president of
“It is becoming an all too familiar pattern over the past number of years where we find ourselves with not enough inventory going into our busiest time of year,” said Fyfe. “That being said, it obviously points to a wonderful opportunity to list your home and take advantage of present market conditions. Of course, not all homes or
Beyond the most dominant residential-detached
For residential-detached sales in March, the most active price range was the $200,000 to $249,999 at 23% of total sales. A close second was the next lower price bracket from $150,000 to $199,999 at 21%. The average days on market for the most active price range was only 14 days. The average days on market for all residential-detached sales was 24 days, two days quicker than last month and March 2010.
The most active price range for condominium sales was from $150,000 to $199,999 at 36% of total sales. The second most active by a wide margin over any other price range was the $200,000 to $249,999 at 25%. Average days on market for condo sales in March was 35 days, 11 days slower than last month and March 2010. The higher days on market for condominiums was more a reflection of older inventory being sold off than slow sales as March sales activity was excellent.
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® (
RE/MAX First Time Buyers
RE/MAX and National Organ Awareness Week
Because of our strong commitment to this worthy cause click on the video below, made to inspire and inform you on the efforts RE/MAX of Western Canada is making to create lasting change in our local communities.
To LINK or EMBED to this video visit: http://www.youtube.com/watch?v=8ngrr9KmGRM
iPothole
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pillar to Post PostNotes
| ||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
RE/MAX Fly Video
Pillar tp Post Spring Update
| ||||||||||||||||||
| ||||||||||||||||||
Forget the Freeze
PRESS RELEASE
For Immediate Release
FORGET THE FREEZE
- - -
A Fabulous February
Despite the unseasonably cold February, 1,313 sellers put their houses on the WinnipegREALTORS® Multiple Listing Service® in the month (up 12% from last February) … and 781 sellers sold their properties through the
As a result of 1313 new listings being added in the month – the listing inventory available for sale in
And with all those sales and home values escalating – the dollar volume for the month is also up 14% from last year at $171 million – and last February was a record February for dollar volume!
With great February numbers, the impact on year-to-date is nothing but positive. Listings in January and February are up 14% from the first two months of 2010. 2,454 homes have been listed on
Dollar volume is already at $296 million – up 17% from last year’s two month activity.
20% of all residential detached sales were under $150,000. On the upper end of the scale, 22% of the sales were above $300,000 (including 5% over $500,000).
That leaves 58% of the residential detached market selling between $150,000 and $300,000. (22% between $150,000 and $200,000. 20% between $200,000 and $250,000. 16% between $250,000 and $300,000.)
And days on market for residential detached dropped to 26 days – 3 days fewer than February 2010.
The condominium market is healthy as well. There were 96 condo sales in February – 20% were under $150,000 … 18% were over $250,000 … 62% were between $150,000 and $250, 000. Days on market for condominiums averaged 24 days compared to 29 days last February.
The highest priced condo sale in February was $383,000 and the lowest priced was $72,000. The highest priced residential detached sale was $880,000 and the lowest was $25,000.
WinnipegREALTORS® president Ralph Fyfe reported on the positive February and year-to-date numbers. Fyfe said, “We never put too much stock in one or two month’s numbers. We wait for the results of a quarter or two to start to try to identify trends. But this year’s February numbers and year-to-date stats seem to be an early confirmation of what our analysts predicted in our January forecast breakfast for 2011.
“In January our forecasters predicted home sales will increase 0-2% over last year, Home prices will be up 7-9% (condos up 6-8%) and total dollar volume will increase 9-11%. January and February activity has certainly pointed us in that direction.”
The recently released discussion paper on Manitoba’s Rental Housing Shortage identifies that the absence of an active rental market can do nothing but continue to ensure that housing demand will outstrip housing supply and positive numbers for sales, dollar volume and average sale price will continue to climb. (Study available at www.winnipegrealtors.caunder “Position Papers”.)
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® (
Manitoba Housing Sales Expected to Record Gains, According to Revised Forecast
Canadian Real Estate Association Introduces Hand Held House-Hunting with New Mobile Application
The REALTOR.ca app was developed through a partnership with Microsoft Canada Inc. and Navantis.
Canadian existing home sales, prices jump in June
The average home price rose 3.6 percent year-over-year to a record high C$326,613 (about $287,000) in June. On a quarterly basis, the average price was up 0.5 percent from a year earlier to C$318,696.
The inventory of unsold resale homes -- measured as the number of months it would take to sell the stock of houses at current sales rate -- fell to its lowest level since August 2007 at 4.2 months.
Changing Dynamics in Real Estate
In the U.S., sellers were satisfied when homes on average sold in approximately 5.5 months. As of the end of November in Winnipeg, REALTORS® were able on average to sell a home within just 24 days.
November statistics highlight how things can change within a year. In November, 15 per cent of all sales were under $100,000, whereas in June only eight per cent of sales were in this price range. Conversely, the over $300,000 price range comprised 12 per cent in June and nine per cent in November. One development this past month has been a drop off in some upper-end neighbourhoods in comparison to earlier in the year, as a result, the lowest price ranges had higher total sales.
A REALTOR® can provide information by comparing similar homes on the market, buyer demand for a specific property type and style in a given neighbourhood and the current interest rate
First and foremost, REALTORS® are highly-skilled professionals whose most valuable asset is their concern for your best interests. REALTORS® know how to sell your property at the best possible price.
REALTORS® also must adhere to a strict code of ethics and business conduct.
