Two-thousand fourteen is going down as the year of more listings. In August, the healthy supply of MLS® listings did not translate into more sales. In fact, MLS® sales dropped 12 per cent in comparison to the same month last year. The 10-year average for August sales activity still shows August 2014 down five per cent.
Based on the 10-year average for August active listings, or current inventory at the end of the month, August this year had 59 per cent more listings at 5,108. As for new MLS® listings entered on MLS® in the month of August, the 2,106 new listings were up 22 per cent over the 10-year average.
While a disappointing result, year-to-date sales activity is in a virtual deadlock with last year, which was the fourth best year on record for sales activity. On the other hand, dollar volume is on pace to set another annual record, as was up nearly four per cent from last year, which turned in a third consecutive record-breaking dollar volume year of over $3 billion.
August MLS® unit sales decreased 12% (1,137/1,292), while dollar volume fell off eight per cent ($301.3 million/$326.9 million) in comparison to the same month last year. Year-to-date MLS® unit sales are down ever so slightly (9,096/9,111), while dollar volume is up nearly four per cent ($2.44 billion/$2.36 billion) in comparison the same period in 2013.
Year-to-date MLS® listings entered on MLS® stand at 16,482, a 12 per cent increase over 2013.
Condominiums, despite a 14 per cent decrease in August sales activity, remained up nine per cent for the year. Residential-detached sales, while down 12 per cent in August, were up marginally for the year. The biggest decline in property type sales by far as of the end of August was the vacant lots category, with sales cut down by one-third compared to 2013.
“MLS® sales did not meet our expectations in August. As a result, the local market has moved into a more favourable position for buyers in all price ranges,” said David Powell, president of WinnipegREALTORS®. “Those homeowners looking to move up are in an advantageous position given the availability of more listing choices combined with stable and more competitive pricing.”
Less than one-in-five residential-detached sales in August went for above list price. This trend should encourage buyers to check out the market this year, as they may have lost out on other listings in more hectic times and now have a better opportunity to buy a home.
Not all MLS® neighbourhoods or price ranges behave the same as different market forces are at play. Therefore, it is recommended that you contact a REALTOR®, who can give expert advice on your particular housing queries and needs.
Nearly 70 per cent of all residential-detached sales in August were between $150,000 and $349,999, a range of $200,000. The most active price range was from $250,000 to $299,999 at 23 per cent.
The average time on the market to sell a residential-detached home was 31 days, three days slower than last month and August 2013.
Sixty per cent of all condominium sales were from $150,000 to $249,999. The most active condominium price range was from $150,000 to $199,999 at 35 per cent.
The average time on the market for condominium sales was 41 days, a week slower than last month and six days off the pace set in August 2013.