July sales dip slightly over previous years, but year-to-date sales holding their own

July MLS® sales finished slightly above the 10-year average of 1,330 units for the summer month, according to the month-end report released on August 3 by WinnipegREALTORS®.

However, the association reported, the July total fell short of the nearly 1,500 sales during the record year of 2014.

For the same month last year, there were close to 1,400 in total sales.

“WinnipegREALTORS® experienced its strongest sales result ever for June and the first six months of this year,” said Stewart Elston, the association’s president, “so to start off in a more restrained fashion for July is no cause for concern.

“The summer months are never as busy as the spring months, which isn’t surprising given Manitobans’ penchant to take advantage of our glorious weather and all the seasonal activities that comes with it,” explained the association president.

“Despite an average July sales performance,” said Peter Squire, the association’s market analyst and author of the report, “year-to-date MLS® sales activity is ahead of any previous year with five months to go before year-end.”

Both new listings coming onto the market in July and year-to-date inventory at the end of the month were down eight per cent, according to the association’s month-end report for July.

“Yet, the number of available listings is considered to be elevated when compared to the 10-year average,” said Squire.

“For example, the 5,291 MLS® properties listed on the market for August is up 28 per cent over the 10-year average.”

MLS® sales of 1,350 in July were down three per cent from July of last year, while dollar volume in July fell short of the same month last year.

Year-to-date MLS® sales were up seven per cent and dollar volume increased by nine per cent when compared to the same seven-month period in 2015.

“Given the runaway dominance of residential-detached houses, with 74 per cent of total sales, and condominiums well behind, but still over 12 per cent of all MLS® sales,” commented Squire, “other property types comprise far less market share and consequently are all in the low single-digits.

“Having said that, it should not detract from how well other property types are doing in comparison to 2015,” he added.

With the exception of rural and duplex classified property types, which are only keeping pace with last year,” according to the association’s report, most other MLS® property types are experiencing double-digit increases.

Vacant land with buildings was up 155 per cent, townhouses were up 93 per cent, mobile homes were up 25 per cent, commercial properties rose by 24 per cent, vacant land was up by 18 per cent and resort properties rose by 12 per cent.

“We always caution buyers to look beyond the headlines and dig deeper when it comes to their specific interests in the local real estate market and this applies to all property types,” said Elston.

“This year is showing real strength and growth in the lower profile property types, so it shows that buyers are also calling their REALTORS® about other property types beyond just the traditional home or condominium.”

The most active price range for residential-detached sales in July was from $250,000 to $299,999 with 22 per cent of all sales.

Fifteen per cent of sales activity was from $200,000 to $299,00, followed by the $300,000 to $349,999 price range with 14 per cent of total sales.

The highest price paid for a residential-detached home in July was $1.275 million, while the lowest price paid was $15,000.

It took an average of 30 days to sell a home, which was three days quicker than in July 2015.

The most active price range for condominiums in July was between $150,000 and $199,999, which accounted for 34 per cent of sales.

The second busiest price range for condos was from $200,000 to $249,999 with 19 per cent of the total for this property type.

Only seven per cent of condo sales in July were over $350,000.

The highest price paid for a condo in July was $889,000.

The average period for a condo on the market was 44 days, which was three days slower than in July 2015.