The best September on record shows the resilience of the Winnipeg real estate market in the face of downturns occurring in other Canadian markets.
Winnipeg is bucking the trend of a retreating market now in existence in Western Canadian cities such as Calgary and Edmonton.
The WinnipegREALTORS® Association said the Winnipeg market’s strong performance is not surprising. The Conference Board of Canada has forecast Winnipeg will have one of the nation’s leading economic performances in 2008 with a projected growth of 3.3 per cent.
September MLS® sales were up three per cent to 1,097 units when compared to the same month in 2007, while volume volume increased 16 per cent to $204.9 million.
Year-to-date sales were in a virtual deadlock with last year’s record pace with 10,489 unit sales. Dollar volume has risen to $2.03 billion, a 14 per cent increase over the same period in 2007.
WinnipegREALTORS® president Darlene Clare said signs are emerging that Winnipeg’s market is becoming “less hectic.”
“The MLS® statistics we monitor every month show one in three homes sold above list price in September, while at least one in two homes would have sold above list price during the busiest spring months,” she added.
WinnipegREALTORS® reported an increase in listings. There were 3,000 active listings at the end of September, an increase of 44 per cent over the same period last year. Close to 1,800 new listings were entered on MLS® in September alone, which was a 22 per cent increase over September 2007.
“The increase in listings is providing relief to buyers, who now have more choice,” said Clare.
During September, the most active price range was from $160,000 to $199,999 with 24 per cent of all sales. Next was the $130,000 to $159,999 price range with 14 per cent of all sales.
On average, a residential-detached home spent 26 days on the market, one day slower than the previous month and three days off the pace set in September 2007.
Clare said the changing market conditions and more competitive pricing makes it beneficial to enlist the aid of a REALTOR® when buying or selling.