The MLS® market reached a new monthly record in May when it broke the $200-million level for the first time in the 103-year history of the Winnipeg Real Estate Board.
“Who would have thought that in only five years our over $300,000 price range for residential-detached homes would go from only six sales to 75 in May alone, with three of them selling on MLS® for over $1 million,” said WREB president Walter Boni.
“The highest home sale in 2001 was $425,000 while this year it is $1.7 million.”
Dollar volume for residential-detached sales was over $190 million with just under half of all house sales selling at or above list price.
In May, all-time monthly sales and dollar volumes were set with listings coming up noticeably as well.
With dollar volume breaking through the $200-million barrier, year-to-date dollar volume is already approaching three-quarters of a billion dollars.
May MLS® sales increased by three per cent to 1,471 units when compared to May last year, while dollar volume went up 16 per cent to $229.7 million.
Year-to-date MLS® unit sales are up one per cent to 4,920 units when compared to the same period in 2005, while dollar volume has risen 16 per cent to $744.7 million.
Listings entered year-to-date are up 11 per cent and in May there were 2,148 new listings — an increase of 15 per cent from the 1,870 in May 2005.
“ I am impressed and at the same time proud of the efforts of our 1,200 REALTORS® who I know have been extremely busy this past month providing buyers and sellers with the best service possible to accommodate the record MLS® market activity,” said Boni.
“They continue to step up month in month out at all hours of the day and week to meet the real estate needs and demands of our local marketplace.”
The price range of MLS® residential-detached sales in May were similar to April with the largest number of sales occurring in the two price ranges between $130,000 and $199,999. Together these price ranges represented 42 per cent of total sales.
The average days on market for May 2006 was 18 days, three days quicker than April and identical to May 2005.
The priciest condo to sell in May went for $455,000. There were actually two units that sold for this price on Waterfront Drive.
The average days on market for condominiums was 18 days, four days faster than May 2005.
Across Canada, existing-home sales activity surpassed all previous records for the first four months of the year in Alberta, Manitoba, New Brunswick, Prince Edward Island and Newfoundland, according to the Canadian Real Estate Association.
“Further increases in home prices and interest rates may cause resale housing activity to ease next year, but housing will remain very strong and support further price increases,” said CREA’s chief economist Gregory Klump.
“Listings for higher-priced homes are rising the most, and have made that segment of the market more balanced than it is for lower-priced homes.”
Klump also said that rising household incomes are helping to support housing affordability.
“The reduction in the GST rate to six per cent ... will (further) reduce costs associated with buying, selling and owning a home,” added Klump.