Real estate forecasters may be predicting market slowdowns in other Canadian centres, but there’s nothing in the cards to indicate Winnipeg’s market will be slowing down anytime soon.
The final statistics are in for June and the totals were the best ever for the month in the WinnipegREALTORS® Association’s 104-year history.
June also had the second best month of MLS® and dollar volume sales. June this year was only topped by May’s record-breaking totals that included over 1,600 MLS® sales and close to $300 million in dollar volume sales.
“Best month, best quarter or best first half of the year, whatever period you choose, 2007 is establishing new benchmarks to compare future MLS® activity in Winnipeg,” said WinnipegREALTORS® president Wes Schollenberg.
“June 2007 was the first time that a condominium sold on MLS® for over $1 million,” he added. “Last month, a condo sold for $1.25 million.”
June MLS® sales were up five per cent to 1,562 units, while dollar volume increased by 21 per cent to $281.7 million.
Up until May this year, June 2006 had recorded the highest monthly sales and dollar volume sales figures.
Year-to-date MLS® sales were ahead by eight per cent to 6,954 units when compared to June 2006, while dollar volume was up 17 per cent to $1.17 billion.
More than three out of four listings on MLS® have sold this year, a reflection of the strength of the market.
Eighty-five per cent of new listings for June were sold, and the inventory turnover for all MLS® listings during the month was 72 per cent.
The high demand contributed to 65 per cent of all listings selling at or above list price.
At 22 per cent, the highest volume of residential-detached sales in June was in the $160,000 to $199,999 price range.
Market strength was further shown as the number of homes selling above the previous price range has been steadily increasing and totalled 41 per cent in June. In fact, 11 per cent of total residential-detached sales during June were above $300,000.
Tuxedo remains the MLS® area with the highest year-to-date average residential-detached price at just over $500,000.
The most active MLS® areas for condominium year-to-date sales activity have been Osborne Village/Crescentwood and the downtown with average prices in June of $198,000 and $103,000 respectively.