MLS® real estate market on track to top $2 billion

Far from wilting in the heat of a Winnipeg summer, MLS® dollar volume and sales topped any July on record, and for the fourth month in a row, dollar volume surpassed $200 million, according to the Winnipeg REALTORS® Association.

July MLS® activity was also the fifth best for any month recorded in the association’s 104-year history. 

“Our fourth consecutive month of over $200 million in MLS® sales activity speaks volumes on what is happening this year,” said Wes Schollenberg, president of the WinnipegREALTORS® Association. 

“For the first time ever, no residential-detached sales were recorded under $20,000 in a month, while sales over $300,000 

almost doubled the amount recorded for the same month last year. One of these sales went for $1.025 million.”

With year-to-date dollar volume just shy of $1.4 billion and five months still to go, Schollenberg said the $2 billion mark for MLS® sales activity will probably be reached and surpassed in 2007. 

He said there is no question inventory is being depleted as over 60 per cent of the active listings available in July were sold.

July MLS® sales were up five per cent to 1,250 units, while dollar volume rose 21 per cent to $216.6 million when compared to the same month last year. 

Year-to-date sales are ahead by eight per cent from last year during the same period to 8,204 units vs. 7,593 in 2006. Dollar volume surpassed 2006’s seven-month total of $1.15 billion, reaching $1.39 billion. 

A remarkable 78 per cent of all listings entered on MLS® this year have been sold, Schollenberg added.  

“I cannot imagine someone going it alone when you see the success sellers are enjoying this year by using a REALTOR® and putting their property on MLS®.” 

The $160,000 to $199,999 price range dominated July residential-

detached MLS® sales with 26 per cent of the activity, followed by the price range between $130,000 to $159,999 at 14 per cent. 

The highest condominium sale price in July was $603,000 with the lowest going for $76,500.

The average days on market for sales in July was 24, five days off the pace set in the previous month and two days faster than July 2006.