First time August MLS® sales surpassed $200 million

For the fifth month in a row, MLS® dollar volume sales exceeded $200 million, according to the WinnipegREALTORS® Association. 

It was also the second best August for MLS® sales in the 104-year history of the association and the first time in the assocation’s history that August sales surpassed $200 million.

Because of the strong August MLS® market activity, year-to-date dollar volume sales are well ahead of last year’s pace. 

“There is no question our 1,300 REALTOR® members are rising to the challenge,” said WinnipegREALTORS® Association president Wes Schollenberg. “They are performing in a difficult market where conditions are such that sellers in many instances are in the enviable position of dictating terms.

“This increases the need for vendors to hire a REALTOR®, and buyers to have a REALTOR® to provide critical up-to-date information on market conditions and financing options to ensure buyers are being realistic in the offers they are submitting,” he added.

Besides setting a new dollar volume record for August, the month’s sales were the second best on record — second only to 2005 when there were four per cent more sales. 

Year-to-date listings entered on MLS®  are similar to 2006. But due to accelerated demand this year, the existing inventory by the end of August was down 20 per cent. Similar to the previous month, close to 60 per cent of all active MLS® listings were sold in  August.

August MLS® unit sales were up two per cent to 1,239units sold, while dollar volume increased an astounding 30 per cent to $208.8 million when compared to the same month last year. 

Year-to-date sales are up seven per cent to 9,443 units sold, while dollar volume rose 20 per cent to $1.60 billion when compared to the same period in 2006.

With the successful sales activity in

August, a 78 per cent conversion of listings to sales was maintained for the first eight months of the year. 

“Winnipeg’s housing market, which includes existing homes for sale, new homes and rental, remains extremely tight,” said Schollenberg, “and with continued strong immigration to Manitoba the conditions for a sellers’ market remains firm for the foreseeable future.”

The most active August and year-to-date price range was between $160,000 to $199,999 with 23 per cent of total residential-detached sales activity. Half of all residential-detached sales were between $100,000 and $199,999. 

The average time on market for residential-detached sales in August 2007 was 23 days, four days off last month’s pace and three days faster than August 2006.