October is no longer a sleeper month in terms of real estate sales, said WinnipegREALTORS® Association president Wes Schollenberg.
“It’s all good news,” he added.
“When 106 MLS® listings come on the market and 99 sell, that’s huge.
“The sales-to-current listings ratio is 86 per cent — it has never been higher.”
Schollenberg said agents are still receiving multiple offers on many MLS® listings throughout the city.
He said 58 per cent of all MLS® homes sales in October were at or above list price.
The “frenzy” of selling has resulted in the MLS® market reaching the $2 billion mark on November 2. It’s the first time in the 104-year history of WinnipegREALTORS® that there have been $2 billion in sales.
To-date, dollar volume is up a staggering 21 per cent over the same period in 2006.
“And remember, it was only in 2002 that MLS® sales reached $1 billion for the first time.”
Contributing to the dollar volume total has been four homes selling for over $1 million this year. One 4,800-square-foot home along the riverfront in St. Vital for just under $1.24 million, which was $86,000 over the list price.
October had $210 million in dollar volume sales, the best performance for an indivdiual month since July when dollar volume reached $216 million, the president said.
Schollenberg expressed surprise at the strength of traditionally weak neighbourhoods in the North End, Elmwood, West End and downtown.
“The average home price year-to-date in Elmwood is up 23 per cent over last year to $100,000 — that’s a big number.
“In Wolseley, it’s up 17 per cent to $189,000. In the Spence neighbourhood, it’s up 21 per cent to $84,000.
“And in the very core of the downtown — the real inner city — the average price is up by nearly 35 per cent to $60,000, which is really remarkable.
“And a North End home averaged just 10 days on the market, the same timeframe as in the West End.”
In comparison, the average price in Linden Woods is up 12 per cent to $356,000. In River Heights it’s up 10 per cent to $164,000 and it’s up 17 per cent in Tuxedo to $510,000.
Scollenberg said one unexpected finding was that the average price in East St. Paul declined four per cent.
“Most sales are now in the $100,000 to $200,000 range,” said Schollenberg. “In fact, 51 per cent were in that price range in October, while the $100,000 and under price range has really shrunk and accounted for only 20 per cent of the sales in October.”
Just a couple of years ago, more than half of all MLS® listings would have been in the under $100,000 price range, he said.
October was also a strong month for the condominium market, Schollenberg added.
“Fifty-six per cent of condos are selling at list price or above, which is surprisingly high since a lot of the condo projects haven’t been completed.”
Condos were selling quicker in October than single-family homes, according to WinnipegREALTORS® figures.
“The homes that are selling are well- prepared and presented and exposed to a lot of agents through MLS®,” Schollenberg commented.