Safe bet dollar volume sales will surpass $2 billion this year

The Winnipeg REALTORS® Association recorded the best June on record for MLS® dollar volume sales in its 105-year history, while the final MLS® sales total was identical to the record established during the same month last year.

The results in June were the second best ever for MLS® sales and dollar volume with only May 2007 surpassing the month in sales and May this year nosing out June for the record in monthly dollar volume.

WinnipegREALTORS® president Darlene Clare said the $317 million in sales recorded during June put the year-to-date total for dollar volume over $1.3 billion, which makes it a safe bet that dollar volume will surpass $2 billion by the end of the year.

“There’s nothing like two consecutive months of exceptional MLS® sales activity,” she added. “Over $1.3 billion in sales activity by the end of June is a wonderful performance by MLS®.”

Year-to-date dollar volume increased by 13 per cent over the first half of 2007.

Last year was the first time in the history of the association that MLS® sales topped $2 billion.

“Our year-to-date numbers for the first six months are well aligned with our 2008 market forecast made at the beginning of the year,” Clare added.

Clare said the dollar volume figure recorded in June was aided by the sale of two homes for over $1 million.

Clare pointed out that listings have noticeably increased which contributes to a more balanced overall real estate market. New listings for June were up 16 per cent over the same month in 2007, while heading into July, active listings (current supply of available properties on MLS®) were up 28 per cent. It was the second month in a row that new properties entered on MLS® exceeded 2,100 listings.

“As was predicted earlier in the year,” said Clare, “price increases on a month-by-month basis are now starting to level off as new listings begin to meet demand.

“But there was still considerable demand in the marketplace with two out of every three properties selling at or above list price.” 

She said the demand led to a slight increase in the average residential-detached sale price in June to $217,292.

The most active price range from $160,000 to $199,000 was responsible for 24 per cent of all MLS® sales in June, followed by the over $300,000 price range with 14 per cent of sales.

The most active condominium price range was from $120,000 to $149,999 with 33 per cent of total sales. One condo sold for $700,000 in June.

MLS® residential-detached listings averaged 19 days on the market before being sold, which was one day quicker than the same month in 2007. The average for condominiums on the market before being sold was 21 days.

“There may be more choice on the market,” said Clare, “but everyone’s situation is unique. Considerations depend on type, condition, price range, location, and differing supply and demand of properties within specific neighbourhoods.

“Only REALTORS® have the knowledge about local conditions to advise a seller how to maximize the outcome on a property and for a buyer to make a reasonable offer on a property,” she added.