For sale signs popping up across the city, so it’s a good time to buy a home
If your wish list for Christmas includes a new home, it’s definitely the right time of year to jump into the market, according to new statistics released by the WinnipegREALTORS®.
For sale signs have been continually popping up across Winnipeg and the surrounding municipalities.
“There is clearly a window of opportunity for home buyers,” said the association’s president David Powell, “since so many properties are now available on the market.
“Let’s not forget how favourable interest rates remain with Bank of Canada governor Stephen Poloz keeping the benchmark overnight rate at one per cent.”
The statistical report indicted that there were 4,000 MLS® listings available as of the end of November.
Peter Squire, the market analyst for WinnipegREALTORS®, said this year has been extremely active for MLS® listings with a 20 per cent gain over 2013.
Furthermore, new listings on the market climbed six per cent last month when compared to the same month last year, he added.
“Based on the average number of listings remaining for sale at the end of November over the last 10 years,” said Squire, “there are approximately 1,500 more MLS® listings available for sale this December.”
Squire said the increased number of listings has created buyers’ market conditions.
An indication of such a marketplace is that only 12 per cent of all residential-detached sales in November sold for above list price, while 80 per cent sold for below list price.
In the case of condominiums, 14 per cent went for above list price, while 72 per cent sold for below list price.
“Supply is still carrying the day — over 22,000 MLS® listings have been entered this year — with demand lagging somewhat behind,” he commented.
“Buyers now have more choice to find the perfect home before year-end,” said Powell.
But he cautioned that not all MLS® areas in Winnipeg have an excess inventory.
“A prime example is Windsor Park where there were only three active residential-detached listings at the end of November after nine sales in the last month,” said Powell.
“Fort Richmond mirrored Windsor Park with only three active listings going into December and 10 sales during November.”
November MLS® sales were right around the 10-year average of 828 units sold.
MLS® sales during November were down less than four per cent when compared to November 2013, and year-to-date sales are less than one per cent off the pace for the same period in 2013.
“Year-end MLS® are likely to finish the year as the fifth best on record,” predicted Squire, “while MLS® dollar volume will once again reach a new all-time record high of close to $3.4 billion in total sales.”
The statistical report indicated that condominium sales rebounded in November, with an increase over the same month last year of 19 per cent.
It was reported that the highest price obtained for a condo in the 111-year history of the association was achieved last month. The condo on Wellington Crescent sold for $1.75 million.
The previous high was in 2009 when a condo sold for $1.5 million.
Most of the condo sales this year have been in Osborne Village, while other areas showing strength have been the downtown, Tuxedo and the large MLS® area encompassing Royalwood, Island Lakes and Southland Park.
On the other hand, residential-detached sales were down five per cent when compared to the same month last year.
“When you examine the different quadrants of Winnipeg and the outlying rural municipalities,” said Squire, “rural residential-detached homes led the way with nearly one-in-four sales, and the southwest quadrant of Winnipeg was second with 20 per cent, or one-in-five sales.”
Overall MLS® sales — all property types — in November decreased by less than four per cent and dollar volume was down less than one per cent in comparison to the same month in 2013.
Year-to-date dollar volume by the end of last month was up nearly three per cent to $3.26 billion.
“Consult a REALTOR® for the best advice on current market conditions,” advised Powell.
This Article was in the Winnipeg Real Estate News as of December 5,2014