WINNIPEG – The Winnipeg Metro Region market heated up in terms of dollar volume with a new record set for July with $437 million representing a 10% increase over July 2018. Sales of 1,440 trended upward with nearly a 5% rise over last July and only 3% shy of the best July on record in 2014.
Year-to-date sales activity of 8,263 sales shows a 4% gain over the same period last year while dollar volume of close to $2.5 billion is up more than 5% in comparison to 2018. This is the highest dollar volume reached for WinnipegREALTORS® in the first 7 months of 2019.
Helping explain the higher percentage increase in dollar volume this July are some notable increases in sales in some of the higher price ranges in condominiums and to a lesser extent, single family homes. For example, in condominiums, there were 20 sales compared to 10 last July in the $275,000 to $299,999 price range. There were 9 sales compared to 3 last July in the $375,000 to $399,999 price range and twice as many sales over $600,000 this year with one selling for $1 million. A good example in single family homes with 60 sales in the $400,000 to $424,999 price range compared to 34 in 2018 in this same price range.
One of the results of having higher-priced condominium sales the last few months is the average year-to-date sale price drawing even with 2018 at $240,000. The single family home year-to- date average sales price of $328,718 is up less than 2% compared to the same period last year.
Listings continue to exhibit strong increases on a monthly basis over last year with over a 10% jump in new listings coming on the market in July or a 15% growth in inventory with 6,083 listings available for sale going into August.
“The strong numbers in both sales, dollar volume and listings in July is a reflection of buyers taking advantage of lower mortgage rates, a fabulous choice of an abundant supply of listings, and some very attractive affordable housing options beyond just single family homes and condominiums,” said Ken Clark, president of WinnipegREALTORS®. ‘”It is also worth noting, in July the Bank of Canada lowered the rate used by the mortgage stress test to qualify for a mortgage from 5.34 per cent to 5.19 per cent.”