Here is the latest media release from WinnipegREALTORS® - Market Update for June 2013
A solid MLS® sales performance in June finished off a strong second
quarter result and brought year-to-date sales much closer to the downside risk of minus
4% factored into the annual 2013 MLS® market forecast.
No major road blocks in the way to conclude a month ranked in the second tier of Junes that edged up to the 1,500 sales level but could not go further as was the case in 2007, 2008 and 2011. Nevertheless, 2013 June sales are only off the best June ever by 5%. June dollar volume set a new June monthly record of $392 million and it helped bring year-to-date dollar volume within less than 2% of last year’s dollar volume total.
New MLS® listings rose 9% over June last year leaving an inventory going into July of close to 4,000 units for sale. You have to go back to the 90s to find this much MLS® listing supply.
“June MLS® unit sales were virtually even (1,480/1,487) while dollar volume was up 6% ($392.4 million/$369.4 million) in comparison to the same month last year. Year-to- date MLS® unit sales are down 7% (6,431/6,921) while dollar volume has dropped off less than 2% ( $1.68 billion/$1.71 billion) in comparison to the same period last year.
“If a cooler, later spring tempered the multi-year escalating Winnipeg market, our recent weather has reheated sales to equal the June 2012 statistic” said Richard Dettman, president of WinnipegREALTORS®. “2012 was one of the best years on record and repeating this mark is no mean feat.
“Looking ahead, if we can convert or turn at least 35% of our active listings to sales, which is a reasonable expectation give past market performance, then third quarter sales will be off to a very good start. Realistic pricing is an important element in attaining a high listing to sale conversion rate; it is really is a matter of our 1600 Realtors® educating both buyers and sellers as to the current market.”
An interesting observation to make after the first half of 2013 is just how well condominium sales are doing. While off to a slow start at the beginning of the year like other MLS® property types, condominium sales are now up 10 % over last year and are enjoying a better conversion of listings to sales than residential-detached properties. Listings have increased 18%. June condominium sales were not only up 11% but they clearly showed an upward swing in price range movement with 55% of all sales selling above $200,000 where last June it was only 38%.
The most active residential-detached price range in June was the $250,000 to $299,999 one at 23% of total sales. The $200,000 to $249,999 price range was next busiest at 18%. Condominium sales activity happened most frequently in the $150,000 to $199,999 price range at 31% of total sales. Another 19% of condominium sales fell within the $200,000 to $249,999 price range.
The average days on market for residential-detached sales was 22 days, the same pace as last month and 2 days quicker than June 2012. Not surprisingly, the most active price range of $250,000 to $299,999 had the lowest days on market of only 16 days. Average days on market for condominium sales was 36 days, 5 days ahead of last month and 9 days behind June 2012.