Solid December closes out a successful year of MLS® sales activity
WINNIPEG - A solid result in December of 635 MLS® unit sales and a dollar volume over $179 million capped off a successful year in 2017.
Actual percentage differences in comparison to December 2016 were relatively modest but positive with sales up 3%, dollar volume rising 7% and listings increasing 8%. All MLS® property types performed exceptionally well in December with only residential-detached experiencing a drop of 8% in sales. A total MLS® inventory of 2,851 listings is available for sale as 2018 begins.
2017 finished up strong with a total of 13,525 sales, down less than 1% from the record year of 2016 where 13,632 sales were transacted. A new annual dollar volume record was set in 2017 with $3.92 billion worth of MLS® sales – an increase of close to 4% in comparison to 2016.
When asked for his insight on 2017, outgoing WinnipegREALTORS® president Blair Sonnichsen said, “Considering tougher mortgage qualification requirements were in effect for insured mortgages, two Bank of Canada interest rate increases were brought in, and impact fees were imposed by the City of Winnipeg on new residential development, we are particularly pleased with our MLS® market performance. This indicates to me our REALTORS® worked diligently with mortgage brokers and financial institutions to overcome any challenges clients may have encountered in this regard. REALTORS® as a result were able to conclude nearly as many sales as they did in our record year of 2016.”
A byproduct of 2017 which has been noted before, is the many affordable options available to buyers in the WinnipegREALTORS® market region. It became very apparent early on in 2017 that buyers were making adjustments within certain property type categories or between them to attain their dream of acquiring a place to call home.
“Within the many neighbourhoods of Winnipeg or the outlying rural municipalities in the capital region, buyers made informed choices and took advantage of one of the most affordable residential real estate markets in the country, “said Sonnichsen.
2017 was a year where stronger move up market activity helped offset some drop off in the first-time buyer price ranges for single family homes. One clear example of higher end sales gaining ground over 2016 was the fact there were 45 million dollar plus homes sold in comparison to 30 in 2016. Even condominiums saw a spike in million dollar plus sales with 6 compared to none in 2016.
More move up sales activity in 2017 was a contributing factor in lifting the annual average sale price upward for both residential-detached and condominium property types. The residential-detached average sale price went from $302,726 in 2016 to $315,720 in 2017. The condominium average sale price rose over $9,000 to $244,687 in 2017.
Residential-detached average sale prices for the MLS® zones of Winnipeg and rural municipalities outside the city show price gains over 2016 with only Winnipeg North decreasing slightly.
The southwest zone eclipsed an average sale price of $400,000 in 2017 for the first time. When you have over 300 sales in one MLS® area (Waverley West) in this zone having an average sale price of $546,664 you know it will skew the entire zone’s average sale price higher. This MLS® zone also includes Tuxedo which had an average sale price of $853,378.