Winnipeg Real Estate Market MLS Statistics for February 2011 - The Temperature is COLD But the Real Estate Market is HOT, HOT, HOT!!!Harry Logan (RE/MAX executives realty)
WINNIPEG - Manitoba Merv saw his shadow and predicted 6 more weeks of winter. If you're a seller - you can only hope we have 6 more weeks of real estate market like we did in February!
Despite the unseasonably cold February, 1,313 sellers put their houses on the WinnipegREALTORS® Multiple Listing Service® in the month (up 12% from last February) ... and 781 sellers sold their properties through the MLS® (up 10% from February 2010).
As a result of 1313 new listings being added in the month - the listing inventory available for sale in Winnipeg rose to 2,450 units - up 16% from last year's inventory. So there are more houses to choose from for buyers - the second highest inventory of resale homes in the past 5 years.
And with all those sales and home values escalating - the dollar volume for the month is also up 14% from last year at $171 million - and last February was a record February for dollar volume!
With great February numbers, the impact on year-to-date is nothing but positive. Listings in January and February are up 14% from the first two months of 2010. 2,454 homes have been listed on Winnipeg's MLS® since the start of the year, and there have been 1,347 sales - up 12% from last year.
Dollar volume is already at $296 million - up 17% from last year's two month activity.
20% of all residential detached sales were under $150,000. On the upper end of the scale, 22% of the sales were above $300,000 (including 5% over $500,000).
That leaves 58% of the residential detached market selling between $150,000 and $300,000. (22% between $150,000 and $200,000. 20% between $200,000 and $250,000. 16% between $250,000 and $300,000.)
And days on market for residential detached dropped to 26 days - 3 days fewer than February 2010.
The condominium market is healthy as well. There were 96 condo sales in February - 20% were under $150,000 ... 18% were over $250,000 ... 62% were between $150,000 and $250, 000. Days on market for condominiums averaged 24 days compared to 29 days last February.
The highest priced condo sale in February was $383,000 and the lowest priced was $72,000. The highest priced residential detached sale was $880,000 and the lowest was $25,000.
WinnipegREALTORS® president Ralph Fyfe reported on the positive February and year-to-date numbers. Fyfe said, "We never put too much stock in one or two month's numbers. We wait for the results of a quarter or two to start to try to identify trends. But this year's February numbers and year-to-date stats seem to be an early confirmation of what our analysts predicted in our January forecast breakfast for 2011.
"In January our forecasters predicted home sales will increase 0-2% over last year, Home prices will be up 7-9% (condos up 6-8%) and total dollar volume will increase 9-11%. January and February activity has certainly pointed us in that direction."
About the Author:
Harry Logan is a REALTOR with RE/MAX executives realty in Winnipeg, Manitoba, Canada. Harry represents Buyers & Sellers in all aspects of buying and selling residential real estate and commercial real estate in Winnipeg, Manitoba and the surrounding areas.