WINNIPEG – October 2011 has the second best real estate sales on record for this month. Less than 2% off the strongest sales performance ever in 2007. Year-to date dollar volume is already the highest achieved in WinnipegREALTORS® 108-year history with $2.67 billion dollars worth of MLS® sales.
October 2011 helped get the fourth quarter off to a great start with everything up in double-digit percentages. New listings rose 11%, sales were ahead by 13% and dollar volume reached 20%.
October MLS® home unit sales increased 13% (1,076/949) while dollar volume was up 20% ($256.9 million/ $214.2 million) in comparison to the same month last year. Year-to-date Multiple Listing Service® (MLS®) sales are up 7% (11,486/10,754) while dollar volume has increased 12% ($2.67 billion/$2.39 billion in comparison to the same period last year. Nearly 70 % of all MLS® listings entered on the market this year have sold thus far.
Owing to improvement in the overall number of residential real estate listings coming on the market in the last few months, inventory has improved and created a more balanced market. One indicator of this development in October is the total sales price to total listing price ratio falling under 100%. This means there is less price pressure on listings and in fact 56% of homes sold in October went for less than list price.
The average days on market to sell a residential-detached home was 29 days, 3 days slower than last month and only one day off the pace set in October 2010. The average days to sell a condominium in October was 26 days, 9 days quicker than last month and 5 days faster than October 2010.
Please feel free to call Harry Logan @ (204) 667-7653 if you have any questions about the Winnipeg Real Estate Market or if you'd like information about buying or selling a property in Winnipeg.