WinnipegREALTORS® Press Release, May 9, 2013

WINNIPEG - Signs of spring while questionable at times in April brought more buyers out to take advantage of an MLS® inventory higher than it has been in many years. The equivalent of nearly 40 % of the 3,205 MLS® listings at the end of April sold and that is over 400 units more than what sold the previous month. While sales and dollar volume were down from April 2012, sales were still 2% above the 10-year average and dollar volume finished a strong second to last year’s highest April dollar volume of $337 million.

Another positive indicator was new listings coming on the market in April of nearly 2.100 are near the highest level for this time of year. Every indication in May with warmer sunny days enabling yard work to commence in customary fashion is the spring market has arrived in earnest.

It is important to note while active residential-detached listings are higher at the end of April than they were at the same time last year there is a marked difference in the price ranges they fall within. For example, there are 16 % fewer listings available under $250,000 in 2013 and 11% fewer under $300,000. The converse is true as well. In the $450,000 to $499,999 price range there are 45% more listings this year than 2012.

Fortunately for those buyers seeking more affordable priced listings condominiums offered more choice than last year with a 29% increase in active listings under $300,000. This improvement in more affordable housing supply translated directly into a 29% increase in condominium sales. No sales however occurred under $100,000.

As is always the case, specific MLS® neighbourhoods can be more pronounced with either fewer or more listings than the overall market number percentages so it is advisable to call a REALTOR® - a local neighbourhood expert - to fully apprise yourself of what is exactly happening in the neighbourhoods you are most interested in buying a residential-detached or condominium property.

April MLS® unit sales decreased 7% (1,245/1,346) while dollar volume fell off only 3% ($325.9 million/$337.4 million) in comparison to the same month last year. Year-to- date MLS® unit sales are down 11% (3,401/3,829) while dollar volume has decreased 5% ($876.3 million/$926.4 million) in comparison to the same period last year.

“What this month’s results confirm is a sales parameter we have observed for some time. Keeping our local market affordable with more lower priced listings is a key determinant of our sales success,” said Richard Dettman, president of WinnipegREALTORS®. “It also speaks to vendors' value expectations. Winnipeg buyers are discerning customers looking for good value in their home purchases.”

The most active residential-detached price range was the $250,000 to $299,999 price range at 23% of total sales. Interestingly enough, this is the same percentage covering off all sales under $200,000 with just 2% selling for under $100,000. For condominiums, the $150,000 to $199,999 price range remains dominant at 37% however the $200,000 to $249,999 has increased its share to 23% of total condominium sales.

The average days on the market for residential-detached property sales in April was 26 days, two days quicker than last month and the same pace as April 2012. Average days on the market for condominium sales was 29 days, two days slower than last month and 8 days faster than April 2012.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,700 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession. REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by The Canadian Real Estate Association and are used under licence.