Thursday, November 17, 2011
October Real Estate Summary
OCTOBER REAL ESTATE SUMMARY
2011 has clearly become a surprisingly consistent and impressive string of solid sales months. October is no exception being second only to 2008 for the best sales on record for this month. 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 MLS® sales increased 13% while dollar volume was up 20% in comparison to the same month last year. Year-to-date MLS® sales are up 7% while dollar volume has increased 12% in comparison to the same period last year. Nearly 70 % of all MLS® listings entered on the market this year have sold thus far.
One factor in the strong market is the continuation of very attractive mortgage rates in combination with uncertainty around alternative investments such as the stock market. Improvement in the overall number of listings coming on the market in the last few months 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.
For sales in October, the most active price range was from $200,000 to $249,999 with 23% of total sales. The immediate price ranges below and above this one were in a virtual deadlock with 17 and 18% respectively of total sales. October 2011 had one house sale for $1,750,000 in St. Germaine and another million dollar home sell in Fort Garry. The average days on market to sell a home was 29 days, 3 days slower than last month and only one day off the pace set in October 2010.
I am available at anytime to discuss the Real Estate market. Get the FACTS. Whether buying, selling or if you just have questions, call me. I would be pleased to assist you, your friends or your family with your Real Estate needs.