MARCH REAL ESTATE SUMMARY

First quarter sales and dollar volume market activity are virtually the same as the first quarter of 2011. This result can be viewed positively given last year’s first quarter performance was the best in WinnipegREALTORS® history. First quarter sales are down 2% while dollar volume is up 3% in comparison to first quarter of 2011. March sales were down 4% while dollar volume as well decreased 4% in comparison to the same month last year. Keep in mind there was a real impetus last year to buy earlier than other years given the change in the amortization period from 35 to 30 years and yet we are still close in sales transacted thus far in 2012. There is a real opportunity to catch up next month as April 2011 was negatively affected by the 2011 flood where listings and sales fell off from what you would normally expect for this spring month. Going into April, there are 17% or more than 200 active residential-detached listings available for sale than was the case at the end of February. Helping increase supply was the 5% increase in new listings coming on to the market in March.

For residential-detached sales in March, the most active price ranges were from $200,000 to $249,999 and from $250,000 to $299,999 at 20% each of total sales. Next busiest price range was from $150,000 to $199,999 at 15%. The average days on market to sell for the most active price ranges was only 17 days. The average days on market for all residential-detached listings was 25 days, 3 days faster than last month and one day slower than March 2011. The average days to sell for condominiums in March was 31 days, three off the quicker pace set last month but 4 days quicker than March 2011. The most active price range by a wide margin in March for condominium sales was from $150,000 to $199,999 with 36% of total sales.

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