Wednesday, October 19, 2011
September Real Estate Summary
SEPTEMBER REAL ESTATE SUMMARY
Balmy summer weather in September created summer-like market activity which led to a third consecutive month of over 1200 sales. As a result, it makes September 2011 WinnipegREALTORS® best September ever. September 2010 was the previous best September on record. The dollar volume was impressive too as it easily eclipsed last year’s record by $30 million. With three months to go, year-to-date MLS® dollar volume stands at over $2.4 billion and MLS® sales of 10,400 are flirting with the best year ever in 2007 when there were over 13,000 MLS® sales by year end.
Call it what you will, a Jet -fueled market with our new NHL team, and exciting new developments including an IKEA, a Canadian Museum for Human Rights, a new football stadium, an expanded Winnipeg Convention Centre and a new airport opening at the end of the month, Winnipeggers are optimistic about what is happening in our city. Another undeniable factor pointed out by the Canadian Real Estate Association’s chief economist Gregory Klump is due to global economic instability and uncertainty and the increasing volatility in the stock market, interest rates are being kept lower for longer so real estate becomes an attractive alternative investment. Moreover, as CREA president Gary Morse stated in commenting on the August MLS® market results where Winnipeg clearly was one of the best performing markets bar none in the country, … “homebuyers are showing that they remain confident about the stability of the Canadian housing market, and recognize that the continuation of low interest rates represents an excellent opportunity to buy their first home or trade up.”
September sales increased 6% while dollar volume rose 12% in comparison to the same month a year ago. Year-to-date sales are up 6% while dollar volume has increased 11% in comparison to the same period last year. For sales in September, the most active price range by far was the $200,000 to $249,999 with 26% of total sales. The under $100,000 market continues to erode with only 4% of the market and the longest days to sell of 41 days. The average days on market to sell was 26 days, 2 days quicker than last month and 3 days faster than September 2010.
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