It’s time to spice up this boring blog!
We’ve been super busy with editing the site, real estate, etc lately. Now that we’re organized we plan on updating this blog often. We have big plans for this blog. We plan on adding videos, buying/selling tips, and keeping you updated with the Winnipeg Real Estate market.
One of the first things we’ll do is keep you guys updated with our listings and our activities (hopefully you guys care — if not, too bad for you!). Second, we’ll start to add videos about info on real estate and also on Winnipeg in general.
We’re also working on setting up a Facebook group and learning how to use Twitter so we can stay connected with our current clients and also future clients as well. Even though we’re pretty young, we’re not big Facebook and Twitter people which is weird because everyone else we know uses them. We’re working on changing that.
Keep checking back!
We have decided that we don’t have enough time to maintain the forums. So we are going to take it down indefinitely.
August MLS® Dollar Volume Reaches $231 million
WINNIPEG - While MLS® sales in August fell short of last year’s mark by only 17 sales and 11 % off the best sales month on record for August in 2005, this year’s August, based on prices in general being slightly better in comparison to last year, recorded its best dollar volume result ever for this month at $231 million. It also paves the way for the third consecutive year of $2 billion worth of MLS® sales activity as year-to-date dollar volume now sits at $1.75 billion.
August 2009 also saw WinnipegREALTORS® record its 8th million dollar plus home sale which is equal to the most sales ever sold in one year in this price range. It was an impressive newly built home in Waverley West that sold for $1,290,000. With four months to go, there is a distinct possibility another one or more luxury homes may sell before year end. There are currently 18 million dollar plus MLS® listings - 16 homes and 2 condominiums. The highest list price is a Wellington Crescent home going for $2,800,000.
Talking about million dollar plus home sales, the Calgary Real Estate Board sold its first $10 million home in August. It was the home of former NHL goaltender Mike Vernon.
Also noteworthy, is year-to-date sales activity in comparison to the same period last year is improving and coming within a few percentage points now of WinnipegREALTORS® January forecast. It predicted home sales would be down 5% from last year and house prices up in the low single digits as opposed to double-digits like the past six years.
August MLS® unit sales were down 1% (1,151/1,168) while dollar volume rose 6% ($231.2 million/$218.9 million) in comparison to the same month last year. Year-to-date MLS® sales are off 8% (8,620/9,392) while dollar volume is down only 4% ($1.75 billion/$1.83 billion) in comparison to the same period in 2008. Year-to-date active MLS® listings of 3,000 at month end are tracking very close to last year while listings entered on the MLS® to the end of August are at 13,000, slightly lower than 2008.
“August 2009 is looking very much like August 2008 and that is just fine by me,” says Deborah Goodfellow, president of WinnipegREALTORS®. “Both of these months rank among the best for this time of year and indicate Winnipeg’s real estate market is on a solid footing with buyers confident in moving forward in their purchase decisions. Helping this along are news reports of a national market recovery and Manitoba faring better than most other provinces in employment and GDP growth.”
“Maintaining a relatively good inventory with 3,000 MLS® listings is also ensuring more balance in our current market where there is price stability and moderation,” said Goodfellow. “With more summer-like weather returning to our province this September, it certainly cannot hurt to put buyers in a better mood to check out all the MLS® listings on the market and contact a REALTOR® if they are serious about making a move.”
One thing to keep in mind with any property is how long on average it may take to sell. There are a number of factors involved and price is by far one of the most important ones. In looking at WinnipegREALTORS® market thus far this year, there are some clear differences when you consider different price ranges. In the $500,000 and over price range, the average days on market for the 10 sales in August was 50 days. In stark contrast, for the 198 homes selling in the $150,000 to $199,999 price range, they were only on the market for 23 days. The year-to-date days on market numbers for these price ranges are almost identical to August.
For residential-detached sales, the most active price ranges were the $150,000 to $199,999 and the $200,000 to $249,999 with 24% and 22% respectively of total sales. The next most active price range at 14% of sales was from $100,000 to $149,999.
The average days on market for sales of MLS® residential-detached listings in August was 30 days, the same as last month and 5 days slower than August 2008. The average days on market for the 128 condominium units sold in August was 40 days, 7 days slower than last month and over 2 weeks off the pace set in August 2008.
34% of all condos sold in the price range from $100,000 to $149,999 and another 20% sold in the price range from $150,000 to $199,999.
WINNIPEG - July 2009 not only set a new dollar month record for this month but even edged out May 2009. This happens very rarely. Although it is worth mentioning the last time it happened was in 1997 when the flood of the century impacted May sales so the 2009 flood likely had some impact as well. July 2009 sales were only 2 per cent off the best July ever in 2008 and are well ahead of previous months of July where sales have typically been between 1,000 and 1,200. This year they approached 1,400 and that is no small feat.
Nearly one out of three home sales went for above list price and another 11% sold at list price.
Sellers market conditions were more the norm as residential-detached and condominium listings in particular are much more in line with where they were last year at this time than earlier in the year where inventory was notably higher than the same period a year ago.
The $276 million in July MLS® sales activity leaves no doubt WinnipegREALTORS® will have its third consecutive year of over $2 billion worth of MLS® sales with five months to go. Year-to-date MLS® sales activity already totals $1.5 billion.
July MLS® unit sales were down 2% (1,373/1,407) while dollar volume was up 3% ($276.6 million/$269 million) when compared to the same month a year ago. Year-to-date MLS® sales have decreased 9% (7,469/8,224) while dollar volume is off less than 6% ($1.51 billion/ $1.60 billion) in comparison to the same period last year. The number of MLS® listings entered on the MLS® this year is just shy of last year’s July end total of 11,448 listings.
“We have now had two really solid back to back months of MLS® sales and dollar volume activity,” said Deborah Goodfellow, president of WinnipegREALTORS®. “The only reason we are not talking about big percentage increases in sales similar to other Canadian markets now is we never experienced the same significant sales declines a year ago. While there is more news being reported on the Canadian economy recovering from a recession, Manitoba has been very resilient throughout this period and withstood any serious impact from an economic downturn.”
High consumer confidence coupled with good affordability in part due to favourable mortgage rates continues to create a sound resale housing market here. The extremely tight rental market is also pushing new immigrants and other Canadians moving back to Winnipeg into buying a home when they may opt to rent initially.
For residential-detached sales, the most active price ranges were the $150,000 to $199,999 and the $200,000 to $249,999 with 24% and 22% respectively of total sales. If you then include the next lowest price range of $100,000 to $149,999 and the next highest price range of $250,000 to $299,999 you capture 73% of all sales in the month of July. The highest sale price in July was $767,000 while the lowest sale price was $10,900. The average days on market for sales of MLS® residential-detached listings was 30 days, 5 days slower than last month and July 2008.
If you look at condominium sales activity, over 70% of the sales in July were under $200,000, with 42% happening between $100,000 to $149,999. The highest condominium sold for $460,000 while the lowest went for $32,000. The average days on market for a condominium sale was 33 days, 4 days slower than last month and 2 weeks off the quick pace set in 2008. Year-to-date condominium sales are actually up 8% over the same period last year.
Established in 1903, WinnipegREALTORS® is a professional association representing over 1,500 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 license.
We finally were able to fix the problems with forum. People will be able to register and posts with no problems. To visit, click on the link: Winnipeg Real Estate Forum
June Sales Fall Just Short of 1,500
WINNIPEG - Home buyers responded in a big way to low interest rates and a good selection of affordable homes to make June 2009 the third best June on record for sales and the second highest for dollar volume. It is only eclipsed by the previous two record years where sales in June respectively were higher, but by less than 5 per cent. As for dollar volume, June 2009 is only the third time in WinnipegREALTORS® 106-year history where dollar volume for the month has exceeded $300 million. Only May 2008 and June 2008 are higher. Helping propel dollar volume to over $311 million this June were three million plus home sales.
While overall MLS® inventory remains up 22% at the end of June in comparison to the same time last year, conversions of listings to sales are improving as evident from a number of City of Winnipeg MLS® areas. The average days on market for the sale of residential-detached properties has decreased monthly with it only taking 25 days in June. Compare this statistic to over 40 days in January 2009 and not less than 30 days until last month where it was 27 days. It is also worth noting the REALTORS® Association of Edmonton which had its best June residential sales ever this year were pleased to announce their average days on market dropped to 49 days in June from 60 days or more earlier this year. This development in their words was an indication of ‘buyer enthusiasm’ so Winnipeg is doing extremely well at less than four weeks.
June MLS® unit sales were down less than 5% (1,490/1,562) while dollar volume decreased less than 2% ($311.2 million/$316.9 million) in comparison to the same month last year. Year-to-date MLS® sales have declined 10% (6,096/6,817) while dollar volume is off 7% ($1.24 billion/$1.34 billion) in comparison to the first half of 2008. The number of MLS® listings entered on the MLS® this year are up less than 2% at over 9,700 listings.
For residential-detached sales, the most active price ranges were the $150,000 to $199,999 at 26% and the $200.000 to $249,999 at 21%. If you combined these two price ranges with the next higher one, from $250,000 to $299,999, this represents 61% of all residential-detached sales in June. The average days on market for sales of MLS® residential-detached listings was 25 days, two days quicker than last month and six days off the pace set in June 2008.
“June 2009 resulted in one of Winnipeg’s best real estate months ever and that is in part due to consumers regaining their enthusiasm for Winnipeg real estate opportunities,” said Deborah Goodfellow, president of WinnipegREALTORS®. “Our house prices remain affordable especially in a low interest rate environment and with a better supply of listings than the last few years.”
One notable difference when comparing home sales for the fist six months this year to the same period in 2008 is a softer first time home buyer market. This is evident when you look at sales under $200,000 where first time buyers are most active. Sales are down 18 % in comparison to 2008 whereas when you examine sales over $200,000, they are only down 3% over last year.
One opportunity WinnipegREALTORS® strongly suggested to the provincial government earlier this year in its 2009 budget preparation was to seriously consider bringing in a first time home buyer exemption on the cash rich land transfer tax that is levied on all property purchases in Manitoba. First time buyers have trouble enough coming up with the necessary closing cost dollars without being encumbered by an unjustified provincial home buyer tax. In markets like Edmonton and Vancouver where they are seeing a resurgence in the first time home buyer market, there is no land transfer tax in Alberta and a complete first time home buyer land transfer tax exemption exists in B.C. for any purchase price up to $425,000. There is no land transfer tax in Saskatchewan.
“We will continue to urge the provincial government to modify the land transfer tax as it is a home buyer tax that generates revenue well in excess of anything that can be justified”, said Goodfellow.
Finally, it is interesting to observe that the over $500,000 home market is down substantially from last year with sales off nearly 30%. As part of WinnipegREALTORS® proposal to adjust the provincial land transfer tax, it suggested it should be capped at $500,000.
Established in 1903, WinnipegREALTORS® is a professional association representing over 1,500 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.
From the WinnipegREALTORS® Press Release:
MAY MLS® SALES OFF PEAK PERFORMANCE
- - -
MLS® Sales and Dollar Volume Drop 13 %
WINNIPEG - Sales in May 2009 were more restrained than the last few years but that does not mean the MLS® market performed badly. It just indicates the market has come back down to earth and is more balanced compared to the heady run Winnipeg enjoyed over more recently in May. Going back to 2005, May kicked off a three year streak of best May’s ever and some of WinnipegREALTORS® best months on record. May 2007 is the only month where sales have eclipsed 1,600. May 2008 fell back under 1,600 with sales of 1,564 but is still tied with June 2008 for the second best MLS® sales month ever in WinnipegREALTORS® 106-year history.
May 2009 market activity still resulted in the fifth best May for sales and the third highest for dollar volume, only beaten out by the last two banner years where for the first time, WinnipegREALTORS® had year end dollar volumes of over $2 billion. With year-to-date dollar volume down just 9 % this year, there is every possibility 2009 could usher in a third consecutive $2 billion year but too early to tell for sure.
There are a few good indicators of how the MLS® market has come off boiling to simmer. In May 2008 57% of residential-detached properties sold for above list price where this May it was 37%. Condominium above list price sales was well off its 57% level achieved last year too. Reflective of less multiple offer activity and strong bidding wars is the fact the average residential-detached selling price in comparison to the average residential-detached listing price in the City of Winnipeg was up 1 per cent this year where 2008 it was ahead by over 6 per cent. The average days on market too have slipped back from less than three weeks in May 2008 to 27 days in 2009. Given the much improved housing inventory compared to last year and the less frenetic pace of the spring market this year, conversion of residential-detached listings to sales fell from an outstanding 80 per cent in May 2008 to only 53 per cent in May 2009.
May MLS® unit sales were down 13% (1,367/1,564) while dollar volume as well declined 13% ($278.3 million/$319.7 million) in comparison to the same month last year. Year-to-date MLS® unit sales are off 12% (4,606/5,253) while dollar volume has decreased 9% ($928.34 million/$1.02 billion) in comparison to 2008. MLS® listings entered on WinnipegREALTORS® predominant residential database are up 3% (7,624/7,426).
“These May results are nothing to be discouraged about as are more symptomatic of a market where sellers have to be more realistic about their price expectations while buyers are less inclined to jump at the first available opportunity to place an offer on a property,” said Deborah Goodfellow, president of WinnipegREALTORS®. “It is also a market that is quite varied in demand depending on the neighbourhood and price range of the homes you are in. The best advice I can give you is talk to your REALTOR® about your own situation whether you are buying or selling.”
“I should also add that we are seeing quite a divergence in the percentage increases or decreases this year in MLS® property type activity,” said Goodfellow. “For example, year- to-date home and condominium sales are at the opposite end of the same percentage. Homes are down 12 per cent while condominiums are up 12 per cent.”
Looking ahead to June WinnipegREALTORS® remains optimistic MLS® sales activity will remain solid given factors such as Manitoba’s favourable employment picture relative to the rest of the country. Statistics Canada just reported Manitoba tied with Saskatchewan as having the lowest unemployment rate in the country at 4.9 per cent. Winnipeg actually saw its unemployment rate drop in May to 4.8 per cent from 4.9 per cent in April. No wonder a Probe Research survey in March showed the vast majority of Winnipeggers are positive about the future of the local economy. Housing affordability remains attractive too with mortgage rates being at historical lows and house prices stabilizing due to a more balanced market and less pent up demand.
For residential detached sales, the most active price ranges were $200,000 to $249,999 and the $150,000 to $199,999. They represented respectively 23% and 22% of the total sales activity. The under $100,000 market is shrinking is it represented only 8% this month. The average days on market for sales of MLS® residential detached listings was 27 days, 4 days quicker than last month and a week off the fast pace set in May 2008.
Established in 1903, WinnipegREALTORS® is a professional association representing over 1,500 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.
A lot of people ask me this question. I usually have the same answer: Realtors know real estate.
If you have never done sold your home before, I would strongly suggest you use a Realtor. It seems pretty easy from the outside, but selling your home is more than just sticking up a for sale sign on your yard or putting your ad in the paper or a website. It requires financial resources, a considerable amount of time, and knowledge. Knowledge of the market, legal mambo jumbo, and marketing.
Your home is probably one of the biggest investments of your life and it also involves your family. Why would you risk such a big investment? You will most likely get the best results from a skilled real estate professional. Realtors know what will sell, why it will sell, and how to make your home sell.
Realtors have access to thousands of potential buyers through advertising and the MLS. Major real estate companies have referral networks nation wide and that exposes your home even more! How many people do you think will see your lawn sign? Wouldn’t you agree that maximum exposure = the highest price?
But the commissions are so high you say. Well lets take a look at what is included in the commission. You first have the skill and experience that Realtors possess. It also covers all the advertising expenses as well. And think of it this way, if the house does not sell, you dont pay a dime! That’s something that does not happen when you spend your marketing dollars when you try to sell privately.
I wont touch on it much here but there are also the legal ramifications that can happen if you don’t pay attention to the legal stuff. There are countless stories of private sales that have resulted in TENS of thousands of dollars in damages and litigation. Good Realtors are very detail oriented and know how to avoid these HUGE problems.
It all comes down to the two factors of money and peace of mind. If you try to sell your own house you’ll find it can turn into a full time job. And even if it doesn’t take up all your time it will certainly take up all your spare time. You have to ask yourself, “Am I able to learn the real estate business overnight? Am I willing to spend a considerable amount of money that might not result in a sale? Can I allocate the necessary time from my schedule? Am I willing to surrender my privacy?”
People use the services of professionals all the time that they feel is overpriced. People can do their own taxes, but they still hire accountants or go to a place like H&R Block. When people go to court, they usually hire a lawyer. They can do all these things on their own but they choose not to. Same reasoning applies to hiring property managers to manage rentals, hiring painters, any renovation trade, wedding planners, and the list goes on.. It is because people pay for the talent, skill, experience, and knowledge that those professionals possess. It is the same thing with real estate.
Despite the low interest rates, the housing market is not as strong as it was last year. Despite the drop though, there are still lots of houses that are selling for more and having multiple offers.
Taken from the Winnipeg Realtors Press Release:
April MLS® unit sales are down 15% (1,150/1,355) while dollar volume is down 12% ($239.5 million/$272.6 million) in comparison to the same month last year. April 2009 still resulted in the second highest dollar volume month on record for April and even sales rank among the top ten best Aprils. Year-to-date MLS® sales have decreased 12% (3,239/3,689) while dollar volume is off 7% ($650.0 million/$701.4 million).
For residential- detached sales, the most active segment of the MLS® market in April was the $150,000 to $199,999 price range with 24% of total sales. Next most active price range was $200,000 to $249,999 at 21%. 45% of the residential-detached sales in April were at or above list price.
Average days on market for residential-detached sales in April was 31 days, 1 day behind last month and 9 days off the fast pace set in April 2008.
After a few months of downtime. Our website is finally up! We have a lot of new things that we are very excited about. I’ll go over the new features of our website and hopefully it’ll be a lot more useful to visitors of our site.
1 . New Design - We decided to have a more young, modern, fresh look while still maintaining a professional image.
2. Winnipeg Real Estate Forum - After many emails from people visiting the site, we decided to have a forum so that everyone can post their questions on the site and then have future visitors be able to read them. We want to build a community so that everyone in Winnipeg can make informed decisions when they want to buy and sell real estate. One of the other things we wanted to establish with this forum was to try to build an online community so that everyone can share their thoughts and ideas.
3. This blog. We are planning on blogging about Winnipeg Real Estate as well. Here we’ll post what’s going on in the Winnipeg Real Estate community as well as our opinions on various topics.
4. Last, but not least, we are putting up an “Information Center” and placing articles on everything real estate - from financing to renovations. I hope this will be a useful resource for you.
Any questions, comments, or concerns about our new site are welcomed. Please email or post a comment if you have anything to say. We value your feedback!
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