Winnipeg Housing Market for September 2008

BEST SEPTEMBER MLS® PERFORMANCE EVER

Contrary to Media the Winnipet MLS® Sales are actually Up 3%; With the Dollar Volume Rising 16%

The Winnipeg MLS® market continues to show resilience in the

face of a national real estate market adjustment as it recorded its best September

ever. This should not come as a surprise given a recent forecast from the

Conference Board of Canada indicating Winnipeg will be one of the nation's

leading economic performers in 2008. It forecasts real economic growth of 3.3 per

cent. One significant factor helping the local housing market is the continual influx

of new immigrants and decrease in out-migration.

This was clearly one development that led WinnipegREALTORS® to remain

optimistic in its 2008 forecast to call for a repeat performance of another excellent

year of MLS® sales activity and more pressure for another price jump. In fact, with

still three months remaining, WinnipegREALTORS® has reached the $2 billion

milestone in sales volume for the second year in a row and in the quickest time on

record.

One notable trend in the last few months that is worth highlighting again in

September is the significant improvement in inventory. Active listings are over

3,000, an increase of 44 per cent over the same time last year, and the close to

1,800 new listings entered on the MLS® is up 22 per cent over September 2007.

September MLS® unit sales were up 3% (1,097/1,060) while dollar volume

increased 16% ($204.9 million/$177.1 million) in comparison to the same month

last year. Year-to-date sales are in a virtual deadlock with last year's record sales

pace (10,489/10,503). Dollar volume has risen 14% ($2.03 billion/$1.78 billion) to

eclipse the $2 billion mark in record time.

"There is more evidence of a less hectic market with things settling down compared

to earlier in the year," said Darlene Clare, president of WinnipegREALTORS®. "It

is the MLS® market statistic we monitor every month which shows one in three

homes selling in September went for above list price when it would have been at

least one in two homes in the busiest spring months."

Clare added, "The increase in listings is providing relief to buyers who now have

more choice than before. Whether buying or selling, a REALTOR® should be

enlisted to advise on changing market conditions and competitive pricing."

For residential-detached sales, the most active price range was from $160,000 to

$199,999 with 24 % of total sales. Next busiest was the $130,000 to $159,999 price

range at 14%. The average days on market for sales of MLS® residential-detached

listings was 26 days, one day slower than last month and 3 days off the pace set in

September 2007.

Reprinted with permission from Winnpipeg Realtors.