Winnipeg’s housing sales were up by 47 per cent in September compared to the same time last year.
According to new numbers out of WinnipegREALTORS, sales reached an all-time high of 1,777 last month, compared to 1,211 in 2019.
There was also a 57 per cent increase in sales dollar volume compared to September 2019, reaching more than half a billion dollars in September 2020.
WinnipegREALTORS noted the fact that dollar volume saw a steeper percentage increase than housing sales has to do with accelerated sales activity and the depletion of listings. The number of active listings in Winnipeg at the end of September was 3,942, which is down 34 per cent from 2019.
“We are witnessing unprecedented times and certainly our third quarter sales activity of over 5,500 sales is unrivalled from any previous quarter in WinnipegREALTORS history,” said Catherine Schellenberg, president of WinnipegREALTORS, in a news release.
“For comparison sake, last year’s third quarter performed exceptionally well and there were fewer than 4,100 sales.”
Year-to-date numbers have also seen a notable increase, with sales activity up nearly 13 per cent and dollar volume up 15 per cent.
The only decrease has been in the number of listings. So far this year, 19,493 listings have been entered into Winnipeg multiple listing service (MLS), which is down nine per cent from the same time last year.
Some of the Winnipeg neighbourhoods where demand for housing was high included: Norwood Flats, Riverview, Lord Roberts, Fort Richmond, Waverley Heights, St. Norbert, Whyte Ridge, St. Vital, and River Park South.
Schellenberg said the shortage of listings can be attributed to the “strong pace and growth in demand” for property in the last four months.
“Similar to a store owner, we have not been able to stock the shelves fast enough to keep up with a spike in demand in a number of sought after neigbourhoods and municipalities within our market region,” she said.
As for Winnipeg’s housing prices, the average price for residential-detached homes in September was $352,010, which is an 11 per cent increase over September 2019.
Winnipeg REALTORS noted the $350,000 to $399,999 price range showed the largest percentage gain compared to last September, increasing by 114 per cent.
It added that sales over $500,000 were brisk, with one home selling at $3,750,000.
“We are seeing first-time home buyers having to go above $300,000 in their offer to acquire a home they may have been able to purchase under this benchmark level last year,” Schellenberg said.