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Resale homes on pace to set record of over $3 billion

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It’s a sprint to the finish line for Winnipeg’s resale-homes market.

Last month was the second best October on record for home sales on the local Multiple Listing Service (MLS), the Winnipeg Realtors Association said today.

It said 1,196 properties changed hands during the month, which was a seven-per-cent increase from a year earlier when 1,118 sales were recorded. It was also just few units shy of the October record of 1,201 set in 2007.

But the market did manage to set a new October record for dollar volume of sales, at $316.7 million. That was a 12 per cent increase from a year earlier, when $281.8 million worth of properties were sold.

Two of the big contributors to October’s strong performance were a 42 per cent increase in condominium sales, and a 13 per cent increase in new listings.

The WRA also noted there were seven million-dollar-plus home sales during the month, including two new condos under construction in south St. Vital.

The strong rebound over the last seven months has helped the local resale-homes market recover from a shaky first quarter, when sales lagged 13 per cent behind the previous year’s pace.

However, by the end of October, unit sales for the year were running only one per cent behind — 11,430 versus 11,545 — and the dollar volume was running four per cent ahead — $2.95 billion versus $2.83 billion.

"I am confident, with only two months to go to conclude 2013, WinnipegREALTORS® will have one of its best years on record in its 110-year history," association president Richard Dettman said.

"MLS dollar volume is almost a sure bet to set a new annual record at well over $3 billion, and we can conceivably still reach the 13,000 level sales mark for only the fourth time since it first happened in 2007. It all depends on how much buyers continue to take advantage of the largest and best selection of MLS listings in many years."

 

 

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