It was a May for the record books for Winnipeg’s resale homes market.
Thanks to the sale of three one-million-dollar-plus properties, including one home that sold for a cool $1.8 million, May was the best dollar-volume month in the Winnipeg Realtors Association’s 11-year history.
And the good news didn’t stop there. It was also the third best ever in terms of unit sales.
The association said 1,570 properties changed hands last month for a total of $438.4 million. That was a one per cent increase from the 1,550 properties that sold in May 2013, while the dollar volume was a six-per-cent improvement from the year-ago total of $411.9 million.
The strong showing put 2014 unit sales slightly ahead of last year’s pace after the first five months — 4,961 versus 4,951. And the dollar volume was running four per cent ahead, at $1.34 billion versus $1.29 billion.
"We are meeting expectations as far as our MLS forecast goes and encouraged by the continued increase in MLS listings supply to create more options for buyers in our local MLS market," said WRA president David Powell. "June should be another strong performing month for us and help finish off a solid second quarter."
The association said there were 4,500 active listings on the at the end of last month, which was a 22 per cent increase from the same time last year. The number of new listings coming onto the market was also up 10 per cent from a year earlier.
Thanks in part to the three one-million-dollar-plus sales, the average selling price in May for a detached home topped the $300,000-mark for the first time, coming in at $300,786. The average for the first five months of the year combined was a little lower, at $294,232.
The average days on the market for a residential-detached home was 25 days. That was one day less than in April, but three days off the pace set in May of last year, the association said.