Winnipeg Real Estate Market Update November 2012
For November 2012, as I do every month, I take a closer look at the sales and listings in Winnipeg. We segregate the housing market along 3 different price ranges, from ‘entry level’ homes (between $50,000 and $199,999), to ‘mid-range homes’ (between $200,000 and $399,999) and finally Winnipeg real estate luxury homes (above $400,000). This monthly Winnipeg real estate market update will also report on Condo Statistics in Winnipeg.
We include listings and sales inside Winnipeg, plus the bedroom communities of E/St Paul, and Headingley. This Winnipeg real estate market update does NOT include vacant lots, but DOES include duplexes, mobile homes, detached and attached homes and townhouses.
One of the things I discuss are “Inventory Levels”. We arrive at this figure by diving the currently available homes into the number-of-homes-sold in the past 31 days. A really hot market will report inventory levels at 1 to 2 months, whereas a ‘Buyers Market” will show inventory levels around 8 to 12 months and more. So the lower the number, the tougher it is for buyers. As a guide, some cities in Canada measure inventory levels in many months, and in the U.S. they are talking about years. Winnipeg on the other hand, is generally measured in WEEKS…. so for example 0.9 months, or 1.3 months.
Entry Level Homes ($50,000 to $199,999)
This segment, along with the mid-range homes, remains the most active in the Winnipeg real estate market. Right now, we have 263 listings for sale in this price range, a significant decrease from the previous months’ numbers of 330. During October, however, Winnipeg REALTORS® have also sold 177 homes in this price range (an increase from the 151 sold in September), resulting in an inventory level decrease to 1.5 months. In other words, if NO ONE listed their home, it would take, on average, just over 6 weeks to run out of MLS® listings.
Mid-Range Homes ($200,000 to $399,999)
This remains the most active segment of the Winnipeg real estate market. Currently we have 462 listings available, a 10% drop from the previous month of 505. In the past 31 days, Winnipeg REALTORS® have sold 359 houses in this price range, (a slight increase from the previous months’ 338 SOLD) resulting in approx. 5 weeks of inventory (1.3 months) on the market. These changes are ‘seasonal’, and should NOT be seen as indicators that the market is dropping. NOW may be the best time to buy a home in this price range, before the listings dry up in winter, and new listings go up in price in the spring time.
Luxury Homes (over $400,000)
A decidedly slower segment of the Winnipeg real estate market are luxury homes, and activity in this segment has slowed even more during the month of October. However, when compared to other cities, even the luxury home market in Winnipeg is fairly hot. We currently have 264 listings available in this price range, a slight decrease from the previous month. However, Winnipeg REALTORS® have sold 56 homes in this range in the past month, resulting in an inventory levels remaining around 4.7 months. There may not be a better time to buy a luxury home this year.
Condominiums in Winnipeg
On November 1st, 2012, we have 274 Condos to choose from, while having sold 91 units in the past month, marking inventory levels at around 3 months, a slight easing in the condo market when compared with the previous months levels. Condos remain an excellent choice for the first time home buyer who wants to get into the real estate market, but perhaps needs or wants to, avoid bidding wars.
Winnipeg Real Estate Market Infographic
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Lindenwoods is one of Winnipeg’s premiere luxury neighbourhoods. Real Estate market report, Houses and condos from 300K to a million dollars. MLS® listings..