Winnipeg Real Estate Market report for February 2013
Welcome to the February real estate market update for Winnipeg. This report focuses on the statistics as they are on the 15th of each month (as opposed to the 1st). Houses had always been split into 3 different price categories, and those categories have now changed: Entry level homes are from 100K to 250K, mid-range properties are from 250K to 500K, and Luxury Homes are those over 500K. The main focus is on Winnipeg properties, but we do include E. St. Paul and Headingley as well.
I also report on ‘Inventory Levels’, which is a way of answering the question: If no one else listed their properties, how long would it take to sell everything that’s available now? The lower the number, the hotter the market. The new report will show the Inventory Levels as number of DAYS, instead of fractions of a month……it just makes it easier to read. So lets see how the real estate market is shaping up for 2013:
Broad view of the Winnipeg market
In the past 31 days, the most expensive house sold was for $685,000 in E. St Paul,, and the most expensive condo was $598,000 in Crescentwood. Currenty, on February 15th, we have 666 houses available in Winnipeg, and 233 condos.
Entry Level Houses ($100,000 to $249,999)
Currently, we have 199 listings available in this price range, which is down from 209 in the previous report. Over the past 31 days, Winnipeg REALTORS® have sold 158 of these types of homes, an increase of approximately 50% from the 104 homes sold in the previous market report. These are natural adjustments, accounting for the fact that we are starting to see more listings come to market.. Inventory levels are at 39 days, down significantly from last months’ level of 61 days.
Mid-Range Houses ($250,000 to $499,999)
Winnipeg now has 306 houses available in this price range, up from 284 in the previous report. Over the past 31 days, 169 homes have been sold in this price range, nearly DOUBLE the number of sales (86) in the previous reporting period. This has dropped the inventory level from 102 days down to 56 days. Look for further drops next month in this most popular price range.
Luxury Homes ($500,000 plus)
We currently have 144 homes listed in this price range, and have sold only 12 in the past 31 days. This makes the inventory level at an incredibly 372 days…..making right now the best time of the year to purchase one of these types of properties.
Expired Real Estate Listings
An interesting indicator of market strength is the number of listings which come to market, and then compare it to the number of listings which expire or are withdrawn. Over the past 31 days, 727 new listings (582 houses, 145 Condos) have come onto the market. The number of listings which have expired, or were withdrawn for any reason has dropped to 194 (151 houses, 43 condos). This creates a listing:expired ratio of 26.7%. We will keep an eye on this statistic in the future……I expect it to drop over the spring and increase in the latter parts of the year.
Currently, we have just 233 condominiums listed in Winnipeg, up from 209 in the previous report. Over the past 31 days, 67 condos have been sold, dropping inventory levels to 108 days. Keeping in mind that later in the year, we will likely see 280 to 300 active condo listings at any time, this may make right now a great time to SELL your condo and put it onto the MLS®.
Condos listed by Remax Agents
There are hundreds of condos for sale inWinnipeg. Below is a comprehensive list of all condos listed by Re/Max agents in Winnipeg. This list is automatically updating all the time, so come back anytime (and often) to see the latest condos for sale in Winnipeg.
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