Real Estate Market Report for May 2013 in Winnipeg
Welcome to the May 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). House sales are reported in three price ranges, as follows: 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
The past 30 days have been extremely active in Winnipegs real estate market. Approximately 1400 new listings came to market, and sales more than kept pace. The most expensive home sold during that period was a $1.25 million dollar home in the E.St.Paul area, while the most expensive condo was $616,500……also in the E.St.Paul area.
Entry Level Houses ($100,000 to $249,999)
Currently, we have 315 listings available in this price range, which is up from 286 in the April report. Over the past month, Winnipeg REALTORS® have sold 277 of these types of homes, also an increase from the 207 homes sold in the previous market report. Inventory levels dropped to 34 days, down from the previous 43 days.
Mid-Range Houses ($250,000 to $499,999)
Winnipeg now has 508 houses available in this price range, an increase from the 482 listings in the previous report. Over the past month, 439 homes have been sold in this price range, approx. 45% more than the 301 homes sold in this price range in the previous reporting period. Since the sales level increased at a higher rate than the listing level, inventory levels dropped down to 35 days, from 50 in the previous report. (Hot price range)
Luxury Homes ($500,000 plus)
We currently have 196 homes listed in this price range (up from 183 the previous month) and have sold 44 luxury homes in the past 30 days, (up from 25 sales in April). This created a sharp drop in the inventory levels, from 227 days in the previous period, down to 133 days right now. When compared to the other price ranges, this is still a significantly slower segment of our market, …….making this a great time to look for that ‘dream house’ in the luxury market.
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 30 days, 1393 new listings (1070 houses, 323 Condos) have come onto the market. The number of listings which have expired, or were withdrawn for any reason is at 191 listings (166 houses and 25 condos) This also made for a drastic chance in the Listings vs. Expired statistic…..which dropped from around 14.1% last month to an incredible low of 13.7% now….. the lower the number, the hotter the market!!!!
Currently, condominium listings in Winnipeg are up to 318 active, an increase from 283 in the previous report. Over the past month however, Winnipeg REALTORS® have sold 166 condos, (up from 108 in April) changing inventory levels significantly to 58 days from 81 in the previous period. The number of condo listings available is now reaching a high-point, and may indicate that this is a great time to buy.
If you are looking to buy or sell, a house or a condo in Winnipeg, please call me anytime: Bo Kauffmann, Remax Performance Realty, direct at (204) 333-2202
Selling your home while going thru a divorce . Homeowners sell their homes for a variety of reasons. Hopefully the reason is a happy one, such as Up-sizing the home to accommodate a growing family, or even downsizing because the kids have (finally) left the nest. Sometimes the reason is a not-so-happy one, as is […]
The post Selling your house or condo while going thru a divorce appeared first on Winnipeg’s Real Estate Blog published by Bo Kauffmann