Real Estate Market update for Winnipeg in July 2012
For July 2012, I take a closer look at the sales and listings in Winnipeg. I’ve divided 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 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 30 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, is the most active in the Winnipeg real estate market. Currently, we have 249 listings for sale in this price range, a slight increase from the previous months’ numbers of 231. During June, however, Winnipeg REALTORS® have also sold 202 homes in this price range (a slight increase from 185 in the previous month), resulting in an inventory level of 1.23 months. In other words, if NO ONE listed their home, it would take, on average, just over 5 weeks to run out of homes-for-sale.
Mid-Range Homes ($200,000 to $399,999)
This is the most active segment of the Winnipeg real estate market. Currently we have 432 listings available, a slight increase from the previous month of 418. In the past 30 days, we have sold 547 houses in this price range, (a slight drop from the previous months’ 601 SOLD) resulting in approx. 3 weeks of inventory on the market. Whenever the sales for 1 month are higher than the numbers of available homes, you KNOW its a hot market.
Luxury Homes (over $400,000)
A decidedly slower segment of the Winnipeg real estate market are luxury homes, although over the past couple of months it is showing signs of improvement. However, when compared to other cities, even the luxury home market in Winnipeg is fairly hot. We currently have 271 listings available in this price range, a slight decrease from last months’ 276. Winnipeg REALTORS® have sold 95 homes in this range in the past month, resulting in an inventory level of 2.85 months.
Condominiums in Winnipeg
Currently, we have 254 Condos to choose from, while having sold 120 units in the past month, making inventory levels drop to around 2.11 months, holding steady from June 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.
If you are looking to buy a house, or buy a condo, or thinking of selling, contact me via cell at 333-2202 or email me anytime. I’d love to help
http://winnipeghomefinder.com Market update for Winnipeg’s real estate market in July 2012. Sales and listing stats from MLS and Winnipeg REALTORS®
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