Winnipeg Real Estate Market report for Sept. 2013
Welcome to the September 15th 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 looking in September 2013:
Broad Overview of the Winnipeg Market
The past 31 days have slowed more noticeably in Winnipeg’s real estate market. 993 NEW Listings (houses) came to the market, in addition to another 215 new condo listings. Overall sales of houses dropped off to 558 houses (of $100,000 and more) and only 97 condos. Significantly, 315 house listings expired, along with 82 condo listings. The most expensive home sold in the previous 31 days was for $1.5 million in Tuxedo, whereas the highest price condo sold for $521,000 in Headingley.
Entry Level Houses ($100,000 to $249,999)
Currently, we have 479 listings available in this price range, a slight increase over last month. Over the past month, Winnipeg REALTORS® have sold 265 of these types of homes, also virtually identical to the sales in the previous report. Therefore, inventory levels increased slightly to 56 days.
Mid-Range Houses ($250,000 to $499,999)
Winnipeg now has 642 houses available in this price range, almost 10% more than the 594 listings in the previous report. Over the past month, only 267 homes have been sold in this price range, a substantial decrease from the 348 homes sold in this price range in the previous reporting period. This increased our inventory level from 53 days (last month) to 75 days. ”Come and get your house NOW,…don’t wait til spring 2014″.
Luxury Homes ($500,000 plus)
We currently have 213 homes listed in this price range (down from 223 the previous month) and we have sold 26 luxury homes in the past 31 days, (down from the 31 sales in July/August). Inventory levels adjusted slightly from 223 days to now sit at 254 days (over 8 MONTHS). 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.
Currently, condominium listings in Winnipeg are at 366 active, a slight decrease from the 338 in the previous report. Over the past month, Winnipeg REALTORS® have sold 97 condos, (down from 115 in July/Aug) changing inventory levels upwards to 117 days from 91 in the previous period.
We appear to be reaching a nice balance between listings and eager buyers, as opposed to times in the past, when buyers had to fight for every listed home. Nice homes which are well priced are still benefitting from multiple offers, but buyers also have more choices at this time. Its a great time to buy! And if you’re a seller, chose your real estate agent wisely! You are NOT the only home on the market, so proper advertising and marketing will become more important.
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
Bonus Material: Real Estate Statistics in Slide-show form
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