Has the Winnipeg real estate market changed?
When discussing the real estate market with some of my colleagues, I hear comments like “The Market has changed”, or “The Market is ‘weird’ or ‘different’. On the surface at least, it is easy to see that this years’ real estate market in Winnipeg is certainly different. Lets take a look at the available listings in the Winnipeg market. These are houses and condos, listed on the MLS within Winnipeg, and including Headingley and E.St Paul, available on July 15th of 2013, and 2014.
As we can see, the numbers of available homes are WAY up. About 30% more houses, and nearly 70% more condos available. Does this mean that buyers have stopped buying? Lets take a look at the numbers of SALES of houses and condo, in the 2-month periods from May 16th to July 15th, in 2013 and 2014.
As we can see, Sales are actually UP in the house category, and nearly the same in the condos. So the only thing that has changed is the fact that there are more people selling their homes this year, than there were last year.
Whats the ‘take-away’ for home buyers?
This is now the type of situation that buyers have been waiting for. Low interest rates, great economy, and finally, an abundance of homes to look at. Less bidding wars (although they STILL HAPPEN). This may be the best time in recent times to buy a house or condo in Winnipeg
Whats the lesson for home sellers?
Make sure your home looks its best, and is priced right. You’re no longer the only house on the market, and buyers can afford to be a little choosy.
Also, select your listing agent carefully; someone who markets your home and goes beyond the MLS. And make sure you are able to communicate with your agent, as you may be with him/her for longer than expected.