Winnipeg Real Estate Forecast for 2014
OK: Lets start by saying that this is MY personal prediction for the real estate market in the next 6 to 8 months in #Winnipeg. I love a saying I heard a while back: “Past Performance is no guarantee of future results, but what else do we have to go on?” So lets take a look at the past few months, which may help us predict what the near future will hold:
Nearly 400 listings expired on New Year
Over the past few months, Winnipeg has had a comparably HUGE amount of condos on the market. Over 400 active listings is much more than we normally see, especially when you compare that to the numbers of condos in Spring 2013 (for example). Currently, Winnipeg has a little of 300 active condo listings. This is due to the fact that on New Years day, nearly 400 listings (houses and condos combined) expired.
Thruout the fall, we have also had over 1400 active house listings, which is also significantly higher than the numbers we had seen thruout spring and summer. When some of those homes did not sell, they expired and may come back onto the market in the spring.
Currently, we have just a little over 700 active house listings in Winnipeg, down about 50% of the numbers in the fall of 2013. So what does this mean for our spring market?
Spring Market 2014
In the past, spring markets have been absolutely CRAZY. A lack of available listings, and very hot buyer-activity and demand, has meant bidding wars on most houses and even condos. Will this spring be any different? On the one hand, interest rates are still low, the economy is strong and unemployment is low. These would suggest another strong spring market, tilting heavily in favour of the SELLER.
But lets not forget about those expired listings! Most of those will probably come back onto the market, which may help level the market a little.
In my humble opinion, the spring market will be a hectic one again, although a little more level than past springs.
If you’re thinking of buying or selling, a house or a condo in Winnipeg, please contact me right away. I’m able to help!
Bo Kauffmann, 204-333-2202 or [email protected]