Real Estate Market Update for Winnipeg, December 2014
Welcome to the December 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 mid December 2014:
Overview of the Winnipeg Market in mid-December 2014
In the past month, the most expensive home sold was for $930,000 in the River Heights, while the most luxurious condo sold for $675,000 on Wellington Cr.. On December 15th, there are a total of 1273 house listings (down significantly from he previous month at 1540, and the 1827 available in October.) and 539 condo listings available in the Winnipeg market area. In the past month, 580 NEW House-Listings came to the market (down from almost 800 last month), in addition to another 175 fresh condo listings. Overall sales of houses was 378 homes sold, down from the 472 sold in Novembers report, with an additional 78 condos sold in the same time period (down from 82 last month). Also, a whopping 566 listings expired or were withdrawn in the past 30 days, nearly the same as the 577 in the previous report.
Entry Level Houses ($100,000 to $249,999)
Currently, we have 440 homes available in this price range, down from last month (553). Over the past month, Winnipeg REALTORS® have sold 174 of these types of homes. Therefore, inventory remain at 76 days.
Mid-Range Houses ($250,000 to $499,999)
#Winnipeg now has 595 homes in this range, down significantly from the over 700 houses available in the previous report. Over the past month, sales have slowed down in this price range, dropping to 181 homes sold (compared to 220 in November). Our inventory level is now at 99 days (down from 101).
Luxury Homes ($500,000 plus)
We currently have 207 homes listed in this price range (down from 234 in Octt.) and we have sold 23 luxury homes in the past 30 days. Inventory levels decreased to 270 days, down from 279 in the previous month. 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. #Luxuryhomes
Currently, condominium listings in Winnipeg are at 539 (including approx. 150 ‘to-be-built’ units) These unbuilt condos, which are being placed on the MLS, are somewhat skewing the data, but nevertheless, there is an abundance of condo units available for sale at this time.
Is the Condo-Market in Winnipeg at a saturation point?
Over the past month, Winnipeg REALTORS® have sold 78 condos, changing inventory levels to now sit at 207 days. Read why I believe Winnipeg’s condo market is reaching saturation point. #Condominiums
In my opinion, we are currently experiencing a buyers market. WILL IT LAST?? This ‘buyers market’ may only be a short lived one. Don’t wait til spring to possibly find yourself in another sellers market. Act Now!
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