Latest Stats from Winnipeg REALTORS® suggest a buyers market
As they do each month, Winnipeg REALTORS®, the organization representing over 1,700 real estate agents in southern Manitoba, have issued their market report for August 2014. In short, the supply of homes is up, and the number of buyers is actually down a little. Many people, who keep an eye on the local market, will not be surprised to see some of these stats:
“In August the healthy supply of MLS® listings did not translate into more sales. In fact, MLS® sales dropped 12% in comparison to the same month last year.”
Being down 12% is not all that stunning, given the fact that last year was a very busy one for real estate. But the next fact is important:
“Listings is another story altogether. Based on the 10-year average for August active listings or current inventory at the end of August, August 2014 has 59% more listings at 5,108.”
59% MORE LISTINGS? A great time to buy in Winnipeg! For the past few years, buyers had usually been faced with ‘bidding wars’, multiple offer situations. In the past, bet. 50% and 60% of homes had been receiving multiple offers. What is that stat right now?
“Less than one in five residential-detached sales in August went for above list price. This trend should encourage buyers to check out the market in 2014 as there may be listings they lost out on in more hectic times that they now have a better chance of buying.”
The average days on market before selling for Residential homes was 31 days, and for condos, 41 days. Both are slower than last year.
This is a GREAT time to look for a home. Bidding wars are down, available homes and condos are up, interest rates are still very low. Don’t wait for spring 2015, when things could change again!