Real Estate Market report for April 2012
For April 2012, as I do every month, I take a closer look at the Winnipeg real estate market. I’ve segregated the real estate market along 3 different price ranges, from ‘entry level’ homes (between $50,000 and $199,999), to ‘mid-range homes’ (between $200,000 and $399,999) and finally Winnipeg real estate luxury homes (above $400,000). This Winnipeg real estate market update will also report on Condo Statistics in Winnipeg.
We include listings and sales inside Winnipeg, plus the bedroom communities of E/St Paul, and Headingley. This Winnipeg real estate market update does NOT include vacant lots, but DOES include duplexes, mobile homes, detached and attached homes and townhouses.
One of the statistics we discuss are “Inventory Levels”. We arrive at this figure by diving the currently available homes into the number-of-homes-sold in the past 30 days. A really hot market will report inventory levels at 1 to 2 months, whereas a ‘Buyers Market” will show inventory levels around 8 to 12 months and more. So the lower the number, the tougher it is for buyers.
Entry Level Homes ($50,000 to $199,999)
This segment, along with the mid-range homes, is the most active in the Winnipeg real estate market. Currently, we have 198 available listings for sale in this price range, a slight increase from the previous months’ numbers of 174. During March, however, Winnipeg REALTORS® have also sold 181 homes in this price range (a significant increase from 135 in the previous month), resulting in an inventory level drop to 1.1 months. In other words, if NO ONE listed their home, it would take, on average, just over 4 weeks to run out of homes-for-sale. This is faster than the previous months, showing that we are in fact heading into a hot spring market.
Mid-Range Homes ($200,000 to $399,999)
This is the most active segment of the Winnipeg real estate market. Currently we have 256 listings available, also a slight increase from last months’ 126 available homes. In the past 31 days, we have sold 349 houses in this price range, (a significant jump from the previous months’ 242 SOLD) resulting in less than 3 weeks of inventory on the market. This is an even tighter market than last month, mostly a result of brisk sales in this price range. Whenever the sales for 1 month are higher than the numbers of available homes, you KNOW its a hot market.
Luxury Homes (over $400,000)
A decidedly slower segment of the Winnipeg real estate market are luxury homes, and over the past month, it slowed down even more. However, when compared to other cities, even the luxury home market in Winnipeg is fairly hot. We currently have 210 listings available in this price range, a sizable increase from last months’ 197. Winnipeg REALTORS® have sold 43 homes in this range in the past month, resulting in an inventory level of 4.9 months, as you can see, a significantly drop from the previous months level of 4 months.
Condominiums in Winnipeg
While condos are definitely NOT for everyone, here are 7 reasons why you might consider one. Currently, we have 211 Condos to choose from, while having sold 118 units in the past month, making inventory levels drop to around 1.8 months months, a significant decrease from March levels.
If you are looking to buy a house, or buy a condo, or thinking of selling, contact me via cell at 333-2202 or email me anytime. I’d love to help.