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Winnipeg Real Estate Market Update for December 2011
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Every month, I produce a Real Estate Market Update for Winnipeg’s real estate market. I’ve divided the housing 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 ‘luxury homes’ (above $400,000). This real estate market update will also report on Condo Statistics in Winnipeg.
For this report, we will look at all houses and condos inside Winnipeg, with E.St. Paul and Headingley added as well. This 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 are providing is “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.
Entry Level Houses ($50,000 to $199,999)
This segment, along with the mid-range homes, is the most active in Winnipeg. Right now, Winnipeg has 253 available listings for sale in this price range, a sharp decline from the previous months’ numbers of 328.. During the past 30 days, Winnipeg REALTORS® have also sold 167 homes in this price range (down from 189 last month), resulting in an inventory level of 1.5 month. In other words, if NO ONE listed their home, it would take, on average, about 6 weeks to run out of homes-for-sale.
Mid-Range Houses ($200,000 to $399,999)
This is the most active segment of our real estate market. Currently we have 286 listings available, and decrease from last months’ 415 by about 25%. In the past 30 days, we have sold 281 houses in this price range, resulting in 1 month of inventory on the market. This is an even tighter market than last month, mostly a result of fewer listings in this price range.
Luxury Houses (over $400,000)
A decidedly slower segment of our 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 204 listings available in this price range, a significant drop of nearly 20% from last months’ available homes of 241. REALTORS® have sold just 36 homes in this range in the past 30 days, resulting in an inventory level of 5.6 months, as you can see, significantly higher than the levels of mid-range and entry level priced homes. So if you are in the market to BUY a luxury home, and provided we can find one you like, THIS may be a perfect time to look.
Condominiums in Winnipeg
When compared to the entry level and mid-range houses, this category will seem to be in a ‘Buyers Market’. One reason I recommend anyone who is looking for their first home, to seriously consider investing in a condo. With a slightly slower sales pace, buyers often have the ability to place conditions into their offers, such as ‘subject to financing’ etc . While condos are definitely NOT for everyone, here are 7 reasons why you might consider one. Currently, we have only 214 Condos to choose from, (identical amount to last month) while having sold 65 in the past month, making inventory levels at around 3.3 months, a steep increase from November, meaning now is a great time to buy a condo as well..
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!
Real Estate Market Graphic
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