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Real Estate Market report for Winnipeg, June 2012
For June 2012, I take a closer look at the sales and listings in Winnipeg. 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 things I 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. As a guide, some cities in Canada measure inventory levels in many months, and in the U.S. they are talking about years. Winnipeg on the other hand, is generally measured in WEEKS…. so for example 0.9 months, or 1.3 months.
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 231 listings for sale in this price range, a slight increase from the previous months’ numbers of 223. During May, however, Winnipeg REALTORS® have also sold 185 homes in this price range (a slight increase from 172 in the previous month), resulting in an inventory level drop to 1.25 months. In other words, if NO ONE listed their home, it would take, on average, just over 5 weeks to run out of homes-for-sale.
Mid-Range Homes ($200,000 to $399,999)
This is the most active segment of the Winnipeg real estate market. Currently we have 418 listings available, almost the same as the previous month. In the past 31 days, we have sold 601 houses in this price range, (a significant jump from the previous months’ 447 SOLD) resulting in approx. 3 weeks of inventory on the market. 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, although over the past month it is showing signs of improvement. However, when compared to other cities, even the luxury home market in Winnipeg is fairly hot. We currently have 276 listings available in this price range, a slight increase from last months’ 263. Winnipeg REALTORS® have sold 111 homes in this range in the past month, resulting in an inventory level of 2.5 months, as you can see, a significantly drop from the previous months level of 3.1 months.
Condominiums in Winnipeg
While condos are definitely NOT for everyone, here are 7 reasons why you might consider one. Currently, we have 263 Condos to choose from, while having sold 123 units in the past month, making inventory levels drop to around 2.13 months months, a further drop from May levels. Condos remain an excellent choice for the first time home buyer who wants to get into the real estate market, but perhaps needs or wants to, avoid bidding wars.
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.
Here is the graphic look at Winnipeg Real Estate Market
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