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Winnipeg Real Estate Market Update for January 2012

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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 just 143 available listings for sale in this price range, a sharp decline from the previous months’ numbers of 253.  During the past 30 days, Winnipeg REALTORS® have also sold 127 homes in this price range (down from 167 in the previous month), resulting in an inventory level of 1.1 months.  In other words, if NO ONE listed their home, it would take, on average, about 4 weeks to run out of homes-for-sale.

Mid-Range Houses  ($200,000 to $399,999)

This is the most active segment of the Winnipeg real estate market.  Currently we have 170 listings available, and sharp decrease from last months’ 286. In the past 30 days, we have sold 175 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 133 listings available in this price range, a significant drop of nearly 30% from last months’ available homes of 204.  A large reason for this is the fact that many listings were set to ‘expire’ at the end of the calendar year, and so if they did not sell, simply dropped out of the market.  REALTORS® have sold 77 homes in this range in the past 30 days, resulting in an inventory level of 1.7 months, as you can see, a significantly drop from the previous month.

Condominiums in Winnipeg

While condos are definitely NOT for everyone, here are 7 reasons why you might consider one.  Currently, we have only 158 Condos to choose from,  while having sold 72 units in the past month, making inventory levels at around 2.2 months, a steep decline from December.
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

Related articles

• Winnipeg Real Estate Market Snapshot December 2011 (Video) (bokauffmann.com)
• Winnipeg Real Estate Market Snapshot November 2011 (Video) (bokauffmann.com)

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