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Hi everyone:
Winnipeg REALTORS® have issued their monthly Market Update report for Winnipeg’s hot real estate market. In short, we continue to ‘buck’ the national trend, and since Real Estate is a local issue, home buyers in Winnipeg are well advised to listen to these local reports, rather than the national news media.
While nationally, home prices are expected to increase by only 3.5% on average, Manitoba will see an increase of nearly double that….. at 6.7%. Also, nationally, the number-of-sales is set to DECLINE by 1.2%, while Manitoba will see a healthy 2% INCREASE. This is a case where, I feel, a “little knowledge is dangerous”, as they say. Buyers who listen to the National News reports of “The Bubble is Bursting”, get a false sense that prices are dropping, competition is easing, when in fact the opposite is true in Winnipeg.
I recently listed a nice family home in an upscale neighbourhod for $359,900 and received multiple offers…. in the middle of JULY. Bidding wars are far from over.
Winnipeg REALTORS® report that during the month of July, there were 1195 sales in total, with 1587 new listings coming to market. 34% of all sales were between the $100,000 to $200,000 price range, while a whopping 39% were in the $200K to $300K range.
Compared to last year, July ’09, our market was a little faster as well. This July, Condos sold in an average of 31 days, as opposed to last years 33 days. Detached homes sold in an average of 28 days, compared with 30 days in July ’09.
For a look at the complete report, go to Press Release July 2010 MLS Statistics
Bo Kauffmann of Remax Performance Realty is the recipient of the 2009 Silver Medallion Award from Winnipeg REALTORS®, the Platinum Club Award from Remax, and is one of Winnipeg's top-producing Real Estate Agents. As a former President of his Condo-Association, he has special knowledge in the field of Condominiums. Check out his website at WinnipegHomeFinder, follow him on Twitter or email him at boknowshomes@gmail.com
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