Winnipeg Real Estate Market Update January 2011
Each month, Winnipeg's Real Estate Blog produces a Real Estate Market Update by taking a look at the previous month's sales and listing stats on the MLS®. We report on the total numbers of homes sold in Winnipeg during the previous month, and then take a look at how many Winnipeg homes are available on the last day of that month. By combining the two factors, we get a good idea of which direction the Winnipeg Real Estate Market is heading.... into more of a Sellers market, or slowing down into a Buyers Market. See last month's Winnipeg Real Estate Market Update.
I also separate the homes along the price line of $250,000, as homes below this price usually sell at a more brisk pace, while homes in the higher price ranges tend to take a little longer.
So, during the month of December 2010, a total of 293 homes of all types, price ranges and styles sold in Winnipeg. At the end of the month, there were a total of 468 homes available. By diving one number into the other, we arrive at a figure of "Months of Inventory" left on the market. This is like saying "If no more homes were listed in Winnipeg after today, how long would it take before all remaining homes are sold". Obviously, the lower the number, the hotter the real estate market. The Winnipeg real estate market remains one of the hottest in the country, with just under 1.6 months (6 weeks) of inventory remaining. By comparison some parts of Calgary are measuring inventory in terms of YEARS.... as in 1.4 YEARS of inventory.
We then take a look at homes below $250,000 and found that during the month of November, we sold 170 homes in this price range, and at the end of the month, a total of 248 such homes were available, meaning an even tighter market at 1.45 months of inventory.
Finally we can report that sales of homes OVER $250,000 have slowed a little, at least by Winnipeg Real Estate standards. We sold 123 such homes during November, and have 220 homes available on December 31st..... meaning a 'glut' of inventory sitting at 1.78 months.
What does all this mean? I believe we are heading towards a VERY busy spring market. If and when you are ready to sell, please call me anytime for a straight forward assessment of your home and the best chance to sell for top dollar.
Bo Kauffmann 204-333-2202