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Real Estate Market Update for Winnipeg in July 2015

by Bo Kauffmann - Monday, July 20, 2015

http://blog.winnipeghomefinder.com/real-estate-market-update-for-winnipeg-in-july-2015/

July 2015 Winnipeg Real Estate Report

Welcome to the mid-July 2015 real estate market update for Winnipeg. This report focuses on thestatistics as they are on the 15th of each month (as opposed to the 1st). House sales are reportedin three price ranges, as follows: Entry level homes are from 100K to 250K, mid-range propertiesare from 250K to 500K, and Luxury Homes are those over 500K. The main focus is on Winnipegproperties, but we do include E. St. Paul and Headingley as well.

I also report on 'Inventory Levels', which is a way of answering the question: If no one else listedtheir properties, how long would it take to sell everything that's available now? The lower thenumber, the hotter the market. The new report will show the Inventory Levels as number ofDAYS, instead of fractions of a month......it just makes it easier to read. So lets see how the realestate market is looking in mid July 2015:

Overview of the Winnipeg Market in mid-July 2015

In the past month, the most expensive home sold was for $ 930,000 in Bridgewater Forrest, whilethe most expensive condo was $ 860,000 on Wellington Cr.. On July 15th, there are a total of1976 house listings (down from 2069 in mid-June.) and 816 condo listings (down slightly from840) available in the Winnipeg market area. In the past month, 1167 NEW House-Listings cameto the market (down from 1390 new listings during the previous month), in addition to another284 fresh condo listings. Overall sales of houses was 735 houses sold, (down from the 755 in theJune report), with an additional 95 condos sold in the same time period (down from 112 in June).

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Winnipegs Real Estate Blog - Bo Kauffmann, REALTOR®Info and Tips for Buyers and Sellers of Winnipeg Real Estate - http://blog.winnipeghomefinder.com

Also, a whopping 614 listings expired during the past 31 days, (440 houses and 1174 Condos), upsignificantly from 448 of the previous month. Its now more important than ever to make sure thehome presents well, and is priced right.

Entry Level Houses ($100,000 to $249,999)

Currently, we have 595 homes available in this price range, down slightly from last month 601. Over the past month, Winnipeg REALTORS® have sold 257 of these types of homes (similar tothe previous months' 250) Therefore, inventory levels dropped slightly to 72 days.

Mid-Range Houses ($250,000 to $499,999)

Winnipeg now has 1065 homes in this range, down from the previous months' 1115 houses. Overthe past month, sales have decreased slightly to 443 homes sold (compared to 462 in June'sreport). Our inventory level remains at 75 days. That makes this a great time to buy...lots ofchoices, and less buyer-competition.

Luxury Homes ($500,000 plus)

We currently have 278 homes listed in this price range (down from 318 in June.) and we havesold 35 luxury homes in the past month, down from 43 in June. Inventory levels have shot up to246 days, up (from 229) the previous month. When compared to the other price ranges, this isstill a significantly slower segment of our market, .......making this a great time to look for that'dream house' in the luxury market. #Luxuryhomes

Condominiums

Currently, condominium listings in Winnipeg are at 816 (including approx. 150 'to-be-built' units)These unbuilt condos, which are being placed on the MLS, are somewhat skewing the data, butnevertheless, there is an abundance of condo units available for sale at this time. Inventory levelis at 266 days. Only a year ago, when condo listings numbered in the low 300's, even the thoughtof having over 800 units on the MLS would have been difficult to believe.

Is the Condo-Market in Winnipeg at a saturation point?

Over the past month, Winnipeg REALTORS® have sold 95 condos, (down from 112 in June)changing inventory levels to now sit at 266 days. At least partly to blame for this is the newcondo regulations, which have caught many condo boards by complete surprise. In one case, ittook a board over 3 weeks to generate the required documents, by which time the buyer hadchanged his mind and moved on. Nonetheless, this is a GREAT time to BUY......... sell?, not somuch!

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Winnipegs Real Estate Blog - Bo Kauffmann, REALTOR®Info and Tips for Buyers and Sellers of Winnipeg Real Estate - http://blog.winnipeghomefinder.com

Read why I believe Winnipeg's condo market is reaching saturation point. #Condominiums

Summary:

In my opinion, we are now firmly in the spring market. Interest rates are down, inventory isavailable. It's a great time to look for your dream (or first) home in Winnipeg.

If you are looking to buy or sell, a house or a condo in Winnipeg, please call me anytime: BoKauffmann, Remax Performance Realty, direct at (204) 333-2202

#realestate #firsttimebuyer #buyahome #Winnipeg

Bo Kauffmann of Remax Performance Realty is a top producing, 10-year veteranreal estate agent in Winnipeg. He specializes in representing home and condo buyers and sellers,and a proud supporter of D'arcy's Animal Rescue Centre. You can find his main listing website at WinnipegHomeFinder.com. You can follow him on Twitter, see his Facebook Page and circlehim on Google+ or LinkedIn.

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Bo Kauffmann, REALTOR® After retiring from the Winnipeg Police Service, Bo joined Remax Performance Realty

and quickly became on of Winnipeg’s top producing REALTORS®. You can find him on Facebook, follow him on Twitter and Google+, and connect with him on LinkedIn.

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