November 2022 Market Update
We’re into the last couple of months of 2022, so let’s see if the buyers market continues into the winter, shall we?
Hello, I’m Bo Kauffmann a residential real estate agent with REMAX Performance realty, and your host of Winnipeg’s Real estate podcast.
A few days ago, Winnipeg REALTORS reported that sales in October were off (down) by 30% compared to last year. This is certainly true.
Whats different about their report and this one is that I focus on Winnipeg only….while Winnipeg REALTORS cover the entire south east quadrant of the province.
It’s important to remember that when I say “the market”, it covers many different segments. Not all segments react or act the same way. For example, 400K condos are very different from 400k houses. Transcona’s housing market will be different than the River Heights market.
A side by side in St James will enjoy a different response than a detached home in Garden City, and so on.
My monthly market report attempts to separate some of these markets along different price points, 4 for houses and 2 for condos.
But NO real estate market report would ever be able to replace individual analysis and advice a real estate agent can give you in a one-to-one setting.
That’s why, if/when you’re ready to buy or sell, a house or a condo in Winnipeg, call me for a free consultation anytime.
With the availability of zoom, we could even hold this consultation online, from the comfort of your own home.
If there is one thing you should take away from this month’s report, its this:
As you will see by the following numbers, availability of homes is UP, and sales are DOWN, making this a perfect time to buy.
Don’t wait til spring when prices traditionally jump, as a result of increased competition among buyers.
On Nov. 1st, there were 1228 houses of all types available in Winnipeg. Compare that to 1336 on Oct. 1st, and only 802 on November 1st , last year.
As for sales, in October we sold 555 houses with another 22 ‘pending’, meaning that potentially a total of 575 house were sold. That’s nearly identical to the 577 sold the month before, but down significantly from the 756 last year same time period. In fact, that’s down 24% year over year.
As I said earlier, we will find that available homes are UP, and sales are DOWN.
Ok. Let’s take a look at the first segment of the housing market, which is entry level homes priced under 250,000.
Houses under $250,000
Currently we have 335 houses available, which is nearly the same as 339 on Oct 1st.
And on the other side of the equation, we sold 117 homes in October, with another 7 pending, for a potential total of 124. That’s about the same as the 121 sold during September, but down significantly from the 155 we sold during October of last year.
I find that comparing year over year has more significance than going month to month. So a drop from 155 sales to 124 is noteworthy.
Lets look at Winnipeg’s most active price range, homes between 250 and 500K
On November 1st, we had 495 houses available in this price range, which is down from the 591 on October 1st.
We see a similar, perhaps more drastic difference in the sales. During Oct., we sold 326 houses plus 12 pending, for a potential sale of 338 houses. In September, that was pretty much the same, 339, but a year ago in October we sold 445. So about a 25% reduction in sales, year of year, for the month of October.
This makes for a great time to buy.
Ok, next, we look at some of the higher end homes and how they are faring in this market
Homes 500-1 Mill
In homes priced between 500K and 1 million, we don’t find a huge change in availability month over month. The 344 homes available right now are nearly the same number as was available on Oct 1st.
On the sales side, we sold 110 plus 4 pending, making for potentially 114 sales. That’snearly identical to the 115 sold in September, but down significantly from October last year, when we sold 156 homes in this price range. (about 27% fewer).
The picture repeats itself. Availability up, while sales down 27%.... more choices, less competition make this a great time to buy.
1 Million Plus
In the luxury home market, we currently have 54 homes priced at 1 Million dollars plus. This is up from the previous month, when we had 48 available.
In this price range we sold 11 last month, more than the 7 we sold in September, and more than double the number we sold in October of last year, which was 5..
In most price ranges, outside of the Million dollar plus range, availability is UP and sales are down. Don’t wait til spring. Call me right now to help you secure a great deal on your first, or next home
When we come back, we’ll check out the condo market.
Ok, lets look at the condo market in Winnipeg.
On Nov 1st, we had 377 condos available in all price ranges, which is down from the previous month of 408.
During the month of October we sold 121 condos, with another 10 showing pending, for a total of 131 potential sales. That’s down from the 146 we sold in Sept., and way down from the 191 we sold in October of last year.
Lets see how that breaks down along the price ranges.
Condos under 250
For entry level condos, under 250,000 dollars, we have 216 available, which is about the same as the previous month, when we had 220 available .
On the sales side, we have sold 69 units with another 9 showing as pending, so a total of 78 units. While same as the 77 units we sold last month, it is significantly lower than the 105 last year, we can see that sales have dropped off quite a bit in this range.
Condos over 250K
In the more luxurious condo price range of above 250K, we have 161 units for sale on Nov 1st, down from the 188 on October 1st.
Sales have dropped off here as well, with 53 potential sales, that is 52 sold and 1 pending. Those 53 sales are down from the 71 of the previous month, and also down from 86 sales the previous year, same time period.
So we see that overall, the condo market is reacting similarly to the housing market: Sales are slower, but availability is plentiful.
Thinking of buying a condo as your first or next home? Or perhaps an investment condo to rent out? Call me for a free condo consultation anytime.
Cert. Luxury Home Marketing Specialist
Accredited Buyer Representative
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