State of the Winnipeg Real Estate Market in October 2019
Your 60 second market report for Winnipeg in October 2019. .
October sales of 1,173 homes was an increase of 6 percent over October 2018. Now, while that normally would drive prices up, the fact that our inventory is higher by 18 percent over last year helps keep prices in check for home buyers. The bidding wars of the springtime are nothing but a bad memory.
In fact, 87% of houses and 93% of condos sold at or below list price in October. In fact, the average list price of a house is at $315,889 , which is down 2.7% from the same month last year. And we see a similar pictures in condominiums with the average sale price of $227,878 is down 2.8% from last year.
And for anyone wondering why luxury homes, those had like five, six, eight hundred thousand dollars and more take so long to sell. Winnipeg's market really is between the 200 and 400 thousand Dollar range, where 60 percent of total single family home sales occurred this month. This limitation is even more pronounced in condominiums, where 51 percent of all sales occurred between one $150,000 and $250,000.
The big question is what kind of market are we in? We'll give you an idea mid August. We had 1,905 houses for sale in Winnipeg. This morning, that being November 10th, we had just over 1600. So that's three hundred fewer listings in Winnipeg as opposed to August. Listings are slowing down. But if you can still find one right now is a great time to buy. Don't wait till spring.
Speaking of spring, I just read a great piece in Mortgage Broker News Scott S.A., where half the economists polled believe that the Bank of Canada will have a rate cut at the end of December or early into January. Great news for the spring market.
Are you looking to buy a house or a condo in Winnipeg? Work with the agent who takes the time to explain the process to you, guiding you through every step for service beyond the sale. Book your home buying consultation with Bo Kauffmann of Remax performance today. Bo knows real estate.
Cert. Luxury Home Marketing Specialist
Accredited Buyer Representative