May 2, 2020

Winnipeg Real Estate Market Update May 2020

Looking at the sales of homes and condos during April 2020. How did Winnipeg's real estate market do during the first full month of the pandemic?

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Welcome, everybody. It's mMay first and I take a look back at all the sales in April, the entire month, and that is the first full month in this pandemic, as you may remember. The markets, everything was shut down around the middle of March.


So March's report was still half normal, half pandemic. So now we're taking a look at the first full month to see what numbers have done. Bottom line listenings her down, sales are down, but the intensity remains. I'll show you what I mean. And I usually compare to the previous month. But really, the best way to compare is to the same time period previous year.. So what we have is last year in April, we sold 85 condos.


This year, 42. So that's half. Last year we sold 558 houses in that time period. This year, just 375. These are numbers for inside Winnipeg. And they're gonna be different than what Winnipeg REALTORS® puts out simply because Winnipeg REALTORS® covers the entire south east quadrant of Manitoba, including Steinbach and Portage LaPrairie and Selkirk, whereas I'm looking at only Winnipeg. All right, let's look at available listings. So last year, this is under a quarter million dollars.


Last year we had 363. This year we've got 285. So that's quite a bit down. Last year, 250000 to five hundred thousand dollar homes. At the end of April, we had 694 this year, just 590. So that's down about 14, 15 percent. And the luxury homes last year we had 378 available this year, just 338. So that's about 40 down. That's another 10, 11 percent.


So as I mentioned before, listings are down, but so are sales last year, quarter million dollars or less. We sold 156 homes, this year just 93. In the 250 to five hundred thousand dollar range, Last year we sold 357, this year, just 247. So that's about a 30 percent drop.


And last year, in the luxury home range of half million or more, we sold 45 homes this year, just 35. So as you can see, listings are down and sales are down. So how do you correlate the numbers? I mean, if one of them is significantly different than the other, it will have an effect on whether it becomes a buyer's market or a seller's market. And to look at that, we take what's called an inventory quotient.


So we take a look at how many days it would take to sell everything that's out there at the current sales rate. The lower the number, the hotter the market.


So last year, under 250000 dollars, it was 72 days. This year, it's 92 days. So it would take an extra 20 days to sell everything that's out there so that it's become a slower market than last year, same time. The same holds true for all the other price ranges at 250 to five hundred thousand dollar homes last year with 60 days.


This year it's 72. And for luxury homes, last year, 260 days, this year 290. The difference between last year and this year will become even more pronounced in the condo section, as we're going to see right away.


Comparing last year to this year under 250000 dollars last year, we had 383 Condos available. This year, just 322. So that's about almost 20 percent less listings. Quarter million and up. Last year we had 312 available this year 290.


And looking at sales for condos under 250000 last year during the month of April, we sold 54. This year, 26. So less than half last year in the quarter million and up, we sold 31 condos this year, 16 again, just half of what we sold last year. And this becomes really noticeable in the days of inventory condos under quarter million. Last year we were at 220 days. This year, 370 days,


Condos over a quarter million, last year 312 days, this year, 544. So it is a very, very strong, hot buyer's market as far as condos go. Great time to buy a condo if you're looking to buy an investment condo. Probably never been a better time than right now. Interest rates are low, inventory is still out there, and the competition for those condos is low. So you should be able to get yourself a pretty good deal on a condo.


I also like to look out to see how sellers are reacting. Are they now listing houses and condos at the same rate as they were last year? So last year, this time period, we had 1144 new listings come to market last month, just 817. And this month that's down to 698. Same thing happens with condos. Last year, 309 came to market, last month just 271. And this month just 186.


That's down about 40 percent in listings. Now, I really don't know who said it. It may have been Warren Buffett who said "if everybody else is buying sell, if everybody else is selling buy. Unfortunately for the most people and I fall victim to this as well, they start developing a bit of a herd mentality so that if everybody else is not listing, well I'm gonna hold off too, which is really not the right thing to do right now.


Listings are down, and sales are down, too. But as I said earlier, the intensity is there. And what I mean by that is this. I just listed a house out in West St. James. We ended up with 45 showings and 15 offers and it sold for 30 thousand dollars over. The intensity remains. Just took a look at North Kildonan. There was an area where I'll be listing a little bungalow bungalows of similar size in the last month.


There were seven of them that have sold in North Kildonan. Four of them sold for above-asking. So again, intensity is there. The buyers that are out there are serious about buying a house. So don't be afraid to list your home at this point because other people are holding off. That means you're going to have less competition against other similar places on the market. So if you're looking to buy or sell. Give me a shout thats Bo Kauffmann Remax performance (204) 333-2202


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Cert. Luxury Home Marketing Specialist

Accredited Buyer Representative

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