Winnipeg Real Estate Market Update for May 2011
Each month, Winnipeg’s Real Estate Blog issues 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 April 2011, a total of 639 homes of all types, price ranges and styles sold in Winnipeg. At the end of the month, there were a total of 802 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 over 1 month (5 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 April, we sold 359 homes in this price range, and at the end of the month, a total of 391 such homes were available, meaning an even tighter market at 4 WEEKS of inventory.
Finally we can report that sales of homes OVER $250,000 are also continuing on a brisk pace. We sold 280 such homes during April, and have 411 homes available on May 1st….. meaning a ‘glut’ of inventory sitting at 1.5 months.
These numbers are ‘as-expected’ since this is the busy spring market, when buyers traditionally come out in larger numbers to look for a home, and home-sellers stand a better than average chance at receiving multiple bids on their homes or condos.