How is the real estate market in Transcona, Manitoba? July 2020

Hello, Transcona Stephen Olyniuk here for RE/MAX Performance Realty, and the MLS numbers are in for the month of July. Let's take a look. So, in July, we had 43 sales. Currently, 35 active listings. And only 0.81 of months inventory available less than 1 month. An average selling price of 298,000, and only 17 days on the market. Strong, strong seller's market right now. If you're thinking about selling, it's amazing time.

 

Last year, 32 sales. This year, 43, up 34.37%. Remember what was going on in March and April with toilet paper? Well, that's what's happening with the housing market right now. There's a shortage. Last year at this time, there were 1000 more homes on the market in Winnipeg than there are right now. Like I said, a great time to be listing your home. If you're a buyer, don't let that scare you off. We've got great strategies in place to show you how you'll be winning buyer. We've had lots of winning buyers lately.

 

Let's continue to take a look. Last year, average selling price 266,000. This year, 298,000. Shortage of inventory, prices go up. Every... every time I talk about months of inventory, what is a month of inventory? Well, a month of inventory is a metric to determine the speed of liquidity of a real estate market. It's a tool to help you determine the strength of the market and it attacks how you should price your home. Houses are selling fast, less than 1 month of inventory. Prices are going up, that's where you're seeing them going from 266,000 to 298,000, the average selling price.

 

And how do you calculate your months of inventory? You divide the active number of listings into the months of... month... divide the active listings at the end of the month by the number of sales that were in that same month. For example, if you had 90 listings and 33 sales, 90 into 33 would give you 2.73. Anywhere 1 to 4 months is a seller's market, 5 to 6 months in a balanced market, 7 plus is a buyer’s market. And we're at 0.89 right now, less than 1%, strong, strong, strong seller's market. Again, if you're thinking it's a good time.

 

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