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

Hello, Winnipeg, Stephen Olyniuk here for RE/MAX Performance Realty, and the MLS numbers for July are in. Let's have a look. So, in July, there were 1374 sales, 2167 active listings, and 1.57 months of inventory strong seller's market, and average selling prices up to 253, $450. Let's take a closer look at those numbers.

 

So, last year, there were 1046 sales this year 1374. That's up 31%. Remember what was happening in March and April with toilet paper? That's what's happening with the Winnipeg... Winnipeg real estate market right now, shortage. Shortage of inventory. Last year at this time, there were about 1000 more homes on the market. So, if you're thinking about selling, there's never been a better time.

 

Take a look at the average selling price 323,686 up to 353,000, 9.2% increase. Again, you've got a shortage of homes on the market, all that's going to do is drive the price up. If you're a buyer out there, don't let that scare you out. We've got some great strategies in place on how to show you how to beat the winning buyer and take a look at the market values and making sure you're not overpaying. Great, great strategies. Like I said, if you need any information, get ahold of us. We’d love to talk to you.

 

And I always talk about months of inventory and what a months of inventory is. Months of inventory is a metric to determine the speed of liquidity in a real estate market. It's a tool to help you determine the strength of a market as how it would impact you pricing your home. And what do the numbers mean? How do you figure that... sorry, not what do the numbers mean, how do you figure it out? You divide the total number of active listings at the end of the month by the number of sales for that same month. So, pretend there was 90 active listings and 33 sales, divide 90 to 33, gives you 2.73 months of inventory. That's a good seller's market.

 

And 1 to 4 months is a seller's market. We’re at 1.5 months of inventory, strong, strong seller's market. 5 to 6 months of inventory is balanced, and 7 plus markets, 7 plus is a buyer... a buyer’s market. You have any real estate questions at all, don't hesitate to reach out to us. We'd love to do some other videos on other real estate content... content. And if you like what you see here, like us on Facebook, go to our YouTube channel and like our YouTube channel. Any real estate questions at all, don't hesitate, reach out to us. I look forward to talking to you soon. Thanks, and have a great day