Winnipeg Real Estate numbers Oct 2020

Hello, Winnipeg Stephen Olyniuk here with Remax Performance Realty and the MLS numbers are in for the month of October.  Real Estate has been carrying on during the lockdown now.  Realty is still an essential service.  If you have any questions on how this has been done safely, there's a bunch of strategies in place and I'd be happy to go over them.

 

If you got any questions about what is going on in your neighbourhood, again please don't hesitate to reach out and ask us.  Let's take a look at our progress numbers.   Basically in October there was 1 144 sales and 1 578 active listings.  It only gives you 1.38 months of inventory.  That's the lowest number we have seen yet and it just seems going down and down every month.

 

Average selling price dripped just a little bit at 348 955 dollars.  Let's take a look at last year.  Last year 854 homes were sold, this year 1144.  That's up almost 34%, amazing increase.  Average selling price up from 315 800 dollars to 348 995 dollars, that's a 10.84 increase as well.

 

I talked about "Months of Inventory" earlier on.  What is the Months of Inventory?  Well it's a metric to determine the speed of liquidity of any real estate market.  It's a tool to help you determine the strength of a market and it impacts on how you would price your home.  How do you figure it out?  You take the active listings divided by the sales.  

 

You take what we got on the market right now divided by the sales and you got 1.38 months of inventory.  What does that mean? Well 1 to 4 months is a sellers’ market.  So when you don't even have 2 months of inventory, you got a really really strong sellers’ market.  That has been the case all year long and it doesn’t look like it is going to change.

 

5 - 6 Months is a balanced market, over 7 months is a buyers’ market.  So again if you have any questions about what is going on out there?  If you questions on how things can be done safely.  Please don’t hesitate to reach out to us.  Keep safe out there and we look forward to talking to you next month.