Feb 2022 Winnipeg Real Estate Market Update Quickie

Bo Knows Real Estate

Welcome to the real estate quickie for Feb 2022

First, let's look at the HOUSING market.

On Feb 1st we have 306 houses for sale in Winnipeg. Let’s put that into context.

Last year, which as you may recall, was a super hot sellers market, but we actually had 481 Houses available, or about 60% MORE than today. And 2 years ago, that number was over 1100….nearly 4 times what it is right now.

What are the real world effects of this type of market? House went up for sale in St James last week, at 370K, got 19 offers and sold for over 100K more….

Over the month of January, which is normally a pretty slow month, we sold 273 houses, with another 55 showing as pending, for a total potential sale of 328…. That means that, at this pace, if NO further listings came to market, everything would be sold in the next 29 days….. that is a super low inventory level.

But how about condos. Traditionally, they have a history of being more affordable and available.

Well, there are 227 Condos of all prices available in Winnipeg right now. One year ago that number was 402….. and 2 yrs ago it was 561

In January, we sold 69 condos, with another 40 showing as pending, for a total potential sale of 109 condos. This inventory level sits at 65 days…. While that’s double the level of houses, in the condo-market this is super fast.

So even condos are now selling with multiple offers, there is simply no escaping it.

If you’re a buyer, hold off if you can. And if you’re a seller, RIGHT NOW is a great time to list your home

If you have to do both, there are strategies available to maximize your results….call me to discuss that may be best for your unique and distinct situation.