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(EP: 128) Winnipeg Real Estate Market Update June 2020
Episode 1282nd June 2020 • Bo Knows Real Estate • Bo Kauffmann - REALTOR
00:00:00 00:07:32

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Housing Market Report for Winnipeg on June 1st 2020

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What's the real estate market on June 1st 2020 in Winnipeg? Coming up next. 


Well, it's time to take a close look at what the real estate market is doing and Winnipeg, this is at the beginning of June 2020. You know, I get phone calls just about every day.


I got a call from a nice older lady saying, you know, right now with all this Covid stuff, this must be a terrible time to be selling your house? And really nothing could be further from the truth. You're going to see that in the last month, that's the month of May, sales have nearly doubled over April. Yet the numbers of available listings has not kept up. So you're going to see all the indicators are towards a much, much stronger seller market than normal.


There is buyers are coming out, but they're just not finding the available homes. There's one thing I'm doing different this month, and that is that this is specifically for houses. I will do a separate podcast for condominiums because they really are a separate market all to their own. So let's take a look at some of the highlights. For the month of March, the most expensive house sold in the month of March was 1.5 million in tuxedo.


And the most expensive condo was a brand new construction condo. F$488,000 in the S.St Vial area. In May 2019. We sold 758 houses. Now, compare that to the sales of April this year. They were 375 houses, but in May we bounced right back to 641 houses sold in Winnipeg. That's fast approaching the norm, which was kind of last year. So let's break that down a little bit further in the price ranges under two hundred and fifty thousand dollars on June 1st.


Last year we had 444 homes available. In April, we had 285. And in May this year, we're down even further at 269. So the available homes in this price range keeps dropping. But buyers are coming out. So if you've got a house in that price range, now is the time to list that.


Looking at the mid price range, these are homes between a quarter million and a half million dollars. Last year we had 778 available. At the end of April, we had 590. And at the end of May or June 1st, we only have 575. Again, the available number of homes has steadily drop and it's much below normal.


And a slightly different picture in the luxury homes sections last year. These are homes of 500,000 dollars or more. Last year we had 413 at the end of April. This year we had 338.


And on June 1st this year, the inventory bounced up a little bit to 368. So let's take a look at sales over the past month. So last year, during the month of May, we sold 187 entry level homes in May. This year we sold only 93. So that's about half. And now in May 2020, that jumped back up to 157. So almost on par with what it was. like mid-range homes, 250 to 500,000 dollars last year in May, we sold 487.  April this year 247 again 1/2.


And that bounced right back and made this year to 418 almost on level with what it was. Now, as far as luxury homes go, last year we sold 85 of those in the month of May.


This year in April, that dropped down to 35. But this year in May, it went back up to 66 homes. As you can see, sales have nearly doubled over last month. But in most cases, inventory, the available number of homes has actually decreased.


This is going to make for a very hot sellers market. If you've been following my podcast on my blog for a while, you also know that we take those numbers, the solds and the available. We combine them to come up with a quotient called inventory days or days of inventory. This basically means that if no further houses are listed, how long would it take at the current rate to sell everything that's out there? Naturally, the lower that number, the hotter the market and the better seller market it is and the tougher it is for buyers.


So let's take a look at what those numbers mean right now, starting off with homes under 250k dollars last year. This time it was 71 days. It would have taken 71 days to sell everything that's out there. In April this year, that was 92 days. But this month, we've dropped down to 53 days. So that's even faster than last year.


Homes between a quarter million and a half million dollars last year. That was 48 days. In April this year, that jumped up to 72 days. And right now, June 1st, that's dropped to 42 days. Again, hotter than last year. And a similar picture in luxury homes, those over a half million dollars. Last year we were looking at 146 days to sell everything that's out there. In April this year, that jumped up to 290. That's almost doubled. And now in June 1st, that's back down to 172 days.


So you can see by those numbers that the hardest part of the market is between that 250 and five hundred thousand dollars. In fact, I can tell you that the really the hottest segment in Winnipeg market has always been between 250 and 350. And the last that we take a look at is how many new listening to come into markets last year during the month of May, we had 1,341 new listings. In April this year, that dropped way back to 698.


But it's comeback somewhat made this year, to 1098. So we're still roughly 250 listings short of what we were last year. Right now is a great time to sell your home. Please give me a call if you're if you're thinking of selling your house in Winnipeg. That's Bo Kauffmann Remax Performance Realty 204-333-2202.