Market Update for August '20
The weather may be cooling off but the real estate market has NOT!
I think this is officially the longest Spring market we've ever seen. It's September 11th, kids are back in school and the leaves will be changing colours soon, but for the Winnipeg real estate market, it's still very much April or May.
August's sales of 1,845 are up 28% over the same month last year and make it three months in a row of sales above 1,800.
The most active property type is single detached homes and we're continuing to see multiple offer situations and sales above list price. In August, similar to July, roughly 33% of detached homes that hit the market sold for over asking.
The two most active price points for single detached homes are $300,000 - $349,900 with 16% of sales and $250,000 - $299,900 just five sales behind.
Competition has really heated up in these price ranges as buyers continue to take advantage of low mortgage rates and inventory remaining much lower than we'd like. With 1.5 months of inventory, we have definitely entered into a sellers market.
This is normally the time of the year when sales begin to taper off a little and we'll likely see that again soon. Hopefully balancing the supply and demand going into the colder months but we'll just have to wait and see.
I hope you're doing well and staying safe out there.
Please feel free to reach out anytime if you have questions about our current market - it's an interesting one haha
Enjoy the weekend!