Winnipeg Residential Market Update for the month of January, 2017
This RESIDENTIAL MARKET commentary is based on statistics pulled from MLS areas within the city of Winnipeg (as well as Headingley), to more accurately assess the housing momentum in the city of Winnipeg for this past month of January.
For the Residential Detached category, January saw 601 newly listed homes come on the market for sale compared to 261 for December. One year ago, in January of, 2016 that number was 637 new listings so similar numbers for the time of year and winter month. In January, the average days to sell was 39 days, the same as December and up slightly from the January 2016 from 37 days to sell, on average. City-wide, the average sale price for a single family home in was $291,079 which is down ever so slightly from December’s $ 292,475. January 2017 saw 289 single family home sales by comparison to December recorded at 347. Supply to demand ratio for the month of January, 2017 was 10:3.6, or 3.6 sales for every 10 homes for sale on the market during the month. The highest priced sale was $2,460,000 in Tuxedo and the lowest was $50,000 in the North End.
For the Residential Attached category, January saw 53 properties in this category come onto the market in January,compared to 31 in December. A home in this category took on average 40 days to sell, which is exactly the same as December, but slightly longer than January, 2016 at 36 days to sell, on average. The average sale price of a home in this category during the month of January was $224,112, down 13% from December’s $258,785. January saw 27 sales in this category, down slightly from December’s 34 and January 2016’s 33. Supply to demand ratio for this category, for the month of January, 2017 was 10:3.6 or 3.6 sales for every 10 properties for sale during the month. The highest sale price was $365,000 for an attached style new build in Bridgwater Centre and the lowest was $ 135,000 for a townhouse duplex in the North End.
And finally in the category of Condominium, January saw 279 condos added to the market for sale, compared to December’s 126 listings, which is a 120% increase. On average, a condominium the days to sell in January was on average 45 which is up from December’s 53 days to sell, and 3 days faster than January 2016. City-wide, the average sale price of a condominium during January was $253,540, pretty much the same as the month prior at $ 252,047. January saw 81 sales in this category, up 1 from December’s 80 and up 33% from January 2016’s which was 61. However, Supply/Demand ratio was 10:1.5 or 1.5 sales for every 10 condos on the market for sale causing a rather saturated market for January in this category. The highest sale price in this category was $358,888 for a townhouse style condominium in Bridgwater Centre. The lowest price was $ 112,000 for an apartment style condominium in River Heights.
HOME PRICES UP 0.5% IN JANUARY ACROSS THE COUNTRY, CHECK IN WITH WINNIPEG STAT BELOW.
In January, the Teranet–National Bank National Composite House Price Index™ was up 0.5% from the previous month, matching the largest January increases in the 18-year history of the Index, in 2003 and 2010. Prices were up in seven of the 11 metropolitan markets surveyed. The increase exceeded the countrywide average in Hamilton (1.1%), Toronto (0.8%) and Montreal (0.8%). It lagged the average in Vancouver (0.3%), Victoria (0.2%), Calgary (0.1%) and Quebec City (0.1%). Halifax prices were flat. Prices were down from the month before in Winnipeg (−0.7%), Ottawa-Gatineau (−0.7%) and Edmonton (−0.1%). The Vancouver gain ended a run of three monthly declines. The index for Toronto, like the composite index, has risen in each of the last 12 months. For Hamilton it was the 11th straight monthly rise, for Victoria the 10th, for Calgary the fifth, for Quebec City the fourth. For Winnipeg it was the third straight monthly decline, for a cumulative retreat of 2.1% that took its individual index back below 200. The composite index, meanwhile, rose above 200 in January, signalling that home prices in the 11 markets as a whole have doubled since June 2005.
Teranet-National Bank National Composite House Price Index™
For the full report including historical data, please visit: http://www.housepriceindex.ca
If you are considering selling or buying a home in the Winnipeg market, Terie would be pleased to arrange for a planning consultation. Contact her through her website at www.HomesinWinnipeg.com or 204-987-9808.