There's some good news for prospective home owners: It's a buyer's market.
New data released Wednesday by WinnipegREALTORS showed more MLS listings at this time of year in the Winnipeg housing market than at any point since 1995. For the first quarter of the year, officials said there has been 5,499 listings, an increase of 37% over the 10-year average. The number of March listings are up 26% from 12 months earlier.
"Conditions are ideal for buyers to take advantage of a healthy supply of listings and historically low mortgage rates," said WinnipegREALTORS president David Mackenzie, in a prepared statement. "Our mortgage brokers are telling us we have likely not seen rates as low as we have now since the '50s or '60s."
Making things even more attractive for would-be home-buyers is the lowered expectations on the sticker price. While homes used to routinely sell above the listed price, that's not happening as much anymore. In March, 70% of homes and 71% of condos sold for under the listed price, officials said
In total, MLS dollar volume sales for March were up 11% from 12 months earlier at $276 million. Overall sales for the month and for the quarter were off by about 2% for the quarter from the 10-year average, with 2,318 sales recorded in the first three months of 2015.
The most popular price point for residential detached homes was in the $250,000 to $299,999 range, officials said. The average days on the market for these types of homes was 28 days.
For condos, the most popular homes were in the $150,000 to $199,999 range, with the average stay on the market totaling 45 days.
Posted by the Winnipeg Sun April 8, 2015