I want to take this time to wish everyone a happy new year - may this year be filled with much health, happiness and prosperity! Also, I welcome everyone back to their regular routines like work and school.
I met with an acquaintance yesterday and she commented on how worrisome she was about the real estate market. I reassured her that the market is as robust as ever with a few cyclical changes.
Overall, sales have fared very well in 2014. Most recently, our sales in December had a 5% increase from December of 2013, dollar volume dropped less than 2% when compared to the same time last year, and total sales for the year were 12,631 down 42 sales or less then 1%.
Our listing inventory on the other hand, has consistently increased throughout the year and at the end of December we had 22% more listings than we did last year at the same time. Consequently, " ...2014 resulted in a shift to a much more balanced market if not edging into a buyers' market '' said WinnipegREALTORS president David Powell.
How does this affect sellers?
If you are thinking about selling your home this year, keep in mind that the market has become much more competitive than years past and it will be imperative for you to work with a knowledgeable REALTOR who can advise you on how the market will affect you and your property, and how best to position yourself in the current market.
How does this affect buyers?
If you are thinking about buying your first home or trading up to your dream home, due to the high number of listings to choose from, this is a great year to do that. We currently have over 5 months of listings supply available. In December 2014, 84% of single family homes sold below list price and 63% of condo units sold below list. In addition, the average days on market was 30 days - two days slower than 2013. Overall, these are excellent conditions to get into the market as you'll have plenty of houses to choose from, less chance of multiple offers and a longer time to make your decision.