Welcome to my monthly blog post!
I am excited to review recently released May stats with you.
To start, while May experienced a large influx on new listings, it was also the first decrease over the same period from last year. Additionally, due to less inventory going into this month (June), combined with higher activity happening in the spring market, our inventory has a supply of about four months. According to Altus Group – a leading firm which tracks local markets on a monthly basis, states that a five month supply of inventory is considered to be a normal market.
What does it all mean for consumers?
This is great news for both the buyer and seller. Due to decreased number of listings entering the market, the seller is able to achieve a satisfactory price, at the same time; the buyer has a healthy supply of listings to choose from, is able to conduct the necessary due diligence and is able to shop in a more relaxed environment.
“Overall our local market is balanced and offers plenty of choice for buyers. Sellers on the other hand need to be realistic in their pricing” said WinnipegREALTORS® president David MacKenzie.
Having said that, one in five listings in single family homes are still achieving above list results, and one in ten for condominium units.
Total dollar volume generated by Winnipeg REALTORS® for the month of May was $410.0 million – it is only one of five months in the history of our association to have achieved the $400 million mark. Year to date dollar volume of $1.37 billion is up 2% over last year and it is the highest on record for the first five months.
Needles to say, our market is very healthy. “The numbers speak for themselves and it is not trite to say ideal conditions exist to take advantage of favourable mortgage rates”, said Mackenzie.
So, if you or anyone you know is in the market to buy, sell or invest in real estate, consider me for the job. I am a knowledgeable professional with an honest and straight forward approach to real estate sales. I love my job and I’d like the opportunity to work with you.