2011 was a buyers market in the Lac du Bonnet area! A Buyers market is a market which has more sellers than buyers. Many buyers have gone south of the border to buy recreation homes. U.S. Buyers are not interested in paying the higher prices and very rarely buy properties in the area, with no indication that they will be returning anytime soon. Job layoffs over the past 4 years have had an impacted on the number of families and workers moving to the area to live year round.
Sellers are finding their properties are staying on the market longer and selling for a lower price than in previous years. This slow and tentative market could easily last into 2012 and 2013.
On the flip side, if you’re a buyer you can expect lower prices and more selection. The average property sells for 5% - 7% under list price.
Here is the market data from Jan 1st 2011 to Nov 22 2011. All data is taken from the Multiple Listing Service. (MLS) Properties must be listed on the MLS system to appear in this data. This data includes properties listed with all agents in the areas around: Lac du Bonnet, Lee River, Bird River, and 8 miles north and south of Lac du Bonnet along Winnipeg River.
45 Single Family Detached home Sales
5 – $99,000 and under
13 - $100,000 - $199,000
19 - $200,000 - $299,000
8 - $300,000 +
72 Single Family Detached homes where listed on the market and did not sell.
19 Vacant Land Sales
14 - $99,000 and under
5 - $100,000+
49 Vacant Land properties where listed on the market and did not sell
Currently there are 30 Single Family Detached homes for sale and 37 Vacant Land Properties for sale.
What is my prediction for 2012? I believe it will take another 2-3 years before we see prices increase in the area. The larger companies in the area (Hydro, Tanco, and Milner Ridge Correctional) are starting to higher employees again; this should have a positive impact on the residential market. I am already seeing this trend at the end of 2011.
Are you interested in a more detailed market report? Send me an email at Stacey.Harron@century21.ca and I will be more than happy to supply you with market information.