[Market Report] Winnipeg September 2020 Real Estate Market Analysis

Dated: October 15 2020

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Hey everyone! Recently I lost out on a very competitive multi-offer. However, I am surprised rather than disappointed by the absurd results. It was a nice clean little house in Winnipeg. We had presented a clean offer with a higher price than asking after a day of market analysis and long consideration. With a good location and decent house condition, more than 10 offers came in. I thought there was going to be a gritty multi-offer battle earlier, but the final results were surprising. It went for 26% over the asking price. This was a price increase of more than 100K.

Last month, there was a prediction that the Winnipeg fall market will gradually decrease compared to the summer market. Especially in September, I was guessing that with schools opening up we would see it slow down a little more. We will analyze what kind of change the entire Winnipeg market has shown through graphs and numbers.

Winnipeg Real Estate Market Analysis for September 2020

The September market had

The phenomenon he low inventory and

If you look at Current Listings' records showing the number of listings from September 2020, you'll see a lower number compared to 2019, but a higher number compared to other years, maintaining a positive inventory count. However, the seller market as a whole is maintained due to the high number of buyers.

September Residential Detached House Market Analysis

 
 

The table above is a comparison of the sales rate of detached houses in September 2020 with September 2019 and August 2020, respectively.

The table on the left shows that the September 2020 sales rate increased significantly in both Winnipeg and Winnipeg outlying rural areas (Steinbach, Niverville, Gimli, etc.) compared to September 2019. On the right table, although it is a small number, there was a decrease in the sales rate as expected compared to last month. (The decrease in the sales rate for suburban areas is only two cases)

This is a graph where you can see how much more favorable the market was for.

September 2020 % over list (price) [The percentage of sales higher than the price suggested by the seller] and % = List price [The percentage of sales at the price suggested by the seller] are more than 40%. This has been on the rise since May. This is good news for sellers, but bad news for buyers. Clients who are currently considering buying or selling houses will need an accurate market analysis and appropriate strategy.

 

 

Let's look at the price change in the housing market. To improve accuracy, comparing Year to Date average sale price in 2019 and 2020, Winnipeg and the suburbs show a 5.22-5.23% increase in price compared to last year. If you compare the average housing prices from January to August 2020 and January to September 2020 in the table on the right, you can see that prices have continued to rise since last month.

September condo market analysis

Let's take a quick look at the condo market.

Winnipeg Condo Market is still showing a 15.56% decline of active listings in September 2020 compared to the last year. However, it can be interpreted that as the number of current listings (new listings) in September is higher than any year,

. Still, the sales-to-list ratio is as high as the housing market.

Unlike the housing market, Winnipeg's condo market is generally sold at a more favorable price to buyers. Comparing the September 2020 record with September 2019, the change can be seen more clearly, but since June, the percentage of sales according to the Listing Price has increased.

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Irene Jooyeon Hwang

My motto is “The greatest pleasure in life is doing what people say I cannot do”. I have achieved both a Bachelor of Arts and Economics, as well as a certificate in Early Childhood Education. Wi....

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