In the first quarter, housing inventory is up by twenty-six percent in Winnipeg compared to one year earlier. Unit sales are also up, but only by a modest 4 1/2%. The sales to listing success ratio is 41.19% and that declares it has been a buyers market. How did the real estate market fair in the North Kildonan neighborhood? Here is the first quarter real estate market activity for North Kildonan, by the numbers:
Homes sold in North Kildonan, Q1, 2015: 46
Homes sold in North Kildonan, Q1, 2014: 42
Sales to listing ratio, Q1, 2015: 63%
Sales to listing ratio, Q1, 2014: 72%
Average days to sell, Q1, 2015: 27
Average days to sell, Q1, 2014: 24
Average sales price, Q1, 2015: $338,500.00
Average sales price, Q1, 2014: $316,900.00
Expert opinion: Should the housing inventory continue at double-digit increases over the next three months the North Kildonan neighborhood will likely follow what the overall real estate market is doing in many Winnipeg neighborhoods. Sales success remained good for North Kildonan in the first quarter as six of every ten homes listed for sale did sell. However, this doesn’t change the reality home buyers have with having more housing inventory to choose from. Should you be planning on selling your home it will be a very important decision on your pricing strategy when entering the real estate market if you wish to attract a buyer to your home. Don’t make the mistake of over-pricing your home, or the false belief of building in bargaining room for your home because your home will sit on the market as buyers are well informed and know what is fair property value.
Over the next quarter expect interest rates to remain at historical lows. The recent announcement from Canada Mortgage Housing Corporation that their mortgage insurance fees will now be higher for home buyers putting a 10% downpayment, or less, has now had any immediate negative changes on buyer activity.
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For a complimentary real estate consultation when planning to sell, buy, or invest in real estate, then please call Rolf Hitzer at Royal Lepage Top Producers at 204-989-6900. Or, email firstname.lastname@example.org.