In February, the overall Winnipeg real estate market had a decline of home sales by 1% compared to 2014. The true representation of this home sale statistic is there were eight fewer homes sold year over year. The trend of increased housing inventory is where the attention is needed as there was an eighteen percent rise in available properties listed for sale. What do these market changes really mean for the North Kildonan real estate market? Let’s see what the North Kildonan neighbourhood real estate activity did in the month of February, by the numbers:
Active listings, February 2015: 23
Active listings, February 2014: 17
New listings for the month of, February 2015: 14
New listings for the month of, February 2014: 8
Comment: New home inventory was up by forty-three percent for the month and active listings was up twenty-six percent compared to 2014. I will continue to sing from the same song sheet and if this increase of homes coming on to the North Kildonan real estate market continues we will see a balanced, or buyers real estate market sooner than people expect.
Homes sold for the month, February 2015: 13
Homes sold for the month, February 2014: 11
Sales to listing ratio, February 2015: 56%
Sales to listing ratio, February 2014: 73%
Average days to sell a home , February 2015: 14
Average days to sell a home, February 2014: 28
Homes sold above asking price, February 2015: 4
Homes sold above asking price, February 2014: 6
Comment: I am really curious to see what will happen in the month of March this year because by then the first quarter will have played itself out for the North Kildonan real estate market. This will help to establish a trend of some kind for our neighbourhood. That being said, one look at these real estate market statistics and change continues to brew for the North Kildonan area.
Average sales price, February 2015: $302,000.00
Average sales price, February 2014: $311,000.00
Lowest sales price for the month: 366 Oakland Avenue
Highest sales price for the month: 141 Mitchelson Way
Expert opinion: Here we are early March and it is the official start of our spring real estate market. These next few months will be very revealing with the possible effect there may be on the North Kildonan real estate, property values, salability and how long it will take to sell a home when compared to the recent years. Interest rates remain at historical lows and the Bank of Canada continues to hold borrowing money at stable to seductive levels. I believe buyer activity will be strong, short-term. But with more homes to choose from will mean not every home will attract an offer.
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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 email@example.com.