Thinking of getting into home ownership, but want to avoid bidding wars? Want a nice place to call your own without spending too much? Consider Winnipeg Condos
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What's Winnipeg condo market in July 2020? Coming up next.
For those of you who have listened to or watched my housing market report for July 2020 in Winnipeg, you already know that the housing market is super hot. It's a super hot sellers market. Tough for buyers. Well, condos are kind of the opposite.
Condos are and remain and have always been for the last five years a real strong buyer's market. It's a great opportunity for you to get into real estate, to become a homeowner if you don't want to endure the bidding wars of houses. You can find a really nice condo even for under 250,000 dollars. But Condos in the 250 plus range are superstrong buyer's market. They can sit there for several months. You won't likely get into a bidding war if you buy one and you can get a pretty good deal on these days.
So let's take a look at what the market is like as an overview.
Last year for this time period, for a month, we sold 82 condos in Winnipeg. Last month, we sold 78. And then in June, we sold 108. So it's not only faster than last month, but it outperforms last year as well. As for the most expensive condo it did hit one million dollars in the North Henderson Highway area. And you're going to see that the condo market this month actually outperforms not only last month, but last year as well.
Let's take a look at the numbers of available condos for sale as of July 1st. We can see that last year, under two hundred and fifty thousand dollars. Last year we had 513 for sale. On June 1st, we had 354. And July 1st it was 369. So it's slightly more than last month, but it's way down from last year.
Same thing for condos of two hundred and fifty thousand dollars. +, all the way up to as high as they go. And they do go for a million dollars in Winnipeg. That's pretty, pretty comparable to last year. Last year we had 323. This this month we had 302, which is virtually identical to the previous month as well. So that's remained fairly stable.
But now looking at the sales, you're going to see that this month has outperformed the previous month and even the previous year condos under 250,000 dollars last year.
This time period, we sold 35. This month, we sold fifty five. And for more luxurious condos, 250,000 dollars and up last year we sold 47. This year we sold 53. So even when compared to last year, which was a fairly active year, condo sales are up this year over last. What does all this mean? I'll explain when I come back.
So with math formula, we combine the sale statistics and the available listing statistics and we come up with something that works out to be the days of inventory. This is basically answering the question that if nobody else listed their condo going forward, how long would it take to sell everything that's out there? And of course, the lower the number, the hotter the market. If we take a look at condos under 250,000 dollars last year, that number was 455 days.
In other words, it would take nearly a year and a half to sell everything that's out there. This month, that number has dropped to 201. So that's twice as fast as last year. Condos over 250,000 dollars. Last year that number was 213. This year it's 171. Again, a huge improvement over last year. Now, keep in mind, 201 and 171, . those are still really high numbers.
When you compare them to houses, if you look at my housing report, those numbers are in the 30 and 40 range, not in the hundreds. And the last statistic I look at is how many new listings came to market during the month of June. How many people listed their condos last year? That number was 352 new listings came to market. This month, it was 334. So down slightly from last year.
But it's it's getting back up there. The previous month, that's the month of May, this year we had 302. What does all this mean? The overall picture. Condos this year are selling faster than they were last year. But when compared to houses, they are still a much, much more relaxed and slower market than houses.
If you're currently renting and you're paying twelve hundred dollars and I went through this with with a client of mine, they were paying $1,200 for an 800 square foot apartment. They managed to get into a 1300 foot, ten year new townhouse with the garage for about the same money. Actually it's costing them less money than 1,200 dollars a month. That's including taxes and condo fees and the mortgage interest. So if you're interested in getting out of the rent-race and you don't quite want to buy a house, maybe it doesn't fit your lifestyle or maybe you just don't quite have enough money because you can buy a really nice condo for $220,000, whereas that's that's getting really tough to find a house in that same price range.
If you're interested, consider condos. Give me a shout any time. It's Bo Kauffmann Remax Performance Realty 204-333-2202 I'd love to help you out till next time. Bye bye.