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Spring Market Report
How’s the housing market doing in the Pembina Valley? We’re here to fill you in!
Spring Market Update 2019
Stats are provided by the MLS (Multiple Listing Service). All statistics are based on all MLS listed Residential and Condominium sales.
Home sales from January to March in 2019 were slower than last year. However, once the weather finally warmed up in April, so did the local Real Estate Market!
Winkler sales are down 16% so far this year but not because the demand is weak. Demand is so strong in certain price ranges that we are seeing multiple offers. The reason for both multiple offers and reduced sales, is the fact that there are many Buyers, and there are limited listings in Winkler. Morden’s housing market continues to remain stable, similar to last year. The price range in high demand currently is between $180,000 – $240,000 for townhomes, condos, or single houses.
Average DOM (Days on the Market) 2019 vs. 2018
January 1st – April 30th
DOM (Days on the Market) shows the average number of days it takes to sell a home. Winkler is similar to previous years at 47 days. Morden is improving from last year at 88 days.
With limited supply, pricing is increasing. Especially Winkler, with a 6.5% increase in the average sale price. Morden is steadily increasing at 2.6% more than in 2018. Southern Manitoba overall has seen a slight increase since last year.
What does this mean for current home owners? With strong demand in growing communities, house values are increasing, and expected to continue to climb in Winkler and Morden over the next year. The rental market also remains strong with limited vacancies.
There are many factors that come into play to create our stable market in the Pembina Valley. One being that there are plenty of job opportunities available, which brings newcomers to our city, as well as income security to all that live here. Another strength factor is the stable mortgage rates, making it affordable to purchase a home.