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Fall Market Update – 2016
Another summer coming to an end means more fall statistics for you to enjoy! We have the privilege of having a strong real estate market in the Winkler/Morden area in past years with no exception in 2016. The market strength can be attributed to steady economic and population growth, and a stable development plan being implemented by municipal government. However, as demonstrated in the statistics below, fall of 2016 was a slower year in the world of real estate.
In the chart to the above, you’ll notice sales have decreased slightly from last year at this time. We believe this is the result of slightly lower job security and economic stability. A few of the area’s major employers have been laying off employees and enrolled in the Work-share program. Whenever there is financial uncertainty, people tend to avoid major monetary changes such as purchasing a home
Days on the market (DOM) is an indicator of market strength and represents how long it takes on average to sell a home. Winkler’s DOM rating is higher in 2016 due to a surge of listings appealing to a specific market. Because of the Buhler Active Living Centre recently opening, there has been a lot of similar listings for sale at the same time. Whenever a new complex is built appealing to one demographic (in this case seniors) it will result in multiple similar listings with fewer buyers.
The chart above represents how close the sale price of a home is to the price it is advertised for. Over the past 5 years, sellers have been selling their homes for approximately 98% of their asking price.
If you have any questions about anything discussed in this newsletter, or are interested in buying or selling a property visit our website or give us a call!
*Statistic for single-family detached and semi-attached residential sales provided by MLS