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Spring Market Report – 2018
All statistics are based on Residential and Condominium listings only.
Stats are provided by the MLS (Multiple Listing Service).
In the first quarter of the year we are experiencing a balanced market in both Winkler and Morden. Last year at this time Winkler experienced a more aggressive climb at the start of the year, despite the sales statistics looking different, we can see that the strength in the market still proves to remain in the demand of homes. We expect demand to be strong as Spring carries on and more listings come available.
Total sales so far this year in Winkler are at 45 with Morden at 41 sales. Winkler sales are lower than this time last year due to limited listings in the strongest demanded price range, $180,000 – $220,000. Currently there is limited new townhome developments which is also a factor in the change of sales. Morden sales are higher so far this year at 41 sales, compared to 36 last year.
Average DOM (Days on the Market) 2018 vs. 2017
January 1st – March 31st
While Morden sales are higher than last year, homes are taking longer to sell on average, 115 days. This is due to a larger inventory of homes in Morden, 91 current listings as of April 4th vs. 49 current listings in Winkler. Due to Winkler having fewer listings at the start of the year, homes have been selling faster in Winkler in 2018. On average homes in Winkler are selling in 36 days which is an improvement on the 57 days last year. Houses are proving to sell quickly with the demand for the used housing market being high. Creating the stronger demand for the used-home market is the limited lot developments to build new homes, increasing cost of construction in both labour, materials and increased building regulations.
Average Sale Price reflects the outcome of what homes on the market have been selling for. What it displays is that the desirable price range of $220,000 or under has been very strong, therefore pulling the average price closer to that range. Morden has seen an increase in the average sale price due to numerous sales in a higher price bracket.
Each week we are seeing the market increase as the weather warms up. With a strong job market and continual growth in Winkler and Morden we are expecting the demand in the real estate market to continue. With demand like this, now could be a great time to list your home! For an Opinion of Value on your home, please call our office to schedule an appointment with your Realtor, at no cost. If you are looking to buy, you can fill out our Instant Listing Notifications sign-up form and we will assist you in your search for a home.