When is the best time to list your Winnipeg home for sale?
On the daily, I am asked when the best time is to sell your home in Winnipeg. The short answer is: it depends.
For the purposes of today’s discussion, I’m going to focus on when the best time to sell is in regard to dollar return. As in, what time of year is best if the sole goal is to net the most money. However, there are aspects beyond just netting top dollar (possession timeframes, conditions, terms, etc.) that are not being considered in this evaluation. So please keep that in mind. Everyone has different circumstances, and tailoring a plan specifically for you is what is most important. I don’t want anyone getting stressed out if they are unable to make the time frames shared below.
Just a few notes before we get into it:
This report is specifically for the Winnipeg market
These statistics were compiled from the data provided form the Winnipeg Regional Real Estate Board
All markets are local. However, most markets do hit a peak in the market, in which sales decline.
While the numbers help us develop “best strategies”, there is never a one-size-fits-all approach to selling a home.
Looking at number of sales in Manitoba. If you had 100 buyers:
5 would buy in January
5 would buy in February
7 would buy in March
9 would buy in April
12 would buy in May
11 would buy in June
11 would buy in July
10 would buy in August
9 would buy in September
9 would buy in October
7 would buy in November
5 would buy in December.
Looking at these numbers alone, one may say that selling between May-July would be an ideal time to sell. However, based on my experience, I know that those selling earlier in the year typically come out further ahead when it comes to their bottom line. And a deeper delve into the stats reveals why:
Inventory levels in Winnipeg, tend to start heavily increasing in May – with the number of Active listings typically hitting the peak between July – August.
However, by mid-May, we are still experiencing more limited inventory even in the presence of a very active Buyer pool.
As a result – we typically see the highest number of sales over list price in May – and I would actually say from experience that those selling from mid-April to mid-May are the ones that tend to see the highest sales prices.
So, what does this mean now, that we’ve passed this “peak” of the spring market? It means a few things:
We need to adjust expectations. Understand that things might take longer to sell than a few months ago, and it might mean more showings before you get to that offer. Multiple offers may be less frequent and less aggressive.
Buyers are seeing more options – so pricing and presenting your home properly are much more paramount in these times.
Be prepared to negotiate. The early spring buyers are much more comfortable with the bidding war. They tend to be early adopters with a different mindset from the late spring buyers who can be more conservative (hence why they haven’t succeeded in their bidding yet).
This is Winnipeg. It is still, quite likely, a Seller’s market. Winnipeg has proven to be a safe haven for homeowners for the last several decades – with consistent increases in property values. Our homes still typically sell in well under 90 days and for relatively close to list price when compared to other markets. Which technically still qualifies us as a Seller’s market! So it really isn’t that bad.
For buyers: what I haven’t mentioned above is the best time for you to buy. The data says typically anytime from November – January is a good time to buy – with November likely showing the most strength. Inventory is still quite high, while the number of Buyers is quite low.
And I know I have touched upon this above – but there are really two keys to ensuring the success of your home sale, regardless of the market you are in:
Price it right from the start (not too low and not too high), and
Ensure that your property stands out from the competition
If you need help with any of that, please reach out. Talking strategy and what is best for your circumstance, is honestly one of my favourite things to do!
Happy Selling,
Jen
