A Market Analyst says the housing market in Steinbach is rebounding.
Peter Squire with Multiple Listing Service says between January 1st and March 31st there were 89 single family homes sold in Steinbach from 182 listings. By comparison, that same period in 2018 produced 86 sales from 187 listings.
"That's what we're seeing across the board," he says. "We have seen a little bit of improvement overall in sales."
"They still want to buy a property," he says. "That desire hasn't changed at all, and now they are in a better position, since they've had a year to kind of figure out where they can position themselves in the current market."
But Squire says he is puzzled by the average selling price thus far in 2019. So far this year it sits at $264,000, which is down from $277,000 through the first three months of 2018.
Squire says he doesn't normally get too concerned over average selling price when it covers only a few months. And, he says there is no reason to panic. Again, he attributes this to the federal stress test.
"Some of those new entrants into the market that maybe weren't qualifying for as high a price in 2018 due to the federal stress test and now they are back in the market and they are getting something that's more affordable for their budget," he explains.
In terms of condominiums, Squire says there have been 8 sales from 30 listings so far in 2019. By comparison, there were 6 sales from 23 listings a year ago. The average selling price in 2019 has been $189,000, compared to $174,000 in the first quarter of 2018.
Squire says he would like to think that the first quarter is a good indicator of how the year will end up, but he says the second quarter is where things really start to happen.
"We're somewhat encouraged, in all honesty, to see that we have recovered a bit from a slower 2018," he says. "I'm somewhat optimistic."
Fri, Apr 19, 9:30 AM
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