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The Monthly Winnipeg Real Estate Update provides you with the latest trends, market reports, and property news in the Winnipeg Housing Market area. Stay informed about the current state of the Winnipeg real estate market, including housing market updates, market trends, and real estate statistics specific to Winnipeg. This update is a valuable resource for anyone looking to stay up to date with the local real estate market.
- Stay informed about the latest trends, market reports, resale prices, and property news in the Winnipeg area.
- Make informed decisions about buying or selling a property in the Winnipeg area based on the insights provided by real estate experts. (REALTORS®)
- Access a comprehensive home sales report and property market analysis to get an accurate picture of the Winnipeg real estate market.
- Stay ahead of the game with a housing market report that provides insights and predictions on the future of the Winnipeg real estate market.
Winnipeg Real Estate Market Trends
One of the key aspects covered in this update is the analysis of the average price. By examining month-over-month and year-over-year changes, you can understand price trends in the Winnipeg housing market. This information allows you to spot patterns and identify opportune moments to enter or exit the market.
Another significant factor highlighted in the update is the sales trends. A careful examination of sales data can reveal important insights about buyer behavior and market demand. Whether there's a surge in buying activity or a slowdown, these trends can influence your decision-making process.
The Monthly Winnipeg Real Estate Update also provides valuable information about inventory levels. Understanding the supply of homes on the market is essential for assessing market competition and gauging the time it may take to sell a property. You can strategically position yourself in the market by keeping track of inventory levels and adjusting your expectations accordingly.
Stay in the know with the Monthly Winnipeg Real Estate Update and gain a deeper understanding of the trends shaping the local housing market. With the valuable insights provided, you can confidently navigate the Winnipeg real estate landscape and make informed decisions that align with your real estate goals.
Winnipeg Real Estate Market Forecast
Looking ahead to the future, the Monthly Winnipeg Real Estate Update provides valuable insights into the market forecast for the Winnipeg area. With a comprehensive analysis of various factors, including interest rates, economic indicators, and local market conditions, this update offers predictions and projections on the future of the Winnipeg real estate market.
You can make informed decisions about your real estate investments by staying informed about the latest developments and news in the Winnipeg real estate market. The market forecast provided in this update serves as a guide to help you navigate the ever-changing landscape of Winnipeg's real estate market.
Knowing the market forecast can give you an advantage in your real estate endeavors whether you are a buyer, seller, or investor. Understanding the trends and predictions for the Winnipeg area enables you to plan strategically and make decisions that align with your goals.
Stay up to date with the Winnipeg real estate market through the monthly update and be the first to know about any significant changes or news. The Winnipeg real estate market forecast included in this update ensures that you are equipped with the information you need to stay ahead of the game and make informed decisions in the dynamic Winnipeg real estate market.
Winnipeg Housing Market Report for December 2023
General Market Overview
The Winnipeg Regional Real Estate Board's market region has been experiencing a consistent increase in active MLS® listings for the 17th consecutive month, showcasing percentage gains over the previous year. Sales across all MLS® property types have slightly declined but are still comparable to the figures from last November.
The total dollar volume of MLS® sales in November reached just over $285 million, marking a 4% decrease from last November and a 13% fall below the 5-year average. Rena Prefontaine, the President of the Winnipeg Regional Real Estate Board for 2023-2024, noted that active listings for residential detached homes and condominiums have increased over the previous year, while MLS® sales, dollar volume, and average prices have seen declines compared to 2022.
In contrast, residential attached homes have experienced increases in active MLS® listings, sales, dollar volume, and average prices compared to last November.
Detached Housing Stats
In November, there were 566 residential detached MLS® sales within the Winnipeg Regional Real Estate Board's market region, with 379 occurring in Winnipeg and 187 outside of it. Active listings for residential detached homes numbered 1,788, with 880 in Winnipeg and 908 in the surrounding areas.
The average price for residential detached homes decreased by 1% from the previous November but was up by 3% over the 5-year average. The neighborhoods witnessing the highest number of sales were West Kildonan and Sargent Park in Winnipeg, and Steinbach and the Morden/Winkler area outside of Winnipeg.
The most active price range for residential detached homes was $325,000 – $349,999, with 55 sales in November, representing 10% of the total residential detached MLS® sales. Additionally, there were 5 residential detached homes sold at $1 million or more during the month.
Attached Housing Stats
The residential attached segment saw a total of 62 MLS® sales in November, with 44 in Winnipeg and 18 in the surrounding areas. There were 281 active MLS® listings for residential attached homes, with 168 located in Winnipeg and 113 outside of it. The average price for residential attached homes in November showed a 4% increase from the previous year and an 8% rise over the 5-year average.
Condominiums had a total of 120 MLS® sales in the Winnipeg Regional Real Estate Board's market region, with 99 in Winnipeg and 21 outside of the city. There were 456 active MLS® listings for condominiums, with 354 in Winnipeg and 102 in other locations. The average price for condominiums in November fell by 8% from the same month last year, yet it remained statistically on par with the 5-year average. Osborne Village and River Park South were the leading neighborhoods in Winnipeg for condominium sales, with the most active price range being $150,000-174,999, which accounted for 17 sales in November or 14% of all condominium sales. Notably, November featured the second-highest condominium sale of the year in River Park South, marking the third condominium sale at or above $1 million in 2023, equalling the total from 2022.
Previous Months Real Estate Market Reports
Winnipeg Housing Market Report for October 2023
As for residential-detached homes, there were 776 MLS® sales across the market region in October, with 531 in Winnipeg and the remaining 245 outside the city. Of the 2,035 residential-detached active MLS® listings, 1,031 were in Winnipeg, while 1,004 were outside. The average price for a residential detached home rose 6% over last October and is up 9% over the 5-year average. Waverley West was the neighborhood in Winnipeg with the most residential-detached homes sold in October, followed closely by River Heights. The most active residential-detached price range was the $375,000-399,999 range, representing 8% of residential-detached MLS® sales.
Residential Attached Home Stats
Turning to residential attached homes, there were 72 total MLS® sales in October, with 51 in Winnipeg and the remaining 21 outside the city. Of the 277 active MLS® listings for residential attached homes, 170 were in Winnipeg and 107 were outside. The average price for a residential attached home was 1% below last October but 6% higher than the 5-year average.
Condominium Sales Stats
Focusing on condominiums, there were 173 total MLS® sales across the Winnipeg Regional Real Estate Board's market region in October, with 147 of these occurring in Winnipeg and the remaining 26 outside the city. There were 479 active MLS® listings for condominiums, with 373 in Winnipeg and 106 outside. The average price for a condominium in October was 1% below last October but still 4% above the 5-year average. Downtown Winnipeg saw the most MLS® condominium sales, followed by River Heights and Osborne Village. The most active price range for condominiums was the $150,000-174,999 range, which represented 17% of all MLS® condominium sales.
Overall Winnipeg Real Estate Market Stats for October 2023
Overall, October saw steady gains in all MLS® total sales, listings, average prices, and dollar volume compared to October of 2022. This marked the first October, which saw all MLS® sales increase over the previous year since the record-setting October of 2020. Notably, MLS® sales for residential-detached homes were up 5%, while condominium sales were up almost 20% over last October. Average prices declined slightly for condominiums and residential attached homes, but for the fourth consecutive month, average prices rose for residential-detached homes compared to last year.
FAQ About The Monthly Winnipeg Real Estate Update
What is the Monthly Winnipeg Real Estate Update?
The Monthly Winnipeg Real Estate Update provides you with the latest trends, market reports, and property news in the Winnipeg area.
Why is it important to stay updated on the Winnipeg real estate market?
The Winnipeg real estate market is constantly changing, and staying updated on the latest trends can help you make informed decisions about buying or selling a property in the area.
What information does the Monthly Winnipeg Real Estate Update include?
The update includes market trends, average home prices, sales reports, inventory levels, and a property market analysis specific to Winnipeg.
How can I use the real estate statistics provided in the update?
The real estate statistics offer insights into the number of homes sold, average sale prices, and days on market, which can help you understand the current market conditions and make informed decisions.
Does the Monthly Winnipeg Real Estate Update offer a market forecast?
Yes, the update includes a market forecast that takes into account various factors, such as interest rates, economic indicators, and local market conditions, to provide insights and predictions on the future of the Winnipeg real estate market.
How often is the Monthly Winnipeg Real Estate Update released?
The update is released monthly, providing you with the most up-to-date information on the Winnipeg real estate market.
Previous Reports on Winnipeg's Real Estate Market
Housing and Condo Sales for May 2023
Winnipeg REALTORS have just released the sales and listing stats for houses and condos for May 2023, and some interesting factors are emerging. After a slower start, sales are starting to pick up,
Let's see how the overall, total MLS stats compare between May '23 and May '22
As we can see, overall listings are up 48% compared to last year, while sales are down 12%. Remember that these stats are for ALL Winnipeg REALTORS market areas, which include the entire southeast corner of the Province.
Let's now take a look at the 3 separate categories of detached homes, attached homes and condominiums.
Detached Home Listings and Sales
These are the main segment of the market. Stand-along residential homes of all styles and sizes.
Here, during May, 2,042 active listings were recorded, which is a 48% increase from May 2022. More choices for buyers means a more buyer-friendly environment.
Compared against the 5-year average, we are actually on par with the number of listings, although the sales are still lagging about 10% behind the 5-yr avg, and 12% behind last year.
The average detached house sold for nearly $408,000, which is also down 10% year over year, but UP 7% over the 5-yr average.
So inventory is UP, sales and prices are down when compared to 2022. A good time to buy?
In Winnipeg, on June1st, we had 1,214 houses available ON THAT DATE, as compared to only 910 the same date a year earlier.
Attached Home Sales and Listings
This category includes side by sides and townhomes. Here we see that inventory is also up 40% when compared to last year, and still 25% higher than the 5-yr average.
Prices are also down slightly, 7% from last year and are UP 10% from the 5 yr average.
These side by sides and very often townhouse style residences offer a lower priced alternative to stand alone homes, and can save a buyer ten's of thousands of dollars. The trade-off for owning attached home are explained in this article.
Condominium Listings and Sales
Condominium listings include apartment style, townhouse style and even detached homes.
As we can see, 525 listings during May '23 represents a 31% increase over last year, but a 19% DE-crease over the 5-yr average. Sales are down 13% compared to May '22, but pretty much on par with the 5-yr average. And unlike housing, condos have held their pricing, increasing 2% from last year, and 6% over the 5-yr average.
On June 1st, in Winnipeg, we had had 391 Condos available, compared to just 312 the same day in 2022.
What about interest rates?
While all those numbers point to a more buyer-friendly environment, some folks point to the higher interest rates as a deterrent. Here is another way to look at this
“Interest rates will go up and down, but the purchase price is forever.”
Unless you're lucky (or wealthy enough) to pay your mortgage off in 5 yrs, you will most likely have to re-new it a few times. Each time you will be subject to the current interest rates of the day.
Your mortgage payment will, of course, be based on your current outstanding debt. And right now, you can buy a house for around 10% less than last year. PLUS have more homes to choose from, AND fewer bidding wars than last year.
All of this adds up to an encouraging sign for home buyers.
If you're interested in exploring your options, and see how much home your current pre-approval will buy for you, call me to set up a free buyer consultation.
Bo Kauffmann REMAX performance realty…. 204-333-2202
Is spring 2023 turning into a great ‘Buyers Market'?
When comparing listings and sales, year over year, there is no doubt that numbers are looking favorable for home and condo buyers in Winnipeg. Let's take a look at the stats of the month of April 22 and April 23.
As we can see from the ‘ALL MLS' graph, active available listings (all types of houses and condos) are up 70% over last year, same time. They are actually right in line with the 5-yr average of available listings (3,548)
At the same time, property sales are down by 24% from last year…… as well as being down 17% from the 5 yr average.
Detached Homes in Winnipeg
The numbers for stand-along houses (detached homes) is even more telling. The active listings for the Winnipeg Real Estate Board area are 1,761, which is nearly double (+84%) of the active listings in April 2022, which were 956.
At the same time, sales are off by 25% when compared to last year. So these numbers alone would suggest a nod towards a buyers market. Since there are MORE HOMES for sale, and FEWER sales happening, buyers overall face less competition, more choices and fewer bidding wars. But the story does not end there. Take a look at the average prices:
Last year the average detached home sold for $447,295 while this year its $409,286, a drop of 9%. A third sign of a buyers market.
- Increased Inventory
- Lower buyer activity
- Lower home prices
Attached Homes in Winnipeg
How about the so-called attached homes. These are side-by-sides and townhomes. Home builders have been constructing these as an alternative for first time buyers. Since they use less land, and less building material, they are quite a bit cheaper to build. Let's see how those are faring:
Here active listings are actually more than double, going from 122 in 2022 to 252 this year. Sales are off 28%, from 109 last year to 79 in April 2023. And prices are also down 28%, to an average of $326,995.
So the story is very much the same as it is with detached homes…….more availability, less competition among buyers and lower prices to boot.
Condominiums in Winnipeg
Does the story repeat for condos in Winnipeg as well? Yes, but not the same extreme.
The 484 available condominiums are a 42% increase over last year, which sales are off by 24%. Last April we sold 224 condos, whereas this year we only sold 171. However prices have remained fairly stable, dropping just 1% for the average sale, from $261,802 last year to $258,571 this year.
February 2023 Winnipeg Market Report
This is the first market update of 2023. Click on the pic for a great mobile experience.
About the PublisherBo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist. Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages. He can be reached easily By E-Mail or call/text him Call/Text Here
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