How Winnipeg’s real estate market shaped up in September

The housing market is continuing to balance itself out in Winnipeg according to the latest sales numbers from September.

The Winnipeg Regional Real Estate Board shared the latest numbers, showing sales have dropped drastically compared to the last two Septembers. Compared to 2021 and 2020, sales were down 20 per cent and 32 per cent respectively, but the board said sales were more similar to pre-pandemic numbers in 2019.

September 2022 saw 1,205 sales, while in the same month in 2019, there were 1,211.

“September is a continuation of the progression in the third quarter of our market region, transitioning out of a sellers’ market to one far more balanced and buyer-friendly,” said Akash Bedi, the president of the real estate board, in a news release.

Comparing the September 2022 numbers over the five-year average, sales were down 11 per cent, but new listings were up 12 per cent compared to 2021 and only down one per cent over the five-year average.

Overall, total listings are up 37 per cent with 3,897.

Another sign that the housing market is coming back down to earth is looking at the average price for a single-family home.

In quarter two of 2022, the average price was $442,134, which is much higher than the 2021 price of $388,421. However, the third quarter price for 2022 is $391,802 compared to $374,810 in 2021.

“This gap will likely shrink further in the fourth quarter and may come to the point where last year’s average single-family sales price will be higher than this year,” the real estate board said.

Condominium sales are up slightly in the third quarter compared to the second, and the numbers aren’t that far off from 2021 either the board said.

Condo sales also appeared to do well in September with the board saying there were nine upper-market sales – prices over $500,000 – compared to zero in September 2021.

The most active price for condos was from $150,000 to $199,999.