Winnipeg seeing increase in real estate listings, decrease in sales

Though the Winnipeg area saw an increase in real estate listings in November, it also saw a decline in sales compared to the year before.

This is according to new numbers from the Winnipeg Regional Real Estate Board, which found that this is the 17th consecutive month that active MLS listings in the city saw percentage gains over the previous year.

According to the board, active listings are up nine per cent from last November and are seven per cent above the five-year average.

As for sales, they are down slightly but remain close to last November. The Winnipeg Regional Real Estate Board is reporting that sales of all property types are down two per cent from the same time last year, and 16 per cent below the five-year average.

The total dollar volume of sales last month decreased by four per cent compared to last November and was 13 per cent below the five-year average.

“We're catching up from the lack of inventory that we had during the pandemic,” said Rena Prefontaine, president of the Winnipeg Regional Real Estate Board. “So we're actually just replenishing the stock that we used to have. For us, we feel it's kind of a healthy amount of inventory that is out there. There are some homes still selling in a competitive multiple offer situation, but there are other homes that are not. So we still feel it's quite a bit of a balanced budget, but maybe slightly leaning a little bit towards a buyer's market.”

Prefontaine said the market typically slows down in November due to the weather, but adds people should not fret to put their house on the market if they’re looking to sell or buy.

“Even though our inventory is up, there's actually less competition out there right now,” she said.

When looking at property types, there were 566 residential-detached sales across the board’s market region last month. Of these sales, 379 were in Winnipeg and 187 were outside of Winnipeg.

Winnipeg’s West Kildonan neighbourhood saw the most detached home sales in November, followed by Sargent Park. Outside of Winnipeg, Steinbach and the Morden-Winkler area saw the most houses sold.

In terms of prices, the average price for a detached home decreased by one per cent compared to last year, but is up three per cent over the five-year average. The most active price range for residential-detached homes was $325,000 to $349,999.

CONDOS AND ATTACHED HOMES

According to the Winnipeg Regional Real Estate Board, there were 120 condo sales across its region last month and 62 residential attached home sales. A total of 99 of the condos and 44 of the attached homes were sold in Winnipeg, with the rest being sold outside the city.

The average price for a condo last month was eight per cent below last year and equal to the five-year average. The most active price range was from $150,000 to $174,999, with Osborne Village seeing the highest number of condo sales.

For attached homes, the average price was four per cent above last November and eight per cent higher than the five-year average.