Manitoba Real Estate Market Update: April 2021
May 18, 2021
The hot streak continued in April as Winnipeg sales hit 2,000 for the first time in history! But with falling numbers of new listings, it’s a tight seller’s market.
The Winnipeg Regional Real Estate Board (WRREB) reports 2,055 residential sales in April, representing an increase of 142% year over year and 4% month over month. While low sales during the first-wave lockdown of April 2020 make the year-over-year comparison difficult to interpret, this April’s sales were 53% above the five-year average for the month, leaving no doubt that buyer demand is unusually high.
By contrast, new listings decreased 6% from March, coming in 2% below the five-year average at 2,336. As a result, the sales-to-new-listings ratio climbed from a tight 80% last month to an even tighter 88%. At month’s end, there were 2,615 active listings (i.e., available homes) on the market – up just 1% from March and a stunning 43% below the five-year average.
“Rapid sales are depleting our listings quicker than we can replace them,” notes Kourosh Doustshenas, WREB President.
So much demand with limited supply means prices are going up. For detached homes, prices grew 15% year over year and fell by just over half a percent to $382,513; for attached homes, the average selling price was up 26% year over year and 2% month over month to $318,782; for condos, it slipped 8% year over year and 6% month over month to $233,170.
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