Manitoba Real Estate Market Update: August 2020
The invigoration seen in Winnipeg’s real estate market since June made for a strong end to August, despite slight decreases from last month’s soaring figures. According to the WinnipegREALTORS® August report1, sales surpassed 1,800 for the third straight month with 1,845 residential sales, representing a year-over-year increase of 28% and month-over-month decrease of 3%.
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Catherine Schellenberg, president of WinnipegREALTORS®, observes, “Following three months of overall heightened sales activity we are not seeing the same response with listings coming on the market. The impact is a shortage of listings for eager buyers and increased situations where multiple offers and bidding wars are occurring.” In fact, the report shows that inventory is down 30% year over year, while close to one-third of detached homes sold for above listing price.
August’s high buyer demand pushed the average selling price up 12% year over year to $349,247, though that figure has fallen a scant 1% since July.
Residential-detached homes represented the most market gains, with sales for this category increasing nearly 31% year over year. For the second month in a row, detached homes in the $300,000 to $349,999 price range saw the most growth, with 16% of total sales. The report notes this is an indication of the move-up market gaining strength, since the previous most active range was $250,000 to $299,999.
Condominium sales increased 7% year-over-year, with the most active price range – about one in four sales – being $150,000 to $199,999, though the next three higher price ranges all showed strong activity.
The third most active category was vacant land, with a 66% growth in sales over August of last year.
As Schellenberg points out, the growing demand for detached homes could be yet another effect of COVID-19: “A work from home trend is changing the way one thinks about the kind and extent of space and has definitely garnered more thought and attention. This coupled with historically low mortgage rates are motivating factors for a number of sellers and buyers to make a change during this pandemic.”
If you need to sell your home or buy a home during the outbreak, rest assured that a Purplebricks REALTOR® can help you navigate the market.
Purplebricks is here to support Canadians by providing them with a full-service real estate experience while saving them thousands in commission when selling their home. As for homebuyers, we share the commission by giving buyers $2,000 in cash back* when they buy a home with us. Call 1-855-953-9533 to learn more.
1. WinnipegREALTORS® August 2020 Market Update