Manitoba Real Estate Market Update: February 2021
March 17, 2021
The Winnipeg market is warming up! New listings were no match for growing buyer demand in February, which led to shrinking inventory levels and rising prices for all home types.
The Winnipeg Regional Real Estate Board (WRREB) reports that the region saw 1,240 residential sales in February1 – 68% more than the five-year average and an impressive 48% more than last February. Sales were also 33% higher compared to January, which was a welcome change of pace after transactions for that month fell 4% compared to December.2
Though buyer demand is ramping up as we head toward the warmer months, February’s new listings came in 3% lower than a year ago and only 4% higher than last month at 1,661. As such, the sales-to-new-listings ratio climbed from 58% in January to a strong 75% (meaning that for every 100 new listings that entered the market, 75 homes sold). With the growth in sales outpacing the growth in new supply year over year, inventory is shrinking: at the close of the month, there were just 2,501 available homes, down 41% year over year.
“New listings entered on our MLS® in February are in keeping with previous years,” notes Kourosh Doustshenas, WRREB president. “The difference … is we are experiencing record-setting month-over-same-month sales, so sellers remain in the driver’s seat.”
Indeed, tightening markets are keeping buyers competitive and allowing sellers to up their prices. In February, detached homes accounted for 66% of all residential sales at an average selling price of $360,194, up 14% year over year and 2% month over month. Meanwhile, condos accounted for 14% of sales with the average price rising 7% and 8% over the same periods to $242,571. Posting the largest month over month price gains were attached homes: at 7% of residential sales (or 91 transactions), the average price rose 11% compared last February and 36% from just one month ago to $308,368.3
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