Manitoba Real Estate Market Update: June 2020
Based on a recent poll1, 89% of Manitobans say that either the pandemic has not changed their homebuying intentions or has made them more likely to purchase a home. The results of this poll are a strong testament to how much the Manitoba real estate market has rebounded in June.
Sales are up, but new listings are down, which means most markets in Manitoba are in a seller’s market. In other words, there is not enough listings on the market to meet homebuying demand, which increases competition among homebuyers and can drive home prices up. If you’re in the market to sell your home in Manitoba, now may be a good time to do so, particularly if you own a single-detached home. This property type is seeing year-over-year and month-over-month average selling price increases. Stay healthy everyone and we will continue to keep you posted on market conditions as the data becomes available.
If you need to sell or buy a home during the outbreak, rest assured a Purplebricks REALTOR® can help you navigate the market in this unprecedented time. We saved our home sellers an average of $13,500 in commission last year†, and we give buyers $2,000 cash back* when they use a Purplebricks REALTOR® to buy their home.
The Winnipeg real estate market saw a 24% increase in year-over-year sales in June, which is an amazing improvement from May’s year-over-year 19% decrease.
Looking at the first six months of the year, the real estate market is essentially equal to 2019 sale levels, with only 1% (or 44 units) shy of matching the January to June 2019 volume. Considering for the past three months we have been in a pandemic, the market has fared well and looks like it will continue to improve.
New listings coming onto the market in June matched June 2019 figures, but looking at year-to-date listings, we are in a year-over-year deficit of 22% for active listings. This means that many markets in Manitoba are in a seller’s market, with more buyers in the market than homes available.
Catherine Shellenberg, president of WinnipegREALTORS® commented, “We have a reduced inventory compared to the last few years with 3 months available if no new listings were to come on to our market based on current sales activity. There are a number of Winnipeg neighbourhoods in particular with fewer residential-detached listings and very high sales to active listings ratios.”
The sale-to-listing ratio of 99.3%. This means that 99.3% of the homes sold in June sold for asking price or more. Of single-detached homes and condominiums sold, 29% and 13% of them sold for asking price or more, respectively.
The average selling price for a single-detached home is $340,085, a year-over-year increase of 1.6% and a month-over-month increase of 3.9%. The average for a semi-attached home is $254,521, a year-over-year decrease of 5.3% and month-over-month decrease of 4.6%. The average for a condominium is $257,961, a year-over-year decrease of 5.4% and month-over-month decrease of 12.9%.
If you need to sell your home or buy a home during the outbreak, rest assured that a REALTOR® can help you navigate these murky waters. Purplebricks is here to support Canadians by providing them full-service real estate 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 1-855-999-9740 for more information.