Manitoba Real Estate Market Update: May 2021
June 17, 2021
May was another hot month for Winnipeg real estate with the second-highest sales in history! While supply levels got a boost, prices continue to rise for some home types.
The Winnipeg Regional Real Estate Board (WRREB) reports 2,006 residential sales in May, surpassing the previous five-year May average by 21% and coming in second only to the record 2,055 sales in April of this year. Thus, sales declined 2% month over month, but compared to May 2020 – when the market was devastated by the first wave of the pandemic – they’re up 46%.
New listings, on the other hand, grew 4% from last year and 9% from last month to 2,536 – still 8% below the previous five-year average, but enough to bring the sales-to-new listings ratio (which indicates how many homes were sold per 100 new listings) down substantially from 88% in April to 79%. By month’s end, there were 2,768 active listings available on the market, down 40% year over year and up 6% month over month.
“Buyers continue to show unwavering enthusiasm for all property types in May, and as a result, it is putting a price premium on many listings that come onto the market for sale,” notes Kourosh Doustshenas, WREB President.
Indeed, for detached homes, the average selling price grew 18% year over year and 1% month over month to $387,338, and for condos, it was up 12% and 9% over the same periods to $254,928. The only home type to experience declines was attached homes, which saw the average price rise 12% compared to last year but fall 6% from last month to $298,333. As in previous months, the price range in which the most residential transactions occurred was $500,000-$749,999 with 18% of sales.
If you need to sell or buy a home, a local Purplebricks REALTOR® can help you reach your real estate goals while keeping your family’s safety a top priority. Purplebricks supports Canadians by providing exceptional real estate experiences with incredible rewards: sellers save thousands in commission and buyers receive $2,000 cash back* when they purchase a home with one of our REALTORS®. Call 1-855-953-9533 to learn more.