Manitoba Real Estate Market Update: May 2022
The 1,723 sales in May marked the second-best May recorded for home sales, second only to the record highs of May 2021. Sales were down 14% year over year but increased by a substantial 18% month over month. A sizeable boost in inventory in May impacted the sales-to-new-listings (STNL) ratio, decreasing to 65% from 77% the previous month. This indicates that a seller’s market continues in the region, though balanced conditions are likely on the horizon.
There were 2,658 homes put on the market in May, which is an impressive 41% month-over-month increase and a more modest increase of 5% year over year. Active listings increased 30% month over month which is great news for buyers; and similar to new listings, remained close to at par year over year, down just 1%. In other words, there are a lot more homes available for purchase compared to April.
Double-digit average year-over-year price increases remained for detached and attached homes, up 17% and 20% year over year, respectively, while condos saw little year-over-year growth, up 3%. Month-over-month price gains were smaller, with attached homes seeing the largest gains, up 2% month over month. On other hand, attached homes saw a month-over-month decrease of 4% and condos remained at par over the same time period.
The market in Winnipeg continues to be run by larger investments, with the largest percentage of transactions taking place in the $500K-$749K (25%) price range. The $350K-$399K took 14% of market share, with the $400K-$449K range falling close behind at 12%.
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The Winnipeg Regional Real Estate Board (WRREB) reports1 2 3:
- Market: Seller's Market
- Sales: 1,723 (down 14% year over year and up 18% month over month)
- New listings: 2,658 (up 5% year over year and up 41% month over month)
- Active listings: 2,747 (down 1% year over year and up 30% month over month)
- Sales-to-new-listings ratio: 65% (previous month was 77%)
- Average detached selling price: $454,832 (up 17% year over year and up 2% month over month)
- Average townhouse selling price: $358,087 (up 20% year over year and down 4% month over month)
- Average condo selling price: $261,910 (up 3% year over year and at par month over month)
Comments from WRREB President Akash Bedi: "An influx of new listings into our market is welcome. Tight market conditions still prevail, however, as based on current sales we have less then two months of inventory when you want to have at least double that amount to move more into a balanced market."
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