Manitoba Real Estate Market Update: October 2020
Winnipeg’s real estate market is still going strong, undaunted by the colder weather moving in and the ongoing pandemic.
According to the WinnipegREALTORS® October report,1 sales for all property types totalled 1,595 for the month, representing a 36% year-over-year growth. New listings numbered 1,786 for decrease of 9% over the same period.
Catherine Schellenberg, president of WinnipegREALTORS®, observes that “brisk sales activity” has made up for the delayed spring market, but “seller’s market conditions prevail,” owing to the fact that the number of new listings has yet to fully recover from the spring setbacks.
The sales-to-new-listings ratio, which measures how many homes are being purchased compared to how many are listed in a given month, is a strong indicator of the current imbalance between buyer demand and new listings. The report notes that where a 60-70% ratio is considered good, the ratio for all residential listings in October was 89%, and for single-family detached homes, it was a stunning 99%.
In fact, detached home sales increased 34% over October 2019 with an average price of $348,955, representing an 11% price gain year over year. Of detached home sales, 34% sold in the $250,000-$349,999 price range.
While demand for detached homes is exceptionally high, the region saw impressive sales and price growth across all categories on a year-over-year basis: attached home sales increased 18% with an average price of $289,900 (up 17%), and condominium sales increased 37% with an average price of $250,407 (up 10%).2
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