Manitoba Real Estate Market Update: September 2020
Winnipeg’s real estate market is showing no signs of slowing down, despite the upheaval of school being back in session and concerns surrounding the second wave of the pandemic.
According to the WinnipegREALTORS® September report1, MLS® sales for all property types reached a record breaking 1,777 for the month, representing 47% year-over-year growth. Strong buyer demand has contributed to the depletion of available listings, which numbered 3,942 at the end of the month – down 34% compared to September 2019. This, in turn, is putting upward pressure on prices.
Catherine Schellenberg, president of WinnipegREALTORS®, observes, “As much as we have witnessed a shortage of listings, this can be attributed to the strong pace and growth in demand for property the last four months. Similar to a store owner, we have not been able to stock the shelves fast enough to keep up with a spike in demand in a number of sought-after neighbourhoods and municipalities within our market region.”
Low supply and high demand have led to substantial sales growth across all categories: condominium sales increased 38% year over year with an average price of $239,538, while sales of vacant lots grew by 179%, townhouses by 150%, and mobile homes by 86%.
The average price for a detached home is $352,010, showing a price increase of 11% year over year. While activity in the $350,000-$399,999 price range increased by a dramatic 114% over September of last year, the largest number of transactions occurred in the $300,000-$349,999 range, representing 17% of all detached home sales. Giving up the longstanding lead was the $250,000-S299,999 price range in which 16% of sales occurred.
Schellenberg remarks, “We are seeing first-time home buyers having to go above $300,000 in their offer to acquire a home they may have been able to purchase under this benchmark level last year.”
If you need to sell or buy a home in today’s market, rest assured that a local Purplebricks REALTOR® can help you navigate these conditions, keeping your safety and best interests in mind. On average, we saved our home sellers $13,500 in commission last year,† and we give buyers $2,000 in cash back* when they purchase a home with one of our REALTORS®. It’s how we help Canadians get more from buying and selling their homes. Call 1-855-953-9533 to learn more about how we can help you reach your real estate goals.