Manitoba State of the Market Update: June 2022
Despite increased mortgage rates, June was the fourth month in a row that the Winnipeg area saw increased sales. Home sales rose to 1,797, an increase of 4% from May, though 7% less than June 2021. New listings increased again to the tune of 8% month over month, and 21% year over year, adding inventory faster than it was selling.
While June was still a seller’s market for the region, increases in new listings that outpaced sales resulted in another drop in the sales-to-new-listings ratio (STNL), down to 63% from 65% in May, and trending towards a more balanced market. The STNL is considered a balanced market when it is between 40-60%. Active listings were up by 27% month over month, and 25% year over year, which means homes are sitting longer on the market.
The average price for detached homes and row houses fell month over month by 6% and 5%, respectively. On the other hand, apartment condominiums rose by 6% month over month. The majority of transactions were for properties in the $500K-$700K price range and the $350K-$399K range, each at 15%, and followed closely by homes in the $200K-$249K price range (14%). Winnipeg is still in a seller’s market, though balanced market conditions are on the horizon.
In a market like Winnipeg's, the guidance of experienced REALTORS® is an invaluable asset for both buyers and sellers. Speak to a FairSquare Group Realty agent to learn about the latest trends in your region and discover how we can help you reach your real estate goals.
The Winnipeg Regional Real Estate Board (WRREB) report23 24 25:
- Market: Seller's Market
- Sales: 1,797 (down 7% year over year and up 4% month over month)
- New listings: 2,867 (up 21% year over year and up 8% month over month)
- Active listings: 3,477 (up 25% year over year and up 27% month over month)
- Sales-to-new-listings ratio: 63% (previous month was 65%)
- Average detached selling price: $426,541 (up 8% year over year and down 6% month over month)
- Average townhouse selling price: $339,230 (up 13% year over year and down 5% month over month)
- Average condo selling price: $278,266 (up 11% year over year and up 6% month over month)
Comments from WRREB President Akash Bedi: “While all indications are that we are still in a seller’s market, a shift is happening where buyers have more choices from higher amounts of inventory and sellers will have to be more realistic about their expectations on prices.”
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