Winnipeg Real Estate Sales & Market Update - November 2022
November real estate sales in Winnipeg point towards the return of a buyers market
In November 2022, the average single-family home sales price was $378,905. There were 1771 active listings last month and 606 sales made. November’s year-over-year inventory combined with slowing month-over-month sales indicates that Winnipeg is moving back toward a buyer’s market.
“While MLS® sales are slightly outpacing inventory, November sales are trending toward normal pre-pandemic residential real estate sales volume. A much-needed boost to inventory has resolved the shortages we experienced in 2021,” said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board. “This is positive news, not only because it serves as confirmation of last month’s trend toward a balanced market but also because it means more choice for prospective buyers.”
Another interesting trend that we are keeping an eye on comes from the condo side of the real estate market. Condos in Winnipeg saw a year-to-date increase of 11% over the 5-year average and up 27% over the last pre-pandemic year of 2019. This has resulted in year-to-date inventory that is down 14% over the 5-year average and down 21% over 2019.
“The trend of a high year-to-date conversion of listings to sales for condominiums continued into November with a 70% rating,” said Bedi. “What is especially intriguing is that this conversion rate has inched above the year-to-date conversion rate of residential detached listings to sales by 1%.”
The Synopsis on October's Sales Data from the Winnipeg Real Estate Board
Most of the Winnipeg market region is made up of residential detached homes and there are some interesting shifts happening in this part of the MLS ® market. This November’s inventory has seen a nearly two-fold increase of 94% over last November and has crept above the 5-year average by 1%.
The average residential detached price for November was at $378,905 which is slightly up from last month’s $377,165, down 2% from last November but 7% higher than the 5-year average. The year-to-date average price was down to $415,325 from October’s $417,867, up 9% over last November but 11% higher than the 5-year average.
The $0-249,999 price range was the most active residential real estate category in November with 153 MLS ®sales which represents 25% of all sales. Last month’s highest priced sale at $1,550,000 was surpassed with 5 MLS® sales at or above that marker this month. The highest priced sale in November was at $2,125,000 and the lowest was at $45,000.
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If you want to learn more about the real estate market trends in Winnipeg please get in touch with us! The team at Kevin Moist and Associates would love to help you buy or sell real estate in Winnipeg! We look forward to working with you!