Winnipeg Real Estate Market Report | March 2024 Update

Hello, Winnipeg Manitoba. Let's delve into the real estate market numbers for March 2024. All the data is in, and we'll cover residential detached homes, attached homes, and condominiums. I'm Stephen Olyniuk, REMAX Performance Realty's team leader of Team Olyniuk. The opinions presented here are my own and not representative of REMAX.

Firstly, let's discuss residential detached homes. Active listings stand at 1,524 with 745 sales, indicating a seller's market with approximately two months of inventory. This typically leads to rising prices, with the average sale price in Winnipeg and surrounding areas at $418,000, and the average square footage around 1,300.

Moving on to condominiums, there are 409 active listings with 187 sales, translating to just over two months of inventory. The average selling price is $273,000, with an average square footage of just over 1,000.

For attached homes, there were 245 sales and 84 listings, resulting in about two and a half months of inventory and an average selling price of $373,000.

Looking at the condo market, average prices over the last year have increased by 12%, sales by 20%, and new listings by 4%, with the average square footage sitting at 1,046.

In terms of trends, residential detached home sales have fluctuated over the years, with the market currently leaning towards a seller's market.

For a breakdown by area, the average prices for homes in different parts of Winnipeg and surrounding areas are as follows: rural municipalities at $386, the northern part of Winnipeg at $341, northeast area at $387, southeast at $486, and southwest at $543.

If you're curious about the value of your home or the market in your neighborhood, feel free to reach out to us for a comprehensive evaluation.

Overall, MLS sales are up by 11% over the previous year in terms of units sold and 8% in terms of sales price. Different areas show varying trends, with some experiencing increases while others see declines.

In summary, while there's a slight decrease in five-year averages due to the anomaly of 2020 and 2021, the market is generally up in terms of active listings, sales, and dollar volume.

If you're considering buying or selling, we're here to assist you and provide insights into the real estate market. We're committed to helping you make informed decisions and ensuring you have a positive experience. Feel free to reach out with any questions, and we look forward to assisting you with your real estate needs.