Home sales for March, first quarter of 2024 outpace last year: WRREB

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For March, the Winnipeg Regional Real Estate Board reported an increase in all MLS sales of 11% with 1,120 homes changing hands and total residential detached sales nearing pre-pandemic levels, according to figures released Tuesday.

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When compared to March 2023, MLS active listings of 3,385 were up 1%, and total MLS dollar volume of $420 million was up 21%. Residential detached MLS sales of 745 were up 7% while the average residential detached MLS price of $418,478 was up 8% when compared to March 2023.

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“I was relatively surprised and rather impressed with the number of sales for all MLS property types were up 11%,” said WRREB Past-President Rena Prefontaine. “Each individual property type was up in each category so that was a pleasant surprise.”

With March marking the end of the first quarter of 2024, the real estate market performance saw increases to MLS sales and dollar volume each month from January to March with March and the first quarter totals also up when compared to the same periods last year. When looking at average prices for residential detached, condominium and residential attached homes in March and in the first quarter of 2024, all were up over last year.

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First quarter, year-to-date residential detached MLS sales were up 11% to 1,682 when compared to the 1,517 seen through March 2023. Year-to-date residential detached MLS average prices were up 8% to $407,524 from the $378,877 seen last year. Year-to-date residential detached sales dollar volume was up 19% to $685 million compared to the $575 million seen through March of 2023.

“Some people talk about whether we have a glut of listings that are out there right now and I really don’t think we do,” said Prefontaine. “When you look at pre-pandemic levels, we’re still replenishing those (numbers). So I would say that the number of active listings that we have is still maybe a little bit low to our average that we were carrying pre-pandemic because the pandemic was all over the map.”

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From April/May 2020 to January 2022 were historic highs as home buyers took advantage of low interest rates with buyers looking at purchasing new or bigger homes. “We did see in 2022 towards May and June the market really cooled off and then the interest rates went up come September 2022. So 2023 was historically quite low,” said Prefontaine.

“If I look at the five-year average for all MLS property types, as far as sales go we were up 11% over last year but down 15% over the five-year average because 2021 really skewed the numbers. It’s hard to talk the five-year average without 2021 where our sales were 76% higher than they were the previous year.”

In fact if you look at the last 10 years, it was the fourth highest in terms of sales in the first quarter. In terms of dollar volume, it was the third highest, said Prefontaine.

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Waverley West was the neighbourhood in Winnipeg which saw the most residential detached homes sold in March followed by Island Lakes/Royalwood, according the WRREB. The Steinbach area saw the most residential detached homes sold outside Winnipeg in March followed by the Morden/Winkler area. The most active residential detached price range was the $550,000-$599,999 range with 64 MLS sales in March representing 9% of all residential detached MLS sales. There were four residential detached homes sold for over $1 million in March, with the highest priced at $1.25 million.

Osborne Village was the neighbourhood in Winnipeg which saw the most MLS condominium sales in March followed by Waverley West and St. Vital. The most active price range for condominiums was the $150,000-$174,999 range with 28 sales in March which represents 15% of all MLS condominium sales. A condominium in St. Charles was the first in 2024 which sold for over $1 million.

“We are replenishing (the listings) but our listings are still below the five-year average as far as how many listings we normally carry,” said Prefontaine. “But during the pandemic, they were very, very low which is why we saw such crazy increases in prices because they was buyers out there but not a lot of listings. They’re not at pre-pandemic levels but they’re getting really close.”

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X: @SunGlenDawkins

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