February 2023 Regional MLS® Inventory Building for Spring Market
Posted in Winnipeg Market Information
February 2023 Regional MLS® Inventory Building for Spring Market
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, MARCH 8, 2023
WINNIPEG, March 8, 2023 - MLS® inventory in February was higher than the previous pandemic Februarys of 2021 and 2022, while MLS® sales were lower than the record Februarys of the same timeframe. Notably, this February is the eighth consecutive month that inventory was higher than the same month in the previous year after inventory started to rebound in June of 2022.
“As we saw last month, housing inventory continues to improve from the lows experienced in 2021 and the first half of 2022, offering more options for prospective buyers," said Akash Bedi, 2022-2023 president of the Winnipeg Regional Real Estate Board. “While February sales were lower than the peaks experienced during 2021 and the first half of 2022, they are in line with those from the Februarys of 2018 and 2019."
MLS® inventory of 3,045 in our market region is 67% above last February's 1,822 and only 1% below the 5-year average...
Winnipeg Regional Real Estate Market Balances Out For More Choice
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, FEBRUARY 8, 2023
Winnipeg, February 8, 2023 - As we enter 2023, all MLS® inventory is much higher when compared to the start of 2022, signaling a continued replenishment of housing choices. At the same time, all MLS® sales are below what they've been for most of the pandemic but more in line with pre-pandemic January results.
Winnipeg Regional Real Estate Board's MLS® January 2023 data marks the seventh consecutive month that the percentage increase in active listings has grown over the same month from last year. As an example, over the last 3 months, November's active listings were 53% higher than the previous November and December was 55% higher than the previous December. The active listings for January 2023 are 69% higher than last January.
“Last January was a continuation of a trend seen throughout the pandemic of high demand which translated into high MLS® sales and low inventory,"...
Strong Finish Despite Slowing Second Half of 2022 MLS® Sales
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, JANUARY 11, 2023
WINNIPEG, January 11, 2023 - Slowing 2022 MLS® sales that began in summer continued through December, transitioning the Winnipeg Regional Real Estate Board market region back to a balanced market.
The total number of MLS® sales in 2022 was the third highest on record at 14,660, behind only 2021's record-setting 18,575 and 2020's 16,033. To add perspective, the last pre-pandemic year of 2019 had 13,662 sales. The total MLS® dollar volume of all sales for 2022 was the second highest on record at $5.4 billion. Total MLS® dollar volume was increasing every year from 2018 until 2021 put an exclamation point on it. Until 2021, the total MLS® dollar volume had not eclipsed $5 billion in any other year, but 2021 saw a record of $6.3 billion in total sales.
“Despite slowing MLS® sales, the strong sales in the first half ultimately carried 2022 to the third highest MLS® total sales...
Local Real Estate Market Transitioning Toward Market Stabilization
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, DECEMBER 5, 2022
WINNIPEG, December 5, 2022 – A boost in November's year-over-year inventory combined with slowing month-over-month sales have Winnipeg and its regional market performance transitioning toward balanced market stabilization.
While some small remnants of a seller's market remain, the continuation of October's slowing MLS® sales into November show a market that is trending more in line with the normal seasonal changes seen before the record years of 2020 and 2021.
Total November sales of 870 in our market region are down 30% from last November's 1,244 and down 14% over the 5-year average of 1015. It should be noted that with the record year experienced in 2021 as a result of the pandemic, some perspective can be applied with this November's sales down only 4% from the 902 sales of the last pre-pandemic year of 2019.
Active November listings of 3,455 are up 53% over last November's...
MLS® Sales Activity Falling More In Line with Pre-Pandemic Levels
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, NOVEMBER 9, 2022
WINNIPEG, November 8, 2022 - A slowing MLS® sales trend took root in October 2022 with sales down from October 2021.
Beyond the well-documented boom in MLS® sales activity that took place in 2020 and 2021 with buyers advancing their plans to take advantage of historic low interest rates and make moves induced by a pandemic which ignited many Canadians to change their living arrangements, 2022 October sales were impacted by cost of living concerns combined with a rapid rising interest rate environment which saw the Bank of Canada increase its overnight lending rate from 0.25% in March to 3.75% in October 2022.
To reference MLS® activity in the past 2 years, October MLS® sales of 1,063 decreased 30% from October 2021 and 33% from the record-setting October in 2020. Before the onset of the pandemic in 2020, the 5-year average for October was 1,105 sales indicating sales this same month...
Slower September MLS® Sales Move Market Towards Balance
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, October 6, 2022
WINNIPEG, October 6, 2022 - September 2022 sales are no match for the last two exceptionally active Septembers as sales decreased 20% and 32% from 2021 and 2020 respectively. The 1,205 MLS® sales transacted this September are much more aligned with the most immediate prepandemic year of 2019 which had 1,211 sales.
While sales decreased 11% over the 5-year average, new listings coming onto the market in September are up 12% from last year and only down 1% over the 5-year average, so the combination of fewer sales and more listings is helping restore balance to a local market that had been well entrenched in sellers' market territory earlier in the year. As a result, active listings — or current inventory of 3,897 at month-end — is up 37%.
“September is a continuation of the progression in the third quarter of our market region, transitioning out of a sellers' market to one...
August MLS® Sales of 1,375 Drop From July 2022 and Previous August Months
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, September 9, 2022
WINNIPEG, September 8, 2022 - August MLS® sales activity showed a drop off from July and previous August months in the last few years. Sales of 1,375 are down 15% from August 2021 and 9% over the 5-year average. Year-to-date MLS® sales of 10,962 decreased 18% from the same period in 2021 but are up 2% over the 5-year average.
On the other hand, new listings in August are up 2% compared to August of last year, and in line with the 5-year average which had 2,249 listings, slightly higher than the 2,201 entered this August.
Where we are seeing a more pronounced difference is in end-of-month active listings or inventory, as there are 3,764 available listings — a 28% increase over August 2021.
“We have seen improvement in our market region's inventory compared to the beginning of the year, as MLS® listings entered for the first 8 months are down less than 6% compared to last year and well ahead of...
July 2022 MLS® Shows Moderation in Detached-Home Prices
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, AUGUST 9, 2022
WINNIPEG, August 9, 2022 – July was a clear departure from previous months in indicating single-family home pricing peaked in May. This is the case now, with 3,700 active listings available at the end of July compared to half that amount in the first four months of 2022.
New MLS® listings of 2,359 entered in July are an increase of 9% over July 2021. Strong listing activity since May has reduced the 25% first quarter deficit in listings entered compared to last year to under 7% for the first 7 months.
“We are seeing once very tight market conditions loosening up in the second half of 2022,” said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board. “Above list price sales for both single-family homes and condominiums are trending down from what they were earlier in the year. July single-family percentages of above list price versus below list price sales are the reverse...
June Market Delivers Strong Result at Just Under 1,800 MLS® Sales
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, JUNE 9, 2022
Winnipeg, July 8, 2022 - June is the fourth consecutive month with increased MLS® sales in a year where the spring market has seen a delay when comparing the same months in previous years.
The 1,797 sales transacted in June 2022 decreased 7% and 5% respectively from the two previous years and are up 3% over the 5-year average for this month. New listings of 2,867 increased 21% over June 2021 and are up 9% over the 5-year average. The strong uptick in June listings leaves a month-end inventory of 3,477 listings, a 25% jump over the same month last year.
“Listings came on strong in June and are having a positive impact on loosening up what has been a supply-challenged market," said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board. “More choice and options for buyers settled down in what has been a rising price environment where the single-family home average sales price in June fell...
May Finishes Strong with More Sales, Listings and Dollar Volume
WINNIPEG REGIONAL REAL ESTATE BOARD PRESS RELEASE, JUNE 9, 2022
WINNIPEG, June 9, 2022 - This past May, with the exception of the over 2,000 sales transacted in May 2021, was an outstanding month as it outperformed every other May previously. The 1,723 sales were a decrease of 14% from the same month in 2021 but are up 4% over the 5-year average.
May's dollar volume of $690.4 million is another story as this total even held its own against May 2021 which was the highest dollar volume month on record at $692.6 million. This development alone shows the ascendancy of prices from a year ago, with the average price for all MLS® sales now being $400,707 versus $345,269 in 2021.
“While playing some catch-up this spring on one that has been delayed from a harsh, long winter, prices have been well ahead of 2021 from the very beginning," said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board. “Rising interest rates are upon us with more to come, and that, in...
2022 Sales Down From Record Breaking April 2021
WINNIPEGREALTORS® PRESS RELEASE, May 13, 2022
WINNIPEG - The best sales month in Winnipeg Regional Real Estate Board history was in April 2021 with a total of 2,055 sales. Trying to eclipse this record is a tall order, particularly when sales in April 2022 totalled 1,461 -- a 29% decrease.
However, when you compare April 2022 performance to the 5-year average, it shows a 6% increase overall and the second highest sales total for this month. Despite being down 16% from April 2021 at $579 million, MLS® dollar volume was still well ahead of the same month in previous years as all were under $400 million.
Contributing significantly to this total - and one of the highlights of this month - is the continued ascendancy of prices in single-family homes and condominiums. Both reached their highest monthly sales averages ever at $447,421 and $261,802 respectively. While home sales in southwest Winnipeg - with an average sales price in April of $587,565 - are skewing the overall regional market...
March MLS® Sales of 1,436 Second Highest on Record for this Month
WINNIPEGREALTORS® PRESS RELEASE, April 8, 2022
WINNIPEG, April 8, 2022 — When comparing March sales of 1,436 to past years, the 5-year average shows an increase of 11%, making this the second-best March on record. However, last year was record-smashing when March sales soared to 1,975 for the first time in the Winnipeg Regional Real Estate Board's history. Prior to that, 2020 and 2019 had each recorded just over 1,000 sales.
New MLS® listings of 1,848 entered in March 2022 was a decrease of 26% compared to last year. The result was that the available supply of listings at month end were down 27% in comparison to the same time last year, with 1,822 listings available for sale in April.
“Our recent 2022 Market Insights Annual Forecast Event made clear the Winnipeg Regional Real Estate Board market region will be hard pressed to repeat such stellar sales in 2022 that occurred in 2021," said Akash Bedi, 2022 President of the Winnipeg Regional Real...
Listing Depleted Market Holds Back Sales in February
WINNIPEGREALTORS® PRESS RELEASE, March 11, 2022
WINNIPEG, March 11, 2022 – February sales were held back from a lack of listing supply. This resulted in a decrease of 22% from February 2021, however, sales of 963 are up 8% over the 5-year average. February 2022 is the second-best February on record as February 2021 was the only February to go beyond the 1,000 sales thresholds for this month.
This year's market has yet to thaw out when it comes to listings. New listings entered in February were down 19% and were further exacerbated at the beginning of February when there were 31% fewer active listings available from the year prior.
“As a storekeeper knows, you cannot sell what you do not have on your shelves, and real estate property cupboards were bare in a number of MLS® areas throughout Winnipeg and the surrounding market region in February," said Akash Bedi, 2022 President of the Winnipeg Regional Real Estate Board. “Like other retailers, we would...
Multiple Listing Service® (MLS®) Sales Cool Off in January
WINNIPEGREALTORS® PRESS RELEASE, February 10, 2022
WINNIPEG – MLS® sales of 690 in January 2022 fell back 25% from last month and decreased 26% from January 2021. Though based on the 5-year average for the coldest and slowest selling month of the year, January 2022 was only down 3% over the 5-year average as last year was exceptional in generating significantly more sales than what you normally see transpire at the beginning of the year.
A major impediment to realizing more sales in January was the limited supply of listing inventory. While not a new development in 2022, it was more pronounced with MLS® listings from 2021 down 26% from 2020 heading into this year.
Where the lack of listing inventory was most impactful was on single-family homes with only 635 listings available at the end of December 2021 compared to 925 in December 2020 and 1,884 in December 2019. Not helping the situation in January was the fact that new single-family listings entered on the market...
WRREB Sets Higher Levels of Market Activity in 2021 with 18,575 MLS® Sales Worth Over $6.2 Billion
WINNIPEGREALTORS® PRESS RELEASE, January 12, 2022
WINNIPEG, January 12, 2022 – December 2021 MLS® sales of 926 brought year-end total sales to 18,575, a 16% increase over 2020. December’s dollar volume of $320.2 million elevated the year-end dollar volume total to move above the $6 billion dollar mark to $6.25 billion. This new level is 28% more than the $4.9 billion transacted in 2020. It represents a one-year increase of over $1.35 billion.
Last year marked the third year in a row where record-setting sales and dollar volume milestones were established at the Winnipeg Regional Real Estate Board (WRREB).
“Both 2020 and 2021 in particular have been remarkable years in delivering similar sales gain percentages from the previous year,” said outgoing Winnipeg Regional Real Estate Board president Kourosh Doustshenas. “2021 alone saw an increase of over 2,500 sales compared to 2020 and 33% sales growth over the previous 5-year average.” ...
A New MLS® Monthly Sales Record Set For November
WINNIPEGREALTORS® PRESS RELEASE, December 8, 2021
WINNIPEG, December 7, 2021 – November of 2021 set the record for this month with sales of 1,244, a 4% increase over the former best November in 2020 and a 32% increase over the five previous Novembers. Historically this month has never exceeded 1,000 sales until last year when 1,193 sales were transacted.
“November and our fourth quarter performance has been exceptional with sales rivalling the surge in 2020 market activity at end of year,” said Winnipeg Regional Real Estate Board president Kourosh Doustshenas. “With the equivalent of 91% of all MLS® listings entered in November selling, it dispels any notion that buyers are taking a break from what has been a year like no other.”
New listings of 1,363 in November are only down 1% from last November and 2.9% from the previous 5-year average. While listing supply at end of month remains stubbornly low at 2,252 listings, it is directly...
New Annual MLS® Sales Record Set in October With Over 16,400 Sales
WINNIPEGREALTORS® PRESS RELEASE, NOVEMBER 9, 2021
WINNIPEG, November 8, 2021 – With new records being set this year, including the most annual MLS® sales this month at 16,411 - an 18.3% increase over the same period in 2020, and a 2% rise over the 16,033 sales transacted by the end of 2020 - you cannot overlook how exceptional October 2021 performed.
Owing to the rise in the conversion of listings entered on the MLS® to sales of 78% compared to 65% in 2020 and 52% in 2019 for the first 10 months, October 2021’s even higher conversion rate of 85% propelled sales to 1,508, only 5% down from October 2020 and a 25% increase over the previous 5 years.
Another record surpassed was October’s dollar volume of $523.7 million, up 4% from October’s first $500 million month in 2020. Besides the outstanding October sales which made it possible to exceed one-half billion in sales activity, a contributing factor was fourteen sales over $ 1 million dollars....
September Ushers in Three Annual Record
WINNIPEGREALTORS® PRESS RELEASE, October 7, 2021
WINNIPEG, October 7, 2021 - The third quarter finished strongly in September — surpassing three annual MLS® records. Year-to-date dollar volume of just under $5 billion surpasses the 2020 annual dollar volume of $4.9 billion, and the 2,014 condominium sales for the first nine months of 2021 are comfortably ahead of the 1,847 annual record total set last year. Residential-attached sales at the end of September are slightly ahead of the 2020 annual sales record of 1,060, with 1,081 year-to-date sales. The fourth quarter will add to these September totals.
“The new peak for annual dollar volume is a combination of increased sales and higher prices,” said Kourosh Doustshenas, 2021 President of the Winnipeg Regional Real Estate Board. “As for condominiums, the growing spread between single-family detached homes and condominium average sale prices in 2021 have made the latter property type an even more ...
August Sales of 1,626 Show Market Stabilizing Compared to Spring Peak Activity of Over 2,000 Monthly Sales