February 2021 - City of Winnipeg Real Estate Sales Results
I provided the full Winnipeg Regional Real Estate Board March Press Release in my previous post. The full report can be viewed here. But here is a recap of the highlights and a deeper dive into the sales results for the City of Winnipeg, separate from the rest of the metro region.
Total February 2021 MLS® sales of 1240 were up 48.2% over February 2020, and up 71.3% over February 2019.
Drilling down a bit deeper in terms of property type:
Single family home sales on MLS® in February were up 45.1% over February 2020, and up 61.2% over February 2019.
Condominium sales on MLS® in February were up 46.6% over February 2020, and up 58.9% over February 2019.
Total listings on MLS® at the end of February for the metro region was 2501, 41.4% less than at this same time last year, and 33.0% less than at this time in 2019.
As always, I highlight that these monthly reports from the Winnipeg Regional Real Estate Board are general, overall monthly market statistics for the entire region and include all property types.
If we look at Winnipeg only, inventory on MLS® for residential homes (single family homes, SxS’s, town homes, etc.) at the end of February was 574, down 53.2% from February 2020, and down 48.4% from February 2019. Condominium inventory in Winnipeg at the end of February was 444, down 27.7% from this same time last year, and down 24.6% from 2019.
Despite extremely low inventory in the City of Winnipeg, the residential market is still producing record breaking sales. Residential sales in Winnipeg during February totaled 627, up 36.0% over 2020 and up 45.1% over 2019.
A consistent lower level of available homes for sale, combined with strong buyer demand, has created seller’s market conditions throughout most Winnipeg neighborhoods. This has resulted in price increases and in many cases, sales above the asking price. In February, over 60% of the residential homes sold at or over the asking price.
Overall, the condominium market in Winnipeg has been a bit slower to move back to more normal sales numbers, but Condominium sales in Winnipeg during February were very impressive at 178, up 76.2% over February 2020 and up 71.2% over February 2019.
Real estate is very local, and market trends vary significantly from neighborhood to neighborhood and with different property types. If you would like more information about the market conditions in your neighborhood, or a proper strategy to navigate the market in 2021, please do not hesitate to contact me for guidance and advice as it pertains to your individual real estate needs