Along with the number of active listings on the market, MLS® sales in March continued to grow from last month marking a sustained transition back to the type of market seen before the pandemic began. The number of active listings is up over last year but still has room for growth before meeting the levels seen before the pandemic began. Meanwhile, MLS® sales for March 2023 were below the record March sales totals in 2021 and 2022 and slightly above the levels seen before the pandemic. Notably, March sales are up 54% from last month.
MLS® active listings of 3,368 in our market region are 78% above last March’s 1,897 and 1% above the 5-year average of 3,321. Total March MLS® sales of 1,014 are down 29% from last March’s 1432 and down 22% over the 5-year average of 1,301.
Of the 3,368 MLS® active listings across our market region in March, 1,565 were in Winnipeg while 1,803 were in the rural areas outside Winnipeg and of the 1,014 MLS® sales across our market region, 664 were in Winnipeg with 350 in the rural areas outside Winnipeg.
Residential detached homes saw MLS® active listings of 1,612 which is up 107% over last March’s 777 and 1% above the 5-year average of 1,593. Residential detached homes had MLS® sales of 698 which is down 28% from last March’s 970 and 22% down from the 5-year average of 891. The average price of a residential detached home in March was $386,833 which is 12% below last March’s $439,914 but 2% above the 5-year average of $377,452.
Of the 1,612 residential detached MLS® active listings across our market region, 773 were in Winnipeg while 839 were in the rural areas outside Winnipeg. Of the 698 residential detached MLS® sales, 471 were in Winnipeg while the remaining 227 occurred in the rural areas outside Winnipeg.
“It’s good to see an increase from last month in MLS® sales along with continued growth in active listings to close out the first quarter of 2023,” said Akash Bedi, outgoing 2022-2023 president of the Winnipeg Regional Real Estate Board. “March was the first time since the market shifted mid-way through 2022 that MLS® sales totals have been higher than the same month in pre-pandemic 2019.”
MLS® active listings of 443 for condominiums is up 35% over last March’s 328 and 25% below the 5-year average of 587. MLS® sales of 149 for condominiums in March were 34% lower than last March’s 227 and 20% below the 5-year average of 187. The average price of a condominium in March was $245,165 which is 6% below last March’s $260,722 and 0.55% below the 5-year average of $246,516.
Of the 443 active listings for condominiums across our market region, 315 were in Winnipeg and 128 were in the rural area outside Winnipeg. Of the 149 total MLS® condominium sales in March, 122 were in Winnipeg and the remaining 27 occurred in the rural area outside Winnipeg.
MLS® inventory for residential attached homes of 244 is up 132% over last March’s 105 and 40% above the 5-year average of 174. MLS® sales for residential attached homes of 72 in March were 31% lower than last March’s 105 and 29% below the 5-year average of 101. The average price of a residential attached home in March was $328,449 which is 6% below last March’s $349,074 and 7% above the 5-year average of $307,995.
“It has been my pleasure serving as the Winnipeg Regional Real Estate Board’s President since the beginning of 2022,” said Bedi. “My time as President has been a unique and rewarding experience. Moving forward, the incoming 2023-2024 President, Rena Prefontaine will be sharing Winnipeg Regional Real Estate Board monthly MLS® market updates to keep buyers and sellers informed throughout the year ahead.”
“As we enter the spring real estate market in April, REALTORS® leverage the MLS® system and are the experts when it comes to what’s happening in neighbourhoods and can offer professional market intelligence,” said the Winnipeg Regional Real Estate Board CEO Marina R. James. ”REALTORS® provide valuable advice and objective feedback for buyers when looking for a home and for sellers looking to maximize their return. Either way, REALTORS® help ease the stress for buyers and sellers during one of the biggest financial decisions of their lifetime.”
The Winnipeg Regional Real Estate Board is a not-for-profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada's longest-running real estate boards, the Winnipeg Regional Real Estate Board serves over 2,400 licensed real estate Brokers and Salespersons, along with other industry-related professions in and around the Winnipeg Metropolitan Region, providing them with essential resources to enhance professionalism, advance the industry's development and enrich the communities they serve. The Winnipeg Regional Real Estate Board is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.
The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up-to-date inventory of listings from participating REALTORS®.
Jeremy Davis is the Winnipeg Regional Real Estate Board’s Director External Relations & Market Intelligence.