MLS® sales in May grew again over the previous month and made gains on the 5-year average. Meanwhile, active listings grew over last month, substantially over last year, and inched up slightly over the 5-year average.
“While MLS® sales were still below the record May results of 2021 and 2022, residential resale performance for May 2023 showed signs of progress,” said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “This is the first month of 2023 that MLS® sales have risen to a single digit percentage range below the 5-year average. MLS® sales performed at a respectable level.”
Total May MLS® sales of 1,514 are down 12% from last May’s 1,712 and down 9% over the 5-year average of 1,658. Active MLS® listings of 4,077 in our market region are 48% above last April’s 2,747 and 2% above the 5-year average of 3,980.
MLS® sales in May were 160% higher than January, 130% higher than February, 49% higher than March and 37% higher than April. Active MLS® listings in April were 45% higher than January, 34% higher than February, 21% higher than March and 14% higher than April.
Of the 1,066 residential detached MLS® sales across our market region, 699 were in Winnipeg while the remaining 367 occurred in the rural areas outside Winnipeg. Of the 2,042 residential detached active MLS® listings, 987 were in Winnipeg while 1,055 were in the rural areas outside Winnipeg.
Residential detached homes had MLS® sales of 1,066 which is down 12% from last April’s 1,217 and 10% down from the 5-year average of 1,187. Residential detached homes saw active MLS® listings of 2,042 which is up 48% over last April’s 1,379 and 2% above the 5-year average of 2,011. The average price of a residential detached home in April was $407,982 which is 10% below last April’s $454,843 but 7% above the 5-year average of $382,419.
Residential detached homes made up 70% of all MLS® home sales in May. Southwest Winnipeg had the most sales within the city, representing 27% of all Winnipeg residential detached home sales. The rural area outside Winnipeg represented 34% of all MLS® residential detached home sales.
The most residential detached MLS® sales in May were in the $300,000-$399,999 range with 285 which makes up 27% of the total 1,066 residential detached homes sold.
Of the 223 total MLS® condominium sales across our market region in May, 180 were in Winnipeg and the remaining 43 occurred in the rural area outside Winnipeg. Of the 525 active listings for condominiums, 390 were in Winnipeg and 135 were in the rural area outside Winnipeg.
MLS® sales of 223 for condominiums in May were 13% lower than last May’s 256 and 2% above the 5-year average of 218. Active MLS® listings of 525 for condominiums are up 31% over last May’s 402 and 19% below the 5-year average of 645. The average price of a condominium in May was $266,845 which is 2% above last May’s $261,910 and 6% higher than the 5-year average of $251,730.
May MLS® sales for condominiums are the first of the three main property types of residential detached, condominiums and residential attached, to rise above the 5-year average in 2023. At the same time, active listings for condominiums in May were the only one of the three property types that were below the 5-year average.
The most MLS® sales for condominiums in May was tied at 72 in the $100,000-$199,999 range and the $200,000-$299,999 range which each make up 32% of the total 223 condominiums sold.
Of the 112 total MLS® residential attached home sales across our market region in May, 79 were in Winnipeg and the remaining 33 occurred in the rural area outside Winnipeg. Of the 266 active listings for residential attached homes, 163 were in Winnipeg and 103 were in the rural area outside Winnipeg.
MLS® sales for residential attached homes of 112 in May were 2% lower than last May’s 114 and 3% below the 5-year average of 115. Active MLS® listings for residential attached homes of 266 are up 40% over last May’s 190 and 25% above the 5-year average of 190. The average price of a residential attached home in May was $333,630 which is 7% below last May’s $358,087 and 10% above the 5-year average of $302,475.
“The Winnipeg Regional Real Estate Board continues to be the voice of organized real estate advocating on issues of importance such as keeping abreast of civic, legislative, and economic matters and public policy that impede or enhance housing affordability and affordable housing, and reporting on the pace of the local housing market and residential and commercial real estate development.” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “Our Winnipeg Regional Real Estate News Market Matters column elevates priorities important to the real estate market and housing.”
Jeremy Davis is the Winnipeg Regional Real Estate Board’s Director External Relations & Market Intelligence.