As was seen last month, average home prices in September increased over 2022 and the 5-year averages across the three main property types: residential detached, condominium and residential attached. For the month of September and the first three quarter totals, MLS® sales continue to track similarly to 2019.
“September was marked by its steady MLS® sales performance for this month and through the first three quarters of 2023,” said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “With the record-breaking years seemingly in the rearview mirror, a return to consistency for MLS® sales volumes in our market region is an encouraging development. Average prices continued an upward trend across the three main property types for the second consecutive month.”
All MLS® sales in September were 2% lower than the Septembers of 2019 and 2022, and 14% below the 5-year average. Active MLS® listings were up 8% from last September and 1% above the 5-year average. The total dollar volume of MLS® sales in September was a little over $411 million which is 1% higher than September of 2022 and 6% below the 5-year average.
MLS® sales for the first three quarters of 2023 were 14% below 2022 and the 5-year average and only 4% below 2019.
The third quarter MLS® sales were the best quarterly performance of 2023 when compared to 2022. First quarter MLS® sales were 27% below 2022, second quarter MLS® sales were 15% below 2022 while third quarter MLS® sales were 4% below 2022.
Residential detached homes had MLS® sales of 813 which is down 4% from the 848 last September and 15% down from the 5-year average of 960. Residential detached homes saw active MLS® listings of 2,179 which is up 3% over 2,106 seen last September and 2% above the 5-year average of 2,143.
Of the 813 residential detached MLS® sales across our market region in September, 519 were in Winnipeg while the remaining 294 occurred outside Winnipeg. Of the 2,179 residential detached active MLS® listings, 1,083 were in Winnipeg while 1,096 were outside Winnipeg.
The average price for a residential detached home rose 4% over last September and is up 10% over the 5-year average.
Through the first three quarters of 2023, Waverley West leads total residential detached MLS® sales with 251 followed by River Park South with 154. The Steinbach area leads the way in the areas outside Winnipeg with 333 followed by Morden/Winkler with 300.
“September saw the second highest residential detached home sale ever in Winnipeg, at $4.7 million, in the River Heights neighbourhood,” said Prefontaine. “The highest residential detached home sale ever came last year at $5 million in the Charleswood neighbourhood.”
MLS® sales of 169 for condominiums in September were equal to September of 2022 and 5% down from the 5-year average of 179. Active MLS® listings of 449 for condominiums were up 13% below the 515 seen last September and 27% below the 5-year average of 617.
Of the 169 total MLS® condominium sales across the Winnipeg Regional Real Estate Board’s market region in September, 137 were in Winnipeg and the remaining 32 occurred outside Winnipeg. Of the 449 active MLS® listings for condominiums, 349 were in Winnipeg and 100 were outside Winnipeg.
The average price for a condominium in September was 2% above last September and 9% above the 5-year average.
Through the first three quarters of 2023, Osborne Village leads the way with 140 condominium MLS® sales, followed by Downtown with 78. Morden/Winkler leads the areas outside Winnipeg with 67 followed by the Steinbach area at 55.
MLS® sales of 66 for residential attached homes in September were equal to September of 2022 and 24% below the 5-year average of 87. Active MLS® listings for residential attached homes of 289 are up 2% over the 284 seen last September and 17% above the 5-year average of 247.
Of the 66 total MLS® residential attached home sales in September, 52 were in Winnipeg and the remaining 14 occurred outside Winnipeg. Of the 289 active MLS® listings for residential attached homes, 179 were in Winnipeg and 110 were outside Winnipeg. The average price for a residential attached home was 8% higher than last September and 15% higher than the 5-year average.
“The recent election serves as a reminder of the role REALTORS® play in advocating for issues related to the real estate industry,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “In the coming weeks, REALTORS® from across the nation gather in Ottawa to raise awareness about housing-related issues at the federal level as Members of the Canadian Real Estate Association’s Political Action Committee. Like the consistency of the market to this point in 2023, you can be sure that REALTORS® will consistently be a part of the conversations that create positive, housing-related developments into the future.”
Jeremy Davis is the Winnipeg Regional Real Estate Board’s Director External Relations & Market Intelligence.