January 2024 started with increases to MLS® sales, listings, dollar volume and average prices across all of the main three residential property types of residential detached, condominium and residential attached homes when compared to last January.
“It was interesting to see 2023 close out with increases across many statistical categories, but even more compelling to see a start to 2024 that builds on that statistical trend,” said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “On a percentage basis, January 2024 saw double digit increases to MLS® sales for residential detached homes, condominiums and residential attached homes compared to January 2023. Average prices and dollar volumes for these property types were also up considerably, marking an intriguing start to 2024.”
MLS® sales for all MLS® property types across the Winnipeg Regional Real Estate Board’s market region are up 14% over last January, and 8% below the 5-year average. Active MLS® listings for all MLS® property types are up 7% from last January and 8% above the 5-year average. The total dollar volume of MLS® sales in January was over $236 million which is 26% above last January and 2% above the 5-year average.
Residential detached homes had MLS® sales of 443 which is up 13% from the 391 last January and 6% down from the 5-year average of 473. Residential detached homes saw active MLS® listings of 1,315 which is up 1% over the 1,296 seen last January and 7% above the 5-year average of 1,232. The average price of $396,833 for a residential detached home increased 8% over last January’s $368,604 and is up 8% over the 5-year average of $366,030.
Of the 443 residential detached MLS® sales across the Winnipeg Regional Real Estate Board’s market region in January, 287 were in Winnipeg while the remaining 156 occurred outside Winnipeg. East Transcona led the way with the most residential detached homes sold in January, followed closely by Waverley West. The Steinbach area saw the most residential detached homes sold outside Winnipeg followed by the Morden/Winkler area.
Of the 1,315 residential detached active MLS® listings, 585 were in Winnipeg while 730 were outside Winnipeg. The average price for a residential detached home rose 8% over last January and is up 8% over the 5-year average. The most active residential detached price range in January was the $325,000-$349,999 range, representing 8% of all residential detached MLS® sales.
Interestingly, a close second was the $550,000-$599,999 price range which was just shy of 8% of all residential detached MLS® sales. There were seven residential detached homes sold at $1 million or more in January 2024 whereas there were three sold in January 2023.
“Demand for condominiums continues to be strong with MLS® sales up 10% and average prices up 20% over last year,” said Prefontaine.
MLS® sales of 99 for condominiums in January were 10% above the 90 seen last January and 2% below the 5-year average of 101. Active MLS® listings of 374 for condominiums were 1% above the 372 seen last January and 15% below the 5-year average of 438. The average price of $278,888 for a condominium in January was 20% above the $231,549 seen last January and 16% above the 5-year average of $240,767.
Of the 99 total MLS® condominium sales across the Winnipeg Regional Real Estate Board’s market region in January, 85 were within Winnipeg and the remaining 14 occurred outside Winnipeg. Winnipeg’s Osborne Village area saw the most MLS® condominium sales in January followed by Downtown. Of the 374 active MLS® listings for condominiums, 285 were in Winnipeg and 89 were outside Winnipeg. The average price for a condominium in January was 20% above last January and 16% above the 5-year average. The most active price range for condominiums was the $150,000-$174,999 price range representing 13% of all MLS® condominium sales.
MLS® sales of 49 for residential attached homes in January were 36% above the 36 seen in January of 2023 and 11% below the 5-year average of 55. Active MLS® listings for residential attached homes of 218 were down 6% over the 233 seen last January and 29% above the 5-year average of 169. The average price of $391,314 for a residential attached home was 18% above the $330,998 seen last January and 24% higher than the 5-year average of $316,656.
Of the 49 total MLS® residential attached home sales across the Winnipeg Regional Real Estate Board’s market region in January, 38 were in Winnipeg and the remaining 11 occurred outside Winnipeg. Of the 218 active MLS® listings for residential attached homes, 129 were in Winnipeg and 89 were outside Winnipeg. The average price for a residential attached home was 18% above last January and 24% above the 5-year average.
“On February 22, 2024, the Winnipeg Regional Real Estate Board will host its annual Market Insights event and provide an overview of 2023 residential and commercial real estate market trends, insights into factors impacting the economy and real estate forecasts for 2024,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “The annual Market Insights event is the Winnipeg Regional Real Estate Board’s largest and most impactful event that brings together over 450 real estate professionals, financial and industry business partners. In addition to Jeremy Davis from the Winnipeg Regional Real Estate Board, we are excited to welcome Benjamin Tal, Managing Director and Deputy Chief Economist with CIBC Capital Markets, Shaun Cathcart, Senior Economist with the Canadian Real Estate Association, and Dan Chubey, Managing Director for Colliers Brokerage, for insights into economic trends, real estate results, and forecasts for 2024.”
Jeremy Davis is the Winnipeg Regional Real Estate Board’s Director External Relations & Market Intelligence.