By Jeremy Davis
The real estate market results for July 2024 saw increases to All MLS® sales and dollar volume when compared to last year. All three of the main property types of residential detached, condominium and residential attached homes saw increases to MLS® sales, dollar volume and average prices, but a decrease in active listings over last year. All MLS® sales, residential detached and condominium MLS® sales, and active MLS® listings for condominiums, fell below the 5-year average.
“"The MLS® sales results for July continued the trend of year-over-year increases seen in all but one month in 2024,” said Daphne Shepherd, 2024-2025 President of the Winnipeg Regional Real Estate Board. “In every month of 2024, average prices for residential detached, condominiums and residential attached homes have increased over last year. Winnipeg Regional Real Estate Board actively monitors the number of property showings, which helps us gauge potential real estate buyer interest. In July, we observed a 4.3% increase in property showings compared to the previous year, indicating a growing interest.”
Year-to-date, all MLS® sales of 8,770 were up 12%, total MLS® listings of 14,737 were up 4% while dollar volume of $3.4 billion was up 19% over 2023. Year-to-date residential detached MLS® sales of 6,018 were up 11% and the average price of $425,594 was up 6% when compared to last July. Condominium MLS® sales of 1,332 were up 12% and the average price of $278,193 was up 9% over last July. Year-to-date residential attached MLS® sales of 623 were up 16% and the average price of $364,453 was up 9% over last year.
July MLS® sales of 1,488 for all MLS® property types across the Winnipeg Regional Real Estate Board’s market region were up 10% over last July, and 6% below the 5-year average. Active MLS® listings of 4,173 for all MLS® property types were down 3% from last July but 7% above the 5-year average. The total dollar volume of MLS® sales in July was over $581 million which is 16% above last July and 3% above the 5-year average.
Residential detached homes in July saw MLS® sales of 1,042 which is 8% above the 966 seen last July and 8% below the 5-year average of 1,133. Residential detached homes saw active MLS® listings of 2,016 which is down 11% from the 2,257 seen last July but 3% above the 5-year average of 1,956. The average price of $433,257 for a residential detached home rose 7% over last July’s $405,385 and is up 10% over the 5-year average of $393,899.
Of the 1,042 residential detached MLS® sales across the Winnipeg Regional Real Estate Board’s market region in July, 684 were in Winnipeg while the remaining 358 occurred outside Winnipeg. Of the 2,016 residential detached active MLS® listings, 874 were in Winnipeg while 1,142 were outside Winnipeg.
For the fifth consecutive month, Waverley West was the neighbourhood in Winnipeg which saw the most residential detached homes sold, and for July, River Park South recorded the next most MLS® sales. The Morden/ Winkler area had the most residential detached homes sold outside Winnipeg in July followed by the Steinbach area.
The $400,000-$424,999 price range was the most active with 80 MLS® sales representing 8% of all residential detached MLS® sales. The second most active price range was $375,000-$399,999 which saw 77 MLS® sales, representing 7% of all residential detached MLS® sales.
There were 19 residential detached homes sold for over $1 million in July, with the highest price at almost $4.3 million. July 2023 had 10 residential detached homes sell for over $1 million, with the highest priced at just over $4.6 million.
MLS® sales of 215 for condominiums in July were 8% above the 199 seen last July and 1% below the 5-year average of 217. Active MLS® listings of 464 for condominiums were 5% below the 489 seen last July and 17% below the 5-year average of 561. The average price of $284,151 for a condominium in July was 12% above last July’s $254,390, and 9% above the 5-year average of $260,829.
Of the 215 total condominium MLS® sales across the Winnipeg Regional Real Estate Board’s market region in July, 169 were within Winnipeg and the remaining 46 occurred outside Winnipeg. Of the 464 active MLS® listings for condominiums, 361 were in Winnipeg and 46 were outside Winnipeg.
Osborne Village and Waverley West were the neighbourhoods in Winnipeg which saw the most MLS® condominium sales followed by St. Boniface.
The most active price range for condominiums was the $175,000-$199,999 range with 32 sales in July representing 15% of all condominium MLS® sales. The $200,000-$224,999 range was the second most active price range with 27 sales in June, representing 13% of all condominium MLS® sales.
July saw 2024’s third condominium sell for over $1 million with an MLS® sale of just over $1.4 million.
MLS® sales of 102 for residential attached homes in July were 24% above the 82 seen in July of 2023 and 2% above the 5-year average 100. Active MLS® listings for residential attached homes of 256 were 10% below the 284 seen last July and 12% above the 5-year average of 228. The average price of $356,658 for a residential attached home was 9% above the $325,883 seen last July and 12% higher than the 5-year average of $319,663.
Of the 102 total residential attached MLS® sales across the Winnipeg Regional Real Estate Board’s market region in July, 73 were in Winnipeg and the remaining 29 occurred outside Winnipeg. Of the 256 active MLS® listings for residential attached homes, 161 were in Winnipeg and 95 were outside Winnipeg.
“With MLS® sales, dollar volume, average prices and property showings up over last July, the summer real estate market performance of 2024 has been productive,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “Throughout all of those transactions and showings, REALTORS® have been representing their clients’ best interests through the provision of professional market advice, advertising, property valuations, and negotiating to ensure they get the best possible price. This support can make all the difference and that’s why it’s always prudent to have a REALTOR® on your side.”
Jeremy Davis is the Winnipeg Regional Real Estate Board’s Director External Relations & Market Intelligence.