Strong fourth quarter start for Winnipeg home sales

Homes sales in Winnipeg were up 8% year-over-year to 1,107 in October, beating the 5-year average by 1% and also setting a new dollar volume record of just under $300 million, up 13% year-over-year.

Usually sales in the market are higher in September than October but that reversed this year and Winnipeg Realtors president Chris Dudeck is optimistic.

“October results showed how our local market despite some challenges can quickly rebound and deliver solid results,” he said. “There still remains a wide range and selection of properties for sale with two months to year end.”   

Listings entered on the MLS to the end of October were slightly ahead of 2017 – both were above 21,000 listings. But year-to-date sales were down to 11,371, 5% lower than the same period in 2017, with 52.6% of listings sold in 2018 compared to 56.5% in 2017.

Prices increased
In October 2018 six homes sold for over $1 million with one selling for $1.9 million, helping to push the average residential-detached sales price up 4% to $324,786. For condos, there was an unusually strong average sales price in October 2017 of $254,187 so it was destined to reduce in October 2018, coming in at $234,509.

“Looking ahead to November and the end of the year, a real positive to build on for Manitoba is the economic indicator showing U.S. exports increased 21.9% in the first eight months of 2018, first among provinces,” said Dudeck. “This is very encouraging knowing a new NAFTA/USMCA agreement has been signed to give more certainty and confidence to Manitoba businesses which are dependent on exporting their products and services south of the border.”

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