October 2023 Market Release
The Winnipeg real estate market displayed encouraging trends in October, showing consistent growth compared to the same period in 2022. This marked the first October since the record-setting October of 2020 to witness an increase in All MLS® total sales over the previous year. The President of the Winnipeg Regional Real Estate Board expressed optimism about the market's performance.
Overall the noticeable increase in the market last month was in residential detached homes and condominium sales. Although average prices slightly declined for some property types, residential detached home prices continued to rise for the fourth consecutive month.
With this said, it is important to note that despite the positive momentum, All MLS® sales were below the 5-year average, indicating room for further growth. This is not surprising given the rising interest rates and global uncertainty. Furthermore, active MLS® listings saw an increase from the previous October but at least the total dollar volume was a year-over-year rise.
Waverley West and River Heights were notable areas for residential detached home sales within Winnipeg, while Downtown led in MLS® condominium sales. Outside Winnipeg, Morden/Winkler and Steinbach areas also experienced robust residential detached home sales. The most active residential detached price range was within a specific bracket.
In summary, the Winnipeg real estate market demonstrated positive momentum in October, with increased sales, active listings, and total dollar volume compared to the previous year. This marks a departure from the downward trend earlier this year. The consistent rise in residential detached home prices suggests a stable market. This favorable climate makes it an opportune time for homeowners to consider getting their houses appraised, as this trend suggests the market could be seeing further stability with a chance of growth.
