July real estate market shows increases to MLS? sales and average prices over last year

July real estate market shows increases to MLS? sales and average prices over last year

Mid-Summer Lake Country real estate market update included

Winnipeg, August 9, 2024 – For the month of July, All MLS? sales reported by the Winnipeg Regional Real Estate Board of 1,488 were up 10% from last year, active MLS? listings of 4,173 down 3% and total MLS? dollar volume of $581 million up 16%. Residential detached MLS? sales of 1,042 were up 8% while the average price of $433,257 was up 7% when compared to last July. Condominium MLS? sales of 215 were up 8% and the average price of $284,151 up 12% over last July.

"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 CRB CRS SRS ACP SRES ABR RENE RSPS AHWD , 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 $3.4B was up 19% over 2023. Year-to-date residential detached MLS? sales of 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.

“Spending time in Lake Country during the summer makes the dream of owning a cottage here incredibly enticing," said Marina R. James, MBA , CEO of the Winnipeg Regional Real Estate Board. "Our market region offers residents easy access to stunning lakes and forests just a short drive from home. Now is the perfect opportunity to connect with a REALTOR? and discover the numerous beautiful lakes surrounding Winnipeg."

There are 5 Lake Country areas within the Winnipeg Regional Real Estate Board’s market region that will be focused on in this update. They include Lac du Bonnet, Lake Manitoba - East Side, Lake Winnipeg - East Side, Lake Winnipeg - West Side and Winnipeg River. A description of the areas are as follows:

Lake Manitoba – East Side – All properties in the MLS? area R19 with the exception of the towns of Arborg, Balaton Beach, Hecla Island and Teulon.

Lake Winnipeg – West Side – All properties in the MLS? area of R26 in addition to the towns of Balaton Beach and Hecla Island in R19.

Lake Winnipeg – East Side – All residential properties in the MLS? area R27.

Winnipeg River – Properties in R28 that are in the towns of Manigotagan, Pine Falls, Powerview, St. Georges, Wanipigow and White Mud Falls.

Lac du Bonnet – Properties in the MLS? areas of R18 and R28 that are in the towns of Bird River, Great Falls, Lac du Bonnet, Lee River, Pinawa, the RM of Lac du Bonnet, Seven Sisters Falls and Whiteshell Provincial Park, as well as the neighbourhoods of Brookefield South (R18) and Poplar Bay (R28).

First-half 2024 MLS? sales were up over last year in Lake Manitoba and both the East and West sides of Lake Winnipeg but down in Lac du Bonnet and Winnipeg River. Only Lake Winnipeg – West Side saw increases over the 5-year average.

First-half 2024 MLS? listings were also up over last year on both the East and West sides of Lake Winnipeg but down in Lac du Bonnet, Lake Manitoba East Side and Winnipeg River. MLS? listings were up over the 5-year average on both the East and West sides of Lake Winnipeg and Lake Manitoba – East Side while they were down in Lac du Bonnet and Winnipeg River.

Average prices increased in the first half everywhere but Lake Manitoba – East Side when compared to the first half of last year and the 5-year average.

“It is often said that all markets are local, and this can be seen very clearly in the specific real estate markets that make up the Lake Country areas,” said Daphne Shepherd, 2024-2025 President of the Winnipeg Regional Real Estate Board. “While average prices were up in most areas, the number of listings and MLS? sales varied depending on the areas of focus. These differences in local real estate markets are yet another great example of why the experience, data, and expertise of a licensed REALTOR? are a great asset for you whether you’re looking to buy or sell in Lake Country!”

ABOUT THE WINNIPEG REGIONAL REAL ESTATE BOARD

Serving Members since 1903, the Winnipeg Regional Real Estate Board is one of Canada’s longest running real estate board, serving over 2,400 licensed residential and commercial real estate Brokers and Salespersons, along with other industry-related professions. REALTOR? Members of the Winnipeg Regional Real Estate Board utilize the Multiple Listing Service (MLS?) to put the housing market in perspective for those looking to buy or sell a home. REALTORS? can explain market insights, price trends, provide comparable property analysis and housing trends. To find a REALTOR? or to view a map of MLS? listings, visit www.winnipegregionalrealestatenews.com.

The trademarks MLS?, Multiple Listing Service? and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR?, REALTORS? and the REALTOR? logo are controlled by CREA and identify real estate professionals who are members of CREA.

Statistics provided in this market release are the sole property of the Winnipeg Regional Real Estate Board.

*ATTACHMENT: MARKET ANALYSIS HIGHLIGHTS FOR JULY 2024