February marks another banner month in Winnipeg real estate: WRREB

February marks another banner month in Winnipeg real estate: WRREB

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February was another banner month in the local real estate market, according to figures released Thursday by the Winnipeg Regional Real Estate Board.

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Last month saw total MLS sales, listings, dollar volume and average prices increase over 2023. With the exception of residential attached active listings, a similar trend was seen across the main three property types of residential detached, condominium and residential attached homes, the WRREB said.

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“For the third consecutive month, total MLS sales, listings, dollar volume and average prices increased over the previous year, marking a positive trend in our market region,” said Rena Prefontaine, 2023-2024 WRREB President. “When compared to last year, February 2024 saw residential detached MLS sales rise 15%, condominium MLS sales rise 21% and residential attached MLS sales rise 62%. Average prices for these property types also rose over last year and the five-year average.”

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MLS sales for all MLS property types across the Winnipeg Regional Real Estate Board’s market region were up 22% over last February, and 11% below the five-year average. Active MLS listings for all MLS property types are up 8% from last February and 10% above the five-year average. The total dollar volume of MLS sales in February was over $276 million which is 26% above last February and 7% below the five-year average.

Of the 494 residential detached MLS sales across the WRREB’s market region in February, 337 were in Winnipeg while the remaining 157 occurred outside the city. For the second consecutive month, East Transcona led the way with the most residential detached homes sold while this month West Kildonan had the second highest. The Morden/Winkler area saw the most residential detached homes sold outside Winnipeg followed by the Steinbach area.

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The average price for a residential detached home rose 1% from January, 7% over last February, and is up 7% over the five-year average. The most active residential detached price range in February was the $250,000-$274,999 range, representing 8% of all residential detached MLS sales. The $375,000-$399,999 price range was a close second with just shy of 8% of all residential detached MLS sales.

There were seven residential detached homes sold at $1 million or more in February compared to four sold in February 2023.

For the fourth consecutive month, Winnipeg’s Osborne Village area saw the most MLS condominium sales in February followed by Downtown for the third consecutive month. The average price for a condominium in February was down 3% from January, 7% above last February, and 7% above the five-year average.

“A common theme from the speakers at our annual Market Insights event last month was that this year is likely to see an increase in market activity in our market region,” said Marina R. James, WRREB CEO. “In a steady market region like ours, which continues to be one of the most affordable in Canada, this is welcome news for those looking to enter the real estate market.”

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