Market Insight Fall Newsletter Edition
summer summary
Winnipeg's real estate activity in August 2023 was the first month in 2023 where sales and average prices performed better than the same month in 2022.
Residential Detached average sales price for August 2023 was $405,477 vs. $389,830 August 2022 representing a 4% year-over-year increase and 10% higher than the 5 year average. Number of sales at 1,013 are up 2% from August 2022.
Attached home average prices increased 5% year-over-year at $340,939 with 77 sales.
Condominium average prices increased 5% year-over-year at $279,055 with 194 sales and represent a 10% increase over the 5 year average.
fall forecast
Broadly speaking, the market is expected to stabilize and become balanced.
As sellers, be prepared to curb expectations, the market is changing and this may result in price adjustments of the property - especially, if a timely sale is necessary.
As buyers, press on with competitive offers to offset the higher interest rate and leverage seasonally slower sales activity into the fall and winter months.
As homeowners, take comfort in knowing housing price growth is healthy as the benchmark price of Winnipeg homes have risen by 26% over the past 5 years.
The market is simply in a state of transition as interest rates settle but there continues to be opportunities everywhere!