While some indicators are showing a downward trend, Manitoba’s real estate market is still in “warm territory” said Manitoba Real Estate Association Julie Friesen on Tuesday.
July sales in the province are down 8.3% compared to July 2021 and total dollar volume of $588.6 million is down 3.3%. New listings are up 9% with 2,500 in the month and the average monthly sale price of $353,309 is up 5.5% year-over-year.
A total of 1,666 residential properties traded hands in July, which the MREA said signifies that a degree of balance has returned to the provincial housing market.
“The resale market has certainly calmed down relative to the two previous years but don’t get me wrong, we are still in ‘warm’ territory,” said Friesen. “Currently, there are more options for buyers on the market compared to this time last year, but inventory has yet to fully recover to pre-pandemic levels.”
Year-to-date, the total number of sales has dropped 17.5% but the average sale price of $373,550 remains 11.8% higher compared to sales data from the first seven months of 2021.