Manitoba Real Estate Association MLS® home sales post second highest May total on record
The number of homes sold through MLS® Systems of real estate boards in Manitoba totaled 1,883 units in May 2024. This increased by 14.5% from May 2023.
Home sales were 4.5% above the five-year average and 6.7% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 6,170 units over the first five months of the year. This was a gain of 15.5% from the same period in 2023.
“Sales activity remains on very solid ground as demand pushed May to the second best showing in history, continuing a trend of steady growth that began last spring,” said Sandy Donald, President of the Manitoba Real Estate Association. “At over 6,000 homes sold so far this year, 2024 is on track to set the third best annual total on record. On the supply side, new listings have been coming in lower over the past few months and inventories are now starting to edge lower as well. While there’s no surprise on the demand side, we’re watching supply to see if softening listings activity will continue or if this is just temporary noise in the data.”
The average price of homes sold in May 2024 was $371,224, up modestly by 3.6% from May 2023.
The more comprehensive year-to-date average price was $366,082, an increase of 6.5% from the first five months of 2023.
The dollar value of all home sales in May 2024 was $699 million, a sizable gain of 18.6% from the same month in 2023.
The number of new listings decreased by 6.3% from May 2023. There were 2,608 new residential listings in May 2024.
New listings were 3% below the five-year average and 9.1% below the 10-year average for the month of May.
Active residential listings numbered 3,803 units on the market at the end of May, a decline of 4.4% from the end of May 2023.
Active listings were 1.9% above the five-year average and 18.9% below the 10-year average for the month of May.
Months of inventory numbered 2 at the end of May 2024, down from the 2.4 months recorded at the end of May 2023 and below the long-run average of 2.7 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
BOARD & ASSOCIATION INFORMATION
Founded in 1949, the Manitoba Real Estate Association represents more than 2,600 real estate professionals throughout the province. MREA uses its expertise to build, empower and uphold a trusted and sustainable real estate profession to ensure Manitobans value the role that REALTORS® have in building stronger communities, and in helping Manitobans through the most financially impactful decisions of their lives.
REALTOR® is a trademark, that identifies real estate professionals who are members of the Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and to a strict Code of Ethics.
For more information,
please contact:
Manitoba Real Estate Association
1873 Inkster Blvd
Winnipeg, MB, R2R 2A6
Tel: 204-772-0405
Web: https://realestatemanitoba.com/
Sandy Donald
