Manitoba Real Estate Association

Manitoba Real Estate Association MLS® home sales remain on upward trajectory as inventories wind down

The number of homes sold through MLS® Systems of real estate boards in Manitoba totaled 1,684 units in June 2024. This was a small reduction of 3.9% from June 2023.

Home sales were 11.6% below the five-year average and 6.5% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 7,854 units over the first six months of the year. This increased by 10.7% from the same period in 2023.

“Sales activity was down from year-ago levels but continued its steady pace upward on a monthly basis,” said Sandy Donald, President of the Manitoba Real Estate Association. “New listings have flattened out over the past several months. Combined with slowly building momentum in demand, inventory levels have been unwinding since reaching a recent peak last spring. Provincially our housing market remains balanced but is slowly moving closer to seller’s territory, accompanied by a steady string of modest price gains that have average price levels now hovering at near-records.”

The average price of homes sold in June 2024 was $383,396, a gain of 5.8% from June 2023.

The more comprehensive year-to-date average price was $369,794, up by 6.2% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $645.6 million, a minor increase of 1.7% from the same month in 2023.

The number of new listings saw a moderate decrease of 6% from June 2023. There were 2,336 new residential listings in June 2024. This was the lowest number of new listings added in the month of June in more than a decade.

New listings were 11.7% below the five-year average and 12.4% below the 10-year average for the month of June.

Active residential listings numbered 3,847 units on the market at the end of June, decreasing by 6.4% from the end of June 2023.

Active listings were 1.3% below the five-year average and 19.9% below the 10-year average for the month of June.

Months of inventory numbered 2.3 at the end of June 2024, unchanged from the 2.3 months recorded at the end of June 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.


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For more information,
please contact:

Manitoba Real Estate Association
1873 Inkster Blvd
Winnipeg, MB, R2R 2A6
Tel: 204-772-0405
Web: https://realestatemanitoba.com/

President
Sandy Donald

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