2024 market exceeds expectations
The 2024 market exceeded expectations, originally the forecast was to have a slight increase in both sales and average price however both areas increased quite substantially. With interest rates starting to decline in June more purchasers entered the market. which resulted in multiple-offer situations, I found this especially true in the 350K to 450K price range for residential detached homes. In 2024, 36% of residential detached homes sold above list price, 8% sold at list and 55% sold below. In 2023, when interest rates were higher and climbing only 29% sold above list, 7% at list and 64% below. When our interest rates were at their lowest in 2021 & 2022, 51% & 44% of residential listings sold above list price.
Our largest factor for these price increases and multiple offers is our lack of inventory. According to the Winnipeg Real Estate Board, our 10-year trendline for residential detached listings is 15,270 which we haven’t surpassed since 2019. In the past two years, we have been more than 1,000 listings short. Condominiums have also seen a decrease in inventory, the trendline is 3,534 before 2022 we were constantly above the line. However, since 2022, on average we have had 439 fewer listings. Having roughly less than 1,500 listings every year has had a substantial impact on market demand.
May across all three categories that had the highest number of sales in 2024.
Residential Detached with 1,189 sales
Condominium with 279 sales
Residential Attached with 123 sales
At our Market Insights meeting at the beginning of 2024, The Winnipeg Real Estate Board projected a 2% increase in sales for MLS® properties, sales increased 13%. For the average sale price, they projected a rise of 1.2% for residential-detached and condominiums, however, the average sales price in both categories increased by 6%! In 2025, they’re predicting an increase of 6% in sales for MLS® properties. They’re also forecasting that residential-detached average sales prices will increase by 6% this year whereas condominiums will increase their average sales price by 4%.
source: Winnipeg Real Estate Board
