Manitoba Real Estate Association MLS® home sales continue on upward trajectory
The number of homes sold through MLS® Systems of real estate boards in Manitoba totaled 1,077 units in November 2024. This was a sizable gain of 20.3% from November 2023.
Home sales were 1.5% below the five-year average and 5.9% above the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 14,963 units over the first 11 months of the year. This increased by 10.9% from the same period in 2023.
“Sales activity was heating up as we headed into the end of the year, with November posting the third best level for this month in history,” said Sandy Donald, President of the Manitoba Real Estate Association. “Looking through the normal seasonal trends, our inventories have actually been on the decline since the beginning of the year as demand has gradually strengthened in the wake of interest rate cuts and the provincial market has tightened. Price growth has also been picking up, with 2024 possibly set to deliver a new record for annual average prices.”
The average price of homes sold in November 2024 was $374,552, a gain of 14% from November 2023.
The more comprehensive year-to-date average price was $369,781, up by 6.1% from the first 11 months of 2023.
The dollar value of all home sales in November 2024 was $403.4 million, a substantial increase of 37.2% from the same month in 2023.
The number of new listings saw a slight gain of 0.1% (one listing) from November 2023. There were 1,342 new residential listings in November 2024.
New listings were 1.3% below the five-year average and 4.2% below the 10-year average for the month of November.
Active residential listings numbered 2,916 units on the market at the end of November, a substantial decline of 17.1% from the end of November 2023.
Active listings were 5.8% below the five-year average and 22.3% below the 10-year average for the month of November.
Months of inventory numbered 2.7 at the end of November 2024, down from the 3.9 months recorded at the end of November 2023 and below the long-run average of 3.8 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
