Real estate agents in the Winnipeg market were kept busy in July as sales remained strong and in line with long-term averages.
There were 1,376 sales, down 4% from a year earlier but just 2% short of the 5-year average for the month, which includes the exceptional July of 2014 (the second-best July on record) where 1,500 homes were sold.
There were 1,006 residential-detached sales in July, down 2% from the 5-year average of 1,030 sales while the 176 condominium sales are just short of the 5-year average of 180 sales.
“We need to keep perspective from month-to-month and even year-to-year that despite what appears sometimes as drop off in sales activity or elevated sales in other instances, our local market remains very stable and resilient to wide fluctuations,” said Chris Dudeck, president of Winnipeg Realtors. “Our home sale prices as well show a high degree of consistency and this is in part attributable to an economy that is one of the most diversified and stable in Canada.”
Single-attached homes showed particular strength, providing a more affordable option for buyers and up 44% over July 2017. Sales of this property type have increased 3% over the first seven months of 2018 in comparison to the same period last year.
Across all types, new listings on the market in July and the inventory at the end of the month were up over 8%.
Average prices were $285,347 for duplexes, $200,771 for townhouses, and $245,934 for single-attached.