Manitoba real estate market remains hot, but inventory and sales down

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Low resale stock is restricting action in the market whilst demand for residences is pushing prices up, the MREA Manitoba Real Estate Affiliation mentioned in a press release.

“February profits came in earlier mentioned the seasonal regular but very well shy of the record-breaking thirty day period we had last year, as listings are down noticeably,” said MREA 2021-22 President Stewart Elston in the launch. “If inventory concentrations were being sufficient to meet purchaser demand we consider profits activity would be a great deal greater.”

In accordance to MREA stats, a total of 1,003 residential attributes traded palms in February with full product sales of $364.8 million, down 22.5% and 11.4% respectively from the amazing tallies established in February 2021. 1,326 new listings are down 23.7% year-above-yr and the ordinary sale price of $363,660 is up 14.3%. A standard (pre-pandemic) February in Manitoba would develop 800 to 900 household revenue. Past February, 1,294 homes bought.

“Compared to previous yr, some pieces of Canada have seen additional households on the market place but Manitoba has experienced the greatest drop in new listings of all the provinces,” mentioned Elston. “While inventory is depleted soon after months of sustained customer demand from customers, we are hopeful far more attributes will appear to market place as the climate warms.”

The 2021 ordinary sale value in Manitoba was $333,841, up 9.8% above 2020.