December 2020 Winnipeg Real Estate Market Highlights

December 2020 MLS® sales of 970 elevated year-end total sales to 16,033, a 17% increase over 2019. This year has been a remarkable record-setting one with 7 consecutive months of new highs. December continues this record with sales up 44% over December 2019 and 41% over the 5-year average.

December dollar volume of nearly $290 million increased 46% over December 2019 and pushed dollar volume up to over $4.9 billion, a 21% increase over the previous highest dollar volume year of 2019.

For all of the record sales activity the last 7 months, active listings or inventory going into 2021 is down 38% to 2,316 listings. Residential-attached properties (include single-attached, townhouse and duplexes) help illustrate this point.

In December, the 90 residential-attached sales transacted doubled last year’s total and represented 90% of the supply at month end of 100 listings. While not to the same extent, the impressive residential-detached and condominium sales activity were equivalent to 66% and 35% of remaining inventory respectively.

One of the best examples of what happened in 2020 is in the Waverley West MLS® area. It had a significant decrease in condominium listings in 2020 (117 versus 188 in 2019) yet recorded 69 sales in both years. Similarly, Waverley West’s residential-detached sales overcame a 10% drop in listings to end up with a 32% increase in sales compared to 2019.

Last year also showed how not all MLS® areas behave the same. Proof of that is how the rural MLS® areas outside Winnipeg were the primary reason for the double-digit percentage increase in MLS® sales in 2020. Sales in rural municipalities were up 40% compared to Winnipeg’s 7% increase. The two rural frontrunners are Steinbach and Morden/Winkler with 881 and 697 sales respectively. The most active MLS® area in Winnipeg is Waverley West at 607 sales.

The 37% increase in rural residential-detached sales was bumped up a few more percentage points because of the 72% jump in vacant land sales (861) which occurred largely outside Winnipeg and a 24% rise in resort property sales (142).

As a result, rural municipalities’ total MLS® market share went from 30% in 2019 to 36% in 2020 and represents 57% of Winnipeg’s MLS® sales.

Looking north to cottage country in three MLS® areas that encompass lake communities such as Gimli, Winnipeg Beach, Grand Marais, Victoria Beach, and Lac du Bonnet, MLS® sales went up 67% from 507 in 2019 to 848 in 2020.

As for prices, the residential-detached average sales price increased 5% from $324,122 to $341,175. Condominiums went up less than 1% from $238,088 to $240,060. With respect to the different MLS® zones within Winnipeg and the rural municipalities, the southwest zone saw the biggest average residential-detached sales price increase at 8%. It is also the highest at $460,301. Helping reach this new level were 45 million dollar plus sales with one home selling for $3,750,000 in Tuxedo.

Higher average residential-detached price increases were driven by more sales activity in higher price ranges in 2020 than ever seen before. For the first time, the $300,000 to $349,999 price range equaled the usual dominant one of $250,000 to $299,999 at 17% of total market share. Moreover, sales under $300,000 only edged 2019 by 2% yet ones above this price point level vaulted 31%.

The $500,000 to $749,999 price range stood out through the 7-month record sales run. It went over 1,000 sales for the first time in 2020 and showed a 49% increase over 2019.

Condominium sales remained most active in the $150,000 to $199,999 price range at 25% of total market share with the second highest at 20% of sales being the next higher price range from $200,000 to $249,999. Sales were actually lower for condominiums over $500,000 than in 2019.

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