August 2023 MLS® sales and average prices see gains over 2022

August 2023 MLS® sales and average prices see gains over 2022
Hello, fellow real estate enthusiasts. The Winnipeg Regional Real Estate Board released the August 2023 MLS statistics. These numbers are based on year-over year from August 2022.
The average MLS sale price increased over all 3 main property types: Residential Detached, Residential Attached and Condominiums. This is the first month in 2023 that we saw an increase over the same time last year.
All MLS sales are up 2% and notably 2% higher than July 2023:
  • Residential Detached average sale price is up 4% to $405,477
  • Residential Attached average sale price is up 5% to $340,939
  • Condo average sale price is up 5% to 279,055
So what is going on that made August '23 the first month in '23 to outperform 2022?
Well, that is a good question and glad you asked. I have not really read anything that would give a good explanation for this, but I do have my own thoughts on it. We had 14 homes over $1M sell in August, that would help to explain the Residential Detached increase in average sale price. Most definitely! But that would not explain the increase in average sale prices for Residential Attached and Condos.
As most of us real estate enthusiasts know, Winnipeg is a market that is not heavily influenced by the goings-on of the larger markets in Canada. Markets are local and Winnipeg has always been a market, for the most part, that has been affordable. Also, the doom and gloom atmosphere of a possible recession, Bank of Canada possibly raising interests rates again (they didn't this last time), has not curtailed buyers from buying or sellers from selling.
We have seen an increase in listings this year compared to the pandemic years, that helps buyers to have more choices, helps the MLS to have increased sales, and probably helped a little to increase our average sale price over all 3 main property types. I could go on about my thoughts on all of this, however I will save it for the September MLS stats which will be released soon enough.
CLICK HERE to read the full market release.
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