As you have seen the from the first three (January, February and March) monthly market reports from the WinnipegREALTORS® Association, the real estate market in the Winnipeg Metro Region started strong in 2020.

But as always, I emphasize that these monthly reports are general, overall monthly market statistics for the entire region and for a variety of property types.

Given what is occurring in the world right now with the COVID-19 pandemic and the economic slowdown, I felt it appropriate to supplement the monthly report with more details as to market conditions within a more specific geographic area and as it pertains to specific property types.

If we look at the city of Winnipeg only, the residential (single family homes, SxS’s, town homes, etc.) MLS® market numbers for the entire month of March look reasonably healthy . . . new listings up 1.4% over the previous year and sales down only 3.4%. Pretty remarkable given all that is going on in the world right now.

But if we dig a little deeper, and analyze these same MLS® indicators as we move week by week through the month, we see a bit of a different picture:

1. March 1 to 7

a. 2020 new listings, 303, up 13.5% over 2019

b. 2020 sales, 143, up 19.2% over 2019

2. March 8 to 14

a. 2020 new listings, 247, up 8.3% over 2019

b. 2020 sales, 150, up 4.9% over 2019

3. March 15 to 21

a. 2020 new listings, 231, down 5.6% over 2019

b. 2020 sales, 156, down 3.1% over 2019

4. March 22 to 28

a. 2020 new listings, 198, down 10.4% over 2019

b. 2020 sales, 127, down 21.1% over 2019

5. March 29 to April 4

a. 2020 new listings, 180, down 42.5% over 2019

b. 2020 sales, 86, down 38.6% over 2019

It should come as no surprise that as the month has progressed, and the COVID-19 effects have increased, that the residential real estate market in Winnipeg has slowed.

I performed the same analysis on the condo market in Winnipeg, and the market slow down is even more pronounced. (If you would like to see these numbers, please do not hesitate to contact me, and I will be happy to share.)

The good news of course is that the market has not completely shut down and sales are still occurring. The real estate industry in Manitoba has been identified as a critical service. REALTORS® in Manitoba are still able to serve their clients current needs, with strict health & safety protocols in place.

Real estate is very local, and market trends vary significantly from neighborhood to neighborhood. If you would like more information about your neighborhood market, and a proper strategy to navigate that market this year, please do not hesitate to contact me for guidance and advice as it pertains to your individual real estate needs.

Stay safe everyone . . .