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🎙️ Winnipeg Real Estate Podcast: December 2024 Market Update & Spring 2025 Outlook Episode Summary
In this episode of Winnipeg's Real Estate Podcast - 2025 and Beyond, Bo breaks down Winnipeg’s December 2024 real estate market performance and shares a detailed Spring 2025 outlook. Whether you’re a buyer navigating competitive conditions or a seller preparing for a strong spring market, this episode has the tips and strategies you need to succeed.
🎧 What You’ll Learn in This Episode:- 📊 December Recap: Strong sales, low inventory, and high dollar volume.
- 🏘️ Property Trends: How detached homes, condos, and attached homes performed in 2024.
- 🌟 Spring 2025 Forecast: Why it’s shaping up to be a seller’s market and what buyers need to know.
- 💡 Buyer & Seller Tips: How to stay ahead in a competitive market.
- 0:00 - Introduction: Welcome and quick market overview.
- 0:39 - December Recap: Sales, active listings, and dollar volume trends.
- 1:38 - Property Types Breakdown: Detached homes, condos, and attached homes.
- 2:30 - Year-End Numbers: Total MLS® sales, listings, and dollar volume for 2024.
- 4:45 - Buyer & Seller Tips: Strategies to navigate a competitive market.
- 5:07 - Spring 2025 Outlook: Why buyers and sellers should act now.
-
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#WinnipegRealEstate #RealEstatePodcast #Spring2025RealEstate #HomeBuyingTips #RealEstateTips
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Direct: 204-333-2202
Web: Https://Winnipeghomefinder.com
Transcript
WEBVTT
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Time to take a closer look at how Winnipeg's real estate market finished the month and the year.
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You're listening to the Bo Knows Real Estate Podcast.
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Tips and advice for home buyers, sellers, and owners with award-winning REMAX agent, Bo Kaufman.
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Wow, what a way to close out 2024. December capped off the year on a high note
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for Winnipeg's real estate market. The numbers came in strong,
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and if you're a buyer or seller, there's much to discuss.
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So let's break down December's performance and what it means for the market moving forward.
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First off, December saw 742 MLS sales. That's up 19% compared to last year,
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which is pretty impressive.
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We were 3% lower than the five-year average, but still this performance marks
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the third best December on record for the Winnipeg market, so things are looking good.
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Now when we look at the active listings, we're seeing 2,393 listings,
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which is actually a 19% drop from last December.
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That's important because fewer listings mean more competition for the homes
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that are on the market, which can drive prices up and make it a bit tougher
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for buyers to find exactly what they want.
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But hey, sellers, this is where you can shine.
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Speaking of prices, the dollar volume in December reached $272 million.
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That's a 22% increase over last December. To put that into perspective,
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that's a lot of money flowing into the market, signaling that both buyers and
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sellers are making deals.
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Now let's talk
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About specific property types. Residential detached homes led the charge in December.
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There were 468 sales, up 15% year over year, with the average price sitting
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at $423,908, which is a 4% increase from last year.
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That's definitely good news for anyone with a detached home to sell.
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There's still a strong demand for these properties.
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Moving over to condominiums, we saw 120 sales, an 18% increase from last year,
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with the average price sitting at $272,728, just a 1% increase.
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Condos continue to be a popular choice for first-time buyers and people looking to downsize.
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The affordability compared to detached homes is still a big draw for many.
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Now let's zoom out a bit and look at the year-end numbers for 2024.
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There were 14,597 total ML sales for the year, which is up 13% from 2023.
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That's a pretty solid increase, right? It shows that demand has been strong all year long.
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In terms of total listings, we saw 22,858 total listings for the year,
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which was a modest 2% increase.
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While inventory went up just slightly, it didn't outpace the demand,
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which means we're still in a market where sellers have the upper hand.
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As for dollar volume, the total came in at a huge $5.5 billion, up 20% from 2023.
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That's a lot of money flowing through the market, and it's a sign of just how
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active the market has been.
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More buyers and sellers have made their moves this year, which drives prices
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up and creates opportunity.
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Now let's dive into some of the specific property categories for the year.
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Residential detached homes led the pack with 9,987 sales, up 11% from last year.
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The average price for these homes was $423,878, a 6% increase.
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So, if you're in the market for a detached home, you're seeing some price growth, no surprise there.
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Condominiums were also up with 2,194 sales, a 13% increase, and an average price
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of $274,201, which is a 6% rise over last year.
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This steady growth shows that condos remain a hot commodity in Winnipeg.
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And finally, let's talk about residential attached homes, which saw 1,039 sales
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up 21% from 2023, with an average price of $365,965, a 10% increase.
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This segment is starting to pick up, and it's clear that more people are seeing
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the value in attached homes for their affordability and practicality.
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So what does this all mean for buyers and sellers?
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Well, for buyers, you're looking at a competitive market. Prices are up,
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inventory is down, and you'll have to be quick and decisive if you want to land
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the home you've got your eye on.
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So if you're considering buying, ensure you're pre-approved for a mortgage and ready to move fast.
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For sellers, this is a great time to list your property.
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With low inventory and strong buyer demand, you're in a position to sell fast
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and potentially get top dollar for your home. So get your home ready to sell,
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clean stage, and price it competitively, and you'll likely see a strong return.
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Looking ahead to spring 2025, things are only going to get stronger.
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With the recently lowered interest rates, the surging market we've seen in the
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last few months, and the usual seasonal uptick in the spring,
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I predict it will be a strong seller's market.
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Buyers, you'll need to act quickly. Homes will sell fast, and prices will likely keep climbing.
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Sellers, now is the time to prepare your home, as the spring market is going
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to be a big opportunity for you.
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Looking at this, spring 2025 is shaping up to be one of the strongest markets we've seen in years.
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Whether you're buying or selling, it will be a busy, competitive,
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and exciting time in Winnipeg real estate. And I thought this was going to be a dull day.
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That's it for today's market update. Thanks for tuning in, and I'll catch you next time.
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You've been listening to bo kaufman of remax performance realty are you thinking
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of buying or selling a house or a condo in winnipeg call bo at 204-333-2202
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remember bo knows real estate
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