Steinbach Real Estate Market Shows Positive Growth in First Half of 2024Steinbach Real Estate Market Shows Positive Growth in First Half of 2024 According to the Winnipeg Regional Real Estate Board, Steinbach’s real estate market has witnessed a surge in activity in the first six months of 2024. Single-Family Home Sales Excel Jeremy Davis, a board representative, reported a significant increase in single-family home sales compared to the same period last year. From January to June, 103 single-family homes were sold from 138 listings, surpassing the 91 sales from 130 listings in 2023. The average sales price has also risen sharply to $371,249, a 15% increase from last year’s $321,853. Notably, the highest sale price this year reached just over $800,000, considerably higher than the previous year’s highest sale price of just over $600,000. Apartment Sales See Slight Decline In contrast to single-family homes, apartment sales in Steinbach experienced a modest decline in the first half of 2024. There were 24 apartment sales from 27 listings, compared to 32 sales from 41 listings in the same period of 2023. However, the average sales price for apartments rose by about 10%, from $215,877 last year to $237,541 this year. Steinbach’s Strong Performance Mirrors Regional Trend Davis emphasized that Steinbach’s growth in single-family home sales is not isolated. The entire market region has witnessed a similar percentage increase in the first half of the year. Overall, Davis described the first six months of 2024 as positive for the Steinbach real estate market, with strong sales across all property types and favorable average sales prices. Despite a slow first quarter, Steinbach’s detached home sales rebounded in the second quarter, leading to its success in the first half of the year. Davis attributed this to Steinbach’s affordability compared to other parts of the region. The positive start to the year has raised expectations for the remainder of 2024, especially if the Bank of Canada lowers interest rates further.
Steinbach is ahead of last year in terms of the number of houses sold.
Jeremy Davis is with the Winnipeg Regional Real Estate Board. He says that in the first six months of this year, 103 single-family homes were sold from 138 listings. That compares to 91 sales from 130 listings in the same period a year ago.
The average sales price so far this year is $371,249, up 15 percent from last year, when the average price was $321,853.
The highest sale price this year was just over $800,000. Last year the highest sale price was just over $600,000 at the end of June.
The picture is a bit different for apartment sales in Steinbach. From January 1st to June 30th this year, there were 24 sales from 27 listings. Last year, during the same period, there were 32 sales from 41 listings.
According to Davis, the average sales price this year was $237,541, up about 10 percent from last year’s $215,877.
According to Davis, Steinbach is not alone in seeing an increase in single-family home sales. He notes that the entire market region saw the exact same percentage increase in the first half.
“In terms of MLS sales for all property types in our market region, April was the third best ever, May was the second best ever,” he points out. “The first half totals for MLS sales for all property types and dollar volume were the third best ever.”
He adds that in the first six months of this year, Steinbach was the area outside of Winnipeg with the most detached homes sold in January, March, April and June. It came in second in both February and May.
Davis notes that Steinbach’s first-half success can really be attributed to the second quarter. He says that after the first quarter, MLS detached home sales were down 18 percent from last year. Davis says that the second quarter more than doubled the sales performance of the first quarter.
As for the average sales price, Davis says it’s more affordable to buy a home in Steinbach than in other parts of the region. The average sales price in our market region there is $424,193.
Davis says it’s been a positive start to the year overall, with Steinbach moving in a favorable direction. He notes that there have already been some historic months in 2024 and says it will be interesting to see how the rest of the year plays out, especially as some expect the Bank of Canada to cut interest rates again.
