Market Update
January 1st – June 31st
We’ve had a strong first half of 2024 with the number of sales increasing in Winkler & Morden and a slight decrease in Altona but overall, 2023 and 2024 have been quite similar across the Pembina Valley.
The average sale prices in Winkler and Morden have stayed very similar from 2023 to 2024 with just slight increases. However, Altona has seen a fairly substantial increase of over 14%! It’s great to see a smaller Market like Altona experience such a large increase. Something to keep in mind is smaller markets can have larger changes from year to year because there are fewer sales to pull data from. When a few higher-priced homes sell in 1 year it can really affect the average sale price.
Days on the market is a very interesting stat to follow as it shows the average of how long a house takes to sell. The real estate market in the Pembina Valley is moving very quickly and as you can see, that has been very constant over the past few years.
Each price point is almost like its own individual market with its own set of buyers, sellers, and levels of demand. Lately, the lower priced homes have been a hot commodity and typically sell faster than the more expensive houses. That said, with few homes on the market across all price points, when a house gets listed it typically doesn’t take long to find the right buyer.
With how many buyers are looking for lower-priced homes it’s very typical to see new listings with an offer deadline 5-7 days after listing. This also affects the days on the market statistic because houses that would likely be sold the same day that it’s listed will delay any offers for about a week.
If you have any questions about the local real estate market, your home’s value, or the home buying process, please reach out to any of our Realtors and they’d be happy to help!
Stats are provided by the MLS (Multiple Listing Service).
