It seems Steinbach has led the charge this year when it comes to house sales in this region.

That is according to Peter Squire, Market Analyst with Multiple Listing Service (MLS). Squire says when they did their forecasts earlier this year, they anticipated 2020 would be a very positive year for sales. And, even though COVID-19 has slowed our economy, house sales in Steinbach through the first quarter of this year are ahead of 2019.

Squire says from January 1st to March 31st, there were 106 single family home sales in Steinbach from 209 listings. By comparison, through the same period a year ago, there were 89 sales from 182 listings.

"We think that first time buyers have made some adjustments since the mortgage stress tests came into effect in both end of 2016 and early 2018," says Squire, suggesting why this year has started more favourably. "The rates were certainly a little bit lower as well going into 2020 in comparison to 2019."

As a result, he says that placed a number of those first time buyers into a more favourable position.

The average selling price for a home in Steinbach jumped from $264,000 one year ago, to $292,000 in the first quarter of 2020.

On the condominium side, Squire says condos in general have been selling slowly. Through the first three months, there were 12 sales compared to eight for the same period a year ago. The average selling price rose from $189,000 last year to just over $200,000 so far this year.

Having said all this, Squire says we are definitely in uncharted waters with COVID-19. He notes sales and listings to start April are down considerably from last year.

"Which is understandable because people are putting a pause on their plans," he notes. 

Squire says they have shut down open houses on their system and now realtors are relying on virtual showings. But, he expects once the pandemic passes, the real estate market will come back strong.