City of Lethbridge – Single Family Homes
- Sales to active listings ratio: 15% (67/462)
- For same month last year: 11% (53/462)
- Average sale price: $285,793
- For same month last year: $278,899
- Average Cumulative Days on Market: 98
- For same month last year: 104
- PENDING sales as of this post date: 35
City of Lethbridge – Condos
- Sales to active listings ratio: 10% (8/84)
- For same period last year: 8% (8/97)
- Average sale price: $211,613
- For same month last year: $177,687
- Average Cumulative Days on Market: 155
- For same month last year: 109
- PENDING sales as of this post date: 7
Throughout Alberta, the bad news just keeps getting worse, as the provincial unemployment rate climbs (7% in January, Statistics Canada) and multiple real estate markets take it on the chin. Persistent and increasing unemployment means that Albertans are hedging their bets in various ways. Some are leaving the province altogether, while those remaining are either wary of overpaying for a home or concerned about if and how to sell their existing home.
Here in Lethbridge the story is quite different. For many years the REALTORS® here have envied the position of their colleagues in Calgary who often had a good-news story for homeowners preparing to list their property for sale. Obviously that story is reversing itself in many markets across Alberta. However, Lethbridge real estate remains stable but with no big price increases for the headlines.
The unemployment rate—a key driver of market activity—remains relatively low in the Lethbridge-Medicine Hat region (5.8% in Jan.), although it has increased versus 2015 (Statistics Canada). I suspect much of the unemployment jump is in Medicine Hat where the economy is more sensitive to oil price volatility.
My personal feeling is that consumer confidence in southern Alberta is on shaky ground; yet the economic indicators—for now at least—tell us Lethbridge is holding its own.
For now, we’ll take that as good news.
If you’re feeling uncertain about the real estate market here, call or send me an email. I would be happy to answer your questions.
Lethbridge real estate market data provided by the Lethbridge and District Association of REALTORS® and compiled by Karri Flatla. Information herein deemed reliable but not guaranteed.