Lethbridge – Single Family Homes
- Sales to active listings ratio: 22% (135/616)
- For same month last year: 30% (173/573)
- Average sale price: $313,105
- For same month last year: $305,944
- Average Cumulative Days on Market: 60
- For same month last year: 69
- PENDING sales as of this post date: 43
June 2017, Year-to-Date:
- Total number of sales: 677
- For same period last year: 742
- Average Cumulative Days on Market: 74
- For same period last year: 81
- Average sale price: $310,062
- For same period last year: $302,636
City of Lethbridge – Condos
- Sales to active listings ratio: 18% (24/130)
- For same period last year: 28% (33/119
- Average sale price: $189,980
- For same month last year: $186,799
- Average Cumulative Days on Market: 67
- For same month last year: 87
- PENDING sales as of this post date: 10
June 2017, Year-To-Date:
- Total number of sales: 115
- For same period last year: 123
- Average Cumulative Days on Market: 74
- For same period last year: 95
- Average sale price: $201,435
- For same period last year: $204,330
“Where was the spring rush?” That is the question on a lot of agents’ minds this year, as we close out June with a much lower absorption rate than we saw in 2016. While business remains steady, the 2017 Lethbridge real estate market year to date has been one of micro markets. In other words, there isn’t an accurate way to describe the overall Lethbridge market without discussing location, price and product.
Of course, economic forces always come into play. The good news? Unemployment levels remain relatively low in Lethbridge and population growth is steady (1.41% per 2017 census data). However…
even Lethbridge is feeling the impact of shaky consumer confidence this year, as Alberta continues to struggle economically on a number of fronts.
Stricter lending rules also took a lot of homebuyers out of the market, while those who purchased when prices peaked in 2007-08, are struggling to play catch-up with their home equity.
As always, the conversation in real estate must centre on supply and demand. Within the city, there are wild swings in the supply-demand dynamic, across price brackets:
Overall, Lethbridge single-family home sales are down by 9.6%, year over year, while prices have increased by 2.4%. However, each micro market is very different.
The new-home market in West Lethbridge continues to be saturated, especially at price points above $350k, and building permits are up year over year, for single family dwellings (City of Lethbridge Monthly Building Statistics, May 2017). Therefore, if you purchased new construction in the last 5 years and you’re pushing into a higher price bracket, don’t look for big increases in your home value if you’re in a saturated neighbourhood. Despite some very noticeable saturation ,
Have something for $200k or less and in good condition with key system updates? Now is a great time to sell as we are low on quality product in that category, both in Lethbridge and Coaldale.
This summer we’ve also had a bit of a run on high-end south side bungalows in the $600-699k price range, which honestly, I can’t explain, save for some shifting in demographics (those who may be getting older, have good financials, and simply want to be closer to amenities while preserving a comfortable lifestyle… that’s my guess!).
The $400-$599k price points remain soft with lots of homes to choose from (6+ months’ inventory), and ample new construction continues to overwhelm buyers in some neighbourhoods. If you’re thinking of selling and your home falls into this category, understand that we have far more homes than people to buy them. Be as strategic as possible on both price and presentation. Every number makes an impression and every detail in the home matters. Homebuyers know they can be choosey.
If you’re wondering about home values in your neighbourhood, get in touch. We are the real estate team who does more, because you deserve more.
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.