Lots of great news to report this year, both from my side of the desk as your local REALTOR®, and for the Lethbridge real estate market at large. Here are the highlights:
- Major capital investments announced or already underway, including Cavendish, Richardson Oilseed, University of Lethbridge Destination Project, The Crossings commercial and residential expansion; 2 new schools in west Lethbridge, and the North Lethbridge Regional Park… among others!
- Unemployment in the city remains quite low, relative to the rest of Alberta. Net migration into Lethbridge is positive with west Lethbridge being the popular favourite in terms of pure population growth.
- Average sales price in the City, December 21 YTD, is up 3.7% (median up 3.6%).
- Months’ inventory in the City is about 4.4 which is generally balanced and good for sellers overall.
- However, digging deeper into the numbers shows that $200-300k is an exciting price point with less than 3 months’ inventory. A nicely cared-for home in west Lethbridge or downtown south shouldn’t languish if positioned well!
- Heading north of $400k and the story changes, with almost 10 months’ inventory in the $400-500k price range. New construction is creating an over-supply, and buyers in this price point (and up) have a lot of homes to choose from. If you have a luxury home to sell, make sure you’re ’10 out of 10′ on price and presentation!
- The federal mortgage rules changed in mid October which definitely put a drag on the Lethbridge real estate market. Some first-time homebuyers dropped out of the market completely while others are coming back to the table to get pre-approved and keep shopping, possibly adjusting their expectations downward due to affordability challenges.
- Some mortgage brokers and analysts are saying interest rates have hit bottom and are now on the way up. Let’s hope the increases are gradual which is good for everyone. (Rates are still historically very low!)
Lethbridge continues to be the shining star in Alberta. But remember, stats and averages can’t tell the whole story on YOUR home. Make sure you talk to a REALTOR® you trust to get an accurate analysis of market value and how to be strategic as possible when you put that sign in the yard.
For a remarkable real estate experience, CALL me direct at 403.394.6699 or CLICK here to send me an email. I’ll get back to you within 1 business day.
Merry Christmas and all the best for a happy 2017!
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.