City of Lethbridge – Single Family Homes
- Sales to active listings ratio: 20% (133/671)
- For same month last year: 22% (128/587)
- Average sale price: $311,360
- For same month last year: $301,928
- PENDING sales as of this post date: 59
June 2014, Year-to-Date:
- Total number of sales: 659 < virtually no change in volume
- For same period last year: 662
- Average sale price: $293,153 < 2.8% increase, year over year
- For same period last year: $285,294
- MEDIAN sales price, year-to-date: $272k in 2014 and $269k in 2013 (+ 1.1%)
City of Lethbridge – Condos
- Sales to active listings ratio: 19% (31/164)
- For same period last year: 14% (25/174)
- Average sale price: $197,706
- For same month last year: $195,376
- PENDING sales as of this post date: 5
June 2014, Year-To-Date:
- Total number of sales: 120 < 22% increase, year over year (hmm… )
- For same period last year: 98
- Average sale price: $192,282 < less than 1% increase
- For same period last year: $191,475
We’re half way through the year and, due to a seasonally driven market, probably more than half way through Lethbridge’s annual sales volume. So it’s a good time to take stock of the real estate market. Year-to-date, we’ve done almost exactly the same sales volume as last year on single-family homes. So, while we had a very busy spring season, much of the volume was simply “backlogged,” presumably due to a longer-than-normal winter. Single-family prices are edging upward, but not significantly, and I don’t expect this to change in the near future.
The latest mid-size city outlook seems to indicate that the makeup of our economy is shifting slightly away from government and toward culture and technology. How this will impact household incomes is yet to be determined. Moreover, the forecasted job growth isn’t significantly impacting population growth patterns in Lethbridge.
According to the report Lethbridge is expected to add 3,000 jobs over the next two years along with a forecasted growth of 1.2 per cent in 2014 and 1.3 per cent in 2015. Last year Lethbridge experienced 1.8 per cent growth, up 0.6 per cent from the previous year, due to a surge in the Information and Cultural Sector as well as steady growth in the Primary and Service Sectors.
~ Lethbridge forecasted to add 3,000 jobs over the next two years, Lethbridge Living, June 27, 2014
On the condo front, we’ve seen a significant increase in sales volume but next to no increase on price. Much of this volume is probably seasonal, although I tend to think we’ll see more and more Calgary families purchasing for their kids attending post-secondary in Lethbridge.
*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.