City of Lethbridge – Single Family Homes
- Sales to active listings ratio: 25% (150/598)
- For same month last year: 26% (165/629)
- Average sale price: $311,361
- For same month last year: $294,017
- Average Cumulative Days on Market: 74
- For same month last year: 78
- PENDING sales as of this post date: 54
May 2015, Year-to-Date:
- Total number of sales: 537
- For same period last year: 526
- Average sale price: $304,665 => change in average price: +5.6%
- For same period last year: $288,550
- Change in MEDIAN price: +5.5% ($269,450 > $285,000)
City of Lethbridge – Condos
- Sales to active listings ratio: 18% (24/131)
- For same period last year: 19% (31/163)
- Average sale price: $188,604
- For same month last year: $178,231
- Average Cumulative Days on Market: 59
- For same month last year: 106
- PENDING sales as of this post date: 9
May 2015, Year-To-Date:
- Total number of sales: 91
- For same period last year: 89
- Average sale price: $194,466
- For same period last year: $190,393
“So far, so good” might be the fairest way to summarize how the Lethbridge real estate market has fared in Alberta’s rough economic waters. While decline is forecasted for much of the rest of the province over the next couple of years, Lethbridge is holding steady. However, that is not to say that future economic challenges won’t have an impact given our reliance on government employment.
Canada’s housing agency is expecting home values to fall in Alberta over the next two years as the impact of lower oil prices weigh on the energy-reliant province.
~ Alberta home prices to slump for the first time while other markets gain ground, Financial Post, May 25, 2015
But for the time being, the market is holding steady in Lethbridge. If housing starts decline, as forecasted in CMHC’s most recent Outlook, and population growth continues, this would support prices. In other words, more competition for less inventory increases market appreciation…the caveat being that your equity position is greatly impacted by the price you originally paid.
Contact me any time for a no-obligation consultation to decide your next move in this market.
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.