It’s never wise to define a trend until you have accumulated a reasonable amount of data over time. Week by week or even month-by-month snapshots cannot tell the whole story. Today, we are three months into the COVID-19 situation in Alberta. We finally have a picture of what’s happened and what may happen for the balance of 2020. It’s not all bad news, and the sky isn’t falling!
June 20, 2020, for City of Lethbridge Real Estate Statistics in Summary:
- Listings (all residential): 771
- Homes sold in past 90 days: 321 (107/month)
- Months’ inventory: 7.2 (buyer’s market)
- Months’ inventory under $400k: 6.2 (leaning toward buyer’s market)
- Months’ inventory over $400k: 14.5 (squarely in buyer’s market territory)
- Average cumulative days on market January-May 2020: 137 (HIGH / trending high since 2019)
- Average sale price January-May 2020: $291,195 (trending down slightly versus 2019)
Don’t be spooked by the numbers. Currently we are seeing a delayed spring rush in Lethbridge real estate. Folks who wanted to do something in early Spring have come out of the woodwork in droves. The Canadian Mortgage and Housing Corporation recently projected double digit decreases in home values. This is NOT what we are seeing in the trenches. Nor is it what other economists are necessarily predicting. Watch and listen to my video below for a deeper insight!