Friday, December 1, 2023

Red hot Lethbridge real estate market favouring sellers; home prices increasing

LETHBRIDGE, AB – If you’re currently selling or looking to sell your home, the Lethbridge market right now is tilled in your favour.

The city is coming off its best first quarter (January-March) for real estate sales on record and homes which are listed are selling in very short order right now.

Cathy Maxwell with the Lethbridge and District Association of Realtors (LDAR) says the market is red hot.

“The other piece to this is we’ve got 539 units available (as of March 31, 2021) in the resale market and that represents the lowest we’ve seen for the end of March since 2008,” says Maxwell.

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That equates to just two-and-a-half months of local inventory.

The average selling price has has gone up a lot too from $288,000 at this time last year to around $326,000 right now. That’s an increase of 11% in just one year.

Maxwell notes it’s always important to price your home correctly, but in this market when demand outweighs supply, prices tend to increase.

She says it’s amazing to see what happening here especially during this ongoing pandemic. When it comes to the rest of 2021, Maxwell says it’s anyone’s guess how things will play out, however she expects the market will remain strong in the months ahead.

How the overall employment picture takes shape for the rest of the year could impact the real estate picture as well. Maxwell well notes “we have excellent” mortgage rates at the moment too which will likely play a factor in keeping the Lethbridge market fairly strong.

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