LETHBRIDGE, AB – Lethbridge’s wild ride with real estate sales is showing no signs of slowing down.
In November, more homes sold than new listings on the market, that’s something that hasn’t happened here in several years. There were 153 homes listed last month, 154 places sold.
Cathy Maxwell with the Lethbridge and District Association of Realtors says this is still very much a seller’s market.
“There’s a further decline in inventory levels, so we’re sitting at 407 units available in the month of November. That’s the lowest level recorded for the month in over a decade. This is somewhat unprecedented,” stated Maxwell.
This lack of homes for sale is actually pushing prices up in the City of Lethbridge. Maxwell says the average price has jumped nearly 16% compared to this same time a year ago. In terms of dollars, that’s jacked up the average selling price in the city to around $349,000.
This red hot market has been a thing in Lethbridge ever since the COVID-19 pandemic hit. Maxwell doesn’t know how long this is going to continue for either. She notes we should start to see the impacts of the re-instated mortgage stress tests at some point and there are rumours that interest rates may be on the rise at some point too.
“What we need is more listings,” said Maxwell. “That will somewhat start to balance out the market, but really, these are crazy statistics.”
