According to the latest report from the Alberta Real Estate Association sales and the average price for properties in the Southern Alberta region, which includes Lethbridge, saw little change in May compared to the same month in 2022.
Sales in May saw a 0.9 per cent year-over-year increase with 230 properties sold in the 31 day period, with the average price being $345,221 a 0.7 per cent decrease. Semi-detached properties saw the biggest change, with the average price increasing 4.9 per cent to $276,856. In May inventory across the region was down 10.5 per cent with 459 properties available, and on average a property stays on the market for roughly two months.
So far in 2023, sales for the South Region are down 24 per cent with 768 properties sold. The average price has seen a three per cent decrease to $337,083.
Across Alberta, the average price saw a 2.8 per cent increase, at $470,037, while sales were down 5.6 per cent compared to last year with 8,752 properties sold. The provincial inventory is also down 18.4 per cent, with a property on average being on the market for just over two months.