The term “sellers market” could describe the current home sale economy in the Lethbridge area with prices reportedly being up 11 per cent in the first quarter of 2024 compared to the same time frame last year, at $369,926.
According to the Alberta Real Estate Association, the number of new listings put on the market has been low during the first three months of this year. In March alone 183 properties were put up for sale, down 18.7 per cent from the same month last year. According to the latest report from the organization, there were 272 units for sale in March, which is the lowest number reported since 2007.
“The sales-to-new-listings ratio has remained elevated at 92 per cent.”
As of the end of March, there were 423 properties sold in the Lethbridge area, a 19 per cent year-over-year uptick, with 461 properties put on the market.