So, what the heck is going on in our market?

As we said before, it can be difficult sometimes to get a real handle on what is happening in our own market. Now more than ever we need to talk about OUR MARKET… not nationally, not provincially but right here in Southern Alberta. Our market has shown some incredible strength over the past few months with no signs of slowing down.

The market showed a 15% jump in sales transactions and also showed a small increase in the average home price over the month of July. The biggest story here is that for the past month, the absorption rate was as good as it has been for a long time. This is a very key metric as it measures the amount of sale against the amount of available inventory during a specific time period. When we say “balanced” it means that the market is showing equal benefits to both Buyers and Sellers.

With all numbers, there has to be a number of catalysts that are steering the market and we believe that there are many things in play that are making our market hum! Things having a major influence on local Real Estate;

1) Historical low interest rates.

2) Ownership vs Renting is now leaning further and showing more benefit that it has in a long time with some cases showing a $500/month lower cost of owning vs renting.

3) We continue to have one of the most affordable avg home prices of any major city.

4) The lower rates to borrow are allowing further investment into more house, additional homes, revenue properties and more.

5) We currently have a really manageable level of new construction vs re-sale homes that allow for great choice for clients.

6) An even brighter light has been shone on Southern Alberta since the onset of Covid. The light is showing the amazing strength and stability in our market and is becoming attractive to many people looking to flee the uber populated big cities.

Of course, there are many more, but we believe that these things that we mentioned above are in play and will carry our market forward through the balance of 2020.

Overall, we are very pleased with our local market and expect sales to continue to be strong through the summer months. RE/MAX had an incredibly strong last few months as may clients leaned on the Tools, the network of Top Agents and the unrivaled experience to handle their Real Estate needs.

RE/MAX has drawn on our 40 years of local service and our amazing group of 60+ Realtors to ensure we can maintain the highest level of service during this time. We are ready to serve and if you have questions about your situation please be sure to get in touch with us. You can call us today 327-2221 or text us at 403-635-8888, click us at www.realestatelethbridge.remax.ca or www.realestatetaber.remax.ca .

This monthly Real Estate Market Report analyzes Southwestern Alberta real estate, more specifically the Lethbridge area. Keep in mind that the information does not indicate the actual value of any particular property. Find out what your home may be worth in today’s market, contact one of RE/MAX Real Estate – Lethbridge’s talented agents by clicking here or for the Taber area click here.