Well there goes another month! Crazy to think we are into the month of June already. Well as predicted, last month showed some pretty incredible activity and we will share some key stats with you for both Lethbridge and Surrounding area and also just the City of Lethbridge.

So for starters, it is amazing how quickly the dynamics are changing in our market. Although sales transactions remain strong, the market is more balanced to date, than it was in the previous months, where the market was heavy into Seller’s market territory. We have said in previous emails that this is a great example of a very healthy market, where we have managed to have incredible increases in the number of transitions, but have managed to keep the AVG selling price at a reasonable level so that we are not artificially inflating home prices, which is problematic down the road.

These stats would relate to the market area that LDAR covers ……

Sales transactions were up almost 90% over the same month in 2020. However, it is with noting that May 2020 numbers were very low due to the fallout of the pandemic. After such a large increase in transactions, avg home price gained 8% which is really good news. One of the most encouraging numbers is that the amount of “New Listings” for the month was actually up over 2020, which will help balance the buyer and seller pools.

City of Lethbridge

Sales transactions across all listings, were up almost 80% when compared with May of last year. Again, great news that with all of the increased activity, the avg home price was kept to an 8% increase.

A similar trend when it comes to “New Listings” as we seen a fairly large increase across the City.

So overall, the conditions are really, really good in both the City as well as the surrounding area. We are beginning to see us actually “build” listing inventory and we haven’t seen that for several months. This activity points to a slight cooling of the market, but we remain in Seller’s market territory.

Also, as of today, the new benchmark for the stress test is now in place, which will undoubtedly reduce the Buyers pool to some degree.

Looking forward

RE/MAX Owner Dallas Harty says, “We have an incredible Real Estate Market in Southern Alberta. To have those types of increases in transactions but keep the average home price increase to between 8-10% is an extraordinary accomplishment. We are confident that the next several months will continue to show strong activity as mortgage rates remain low and we are still maintaining a very reasonable average home price for potential Buyers. With the progress with COVID and the easing of restrictions, we also feel that there will be a positive outlook for our economy and jobs growth, as we look to getting back to some normalcy. We also anticipate that the market will continue to build inventory, as Sellers that were scared to sell because of lack of inventory, will eventually look to list their home. We have a very healthy market at this point, and it offers great opportunity for both Buyers and Sellers. We would encourage anyone who has been thinking about a move into the market, or up in the market, to get in touch with us as we can help give you the best direction possible.

 Congratulations to our team here at RE/MAX as we once again we were the #1 Brokerage in our market for the month of May, for Buyers and Sellers. We are grateful to everyone in Southern Alberta for continuing to trust us with such an important asset. If you are looking to buy or sell over the next months, we are confident that our RE/MAX team can maximize your Real Estate experience.”

For a no obligation consult and market evaluation and let us help you get MORE!  You can call Re/Max Real Estate Lethbridge today 327-2221 or text us at 403-635-8888 or click www.realestatelethbridge.alberta.remax.ca or www.realestatetaber.alberta.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.