What a first half to the year! It is truly incredible how the market has changed since the onset of the pandemic in March of 2020. We have seen many fluctuations and conditions that continue to change rapidly. So let’s have a look at some of the key market metrics for the month of June. We will break them into two different markets with one being all of the areas in Southern Alberta and then we will break out the numbers to be specific to the City of Lethbridge.

Southern Alberta

The number of sales transactions across the area were up 37% year over year for the month of June. A great piece of information is the fact that after that huge increase in sales transactions, the avg sale price has only increased 9% year over year. The number of listings remains low when compared with a year ago, however there are some positive trends. Although the selling to listing ratio remains tight and the market continues to favor the Seller, it is not as extreme as it has been in early spring. Another key metric is that the amount of new listings that came on in the month of June was 15% higher than it was 1 year ago.

City of Lethbridge 

The number of sales transactions were up 38% over the previous year which is not unexpected. Again, we managed to pump out that kind of volume and keep the avg sale price to an 8% increase, that is a very good sign. The number of listings does remain quite low when being compared to the amount of sales which is keeping this market in a fairly substantial Seller’s Market. What is interesting though, is the fact that our Seller’s Market is being driven by the $350,000 and down price range. Over 60% of all of the sales are coming from this price range. On a positive note, the number of “new listings” coming on is up 18%, but trails the demand for overall sales.

What can we expect in the second half?

Although we believe we have come down from the fever pitch from a few months back, we still see strength in the market. We think that the second half of the year will continue to be very solid with brisk activity as the key lending rates continue to be at historic lows. We think that as the economic recovery picks up and the opportunity to get into a home or move up in price range exists and the market will continue to be strong. There is a small chance that there will be a noticeable pick up in listings as people come out of the COVID restrictions and life gets back to some normalcy. Without question, there would have been sellers that were hesitant to list under the conditions that were present, earlier in the year. Southern Alberta continues to shine as one of the best places to own Real Estate. The conditions remain favorable to both Buyer and Seller, as Seller is continuing to show a 8-10% increase in price and the Buyers are still seeing uber-low lending rates.

First Half Results

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.

I also want to say Congratulations to our team here at RE/MAX as we were the #1 Real Estate Brokerage in Southern Alberta for the first half of 2021. More Home Buyers and Sellers are taking advantage of the REMAX brand and tools in this ever changing market. 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, 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.