July was an interesting month and did show us a few indicators that might give us some insights for the months to come. We have seen many fluctuations and conditions that continue to change rapidly and the market is in a transitional period. So let’s have a look at some of the key market metrics for the month of July. 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 5% year over year for the month of July. The average home price in the month of July only increase 1% from 1 year ago. The number of listings remains low when compared with a year ago, and the market continues to favor the Seller, however it is not as extreme as it has been in early spring.

City of Lethbridge 

The number of sales transactions were up 22% over the previous year which shows continued strength in the market. Again, we managed to pump out that kind of volume and keep the avg sale price to a 5.5% 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 the City of Lethbridge in a Seller’s Market. What is interesting though, is the fact that our Seller’s Market continues to be driven by the $350,000 and down price range. Over 65% of all of the sales are coming from this price range.

So what can we expect moving forward?

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, the market will continue to be strong.  Without question, we could use some more Sellers to balance out the market even more. It is a very good time for Sellers as they are still getting a nice lift on the average price for their home. 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 Sellers are continuing to get an 8-10% increase in price and the Buyers are still seeing really low lending rates.

The months ahead:

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. If you are a Seller it is a great time because inventory is a little tight around some price points and there may be high demand for your home. If you are a Buyer, now is the perfect time, because the market has cooled a bit and you will be able to take advantage of this market condition.

I also want to say Congratulations once again to our team here at RE/MAX as we were the #1 Real Estate Brokerage in Southern Alberta for the month of July! 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.