It’s October already, time sure has flown by! This has been a crazy year and the numbers for the past month tell us a bit of a transitional story as it relates to what is happening in our market in Southern Alberta. As always, we have looked at the numbers and will break the numbers into 2 categories which will include LDAR area which is all sales in all areas that we operate and then the City of Lethbridge on its own.

Southern Alberta

So this is a significant month as this is the first time in over 12 months that we have not seen an increase in overall sales transactions. The month of Sept although very steady, was down double digits when compared to September of 2020. Having said that, pricing held steady and actually increased approx 3% when compared with the year before. The number of available listings is down significantly with 20% less inventory on the market which will keep pricing levels steady as this market remains in Sellers territory. Our current sell price to list price is running at just shy of 98% which is a great performance metric, as it says that our Professional Realtors understand the market and know what they are doing and further, this number indicates that it is a Sellers market. The market is Southern Alberta continues to be driven by the $350,000 and below market as it made up 70% of all the sales.

City of Lethbridge 

In the City of Lethbridge the story is similar, however with a few different trends. This will be the very first time in 12 months that year over year activity for the number of sales transactions is flat. Having said that, avg pricing remained steady and showed a 3% growth when compared with a year ago. The number of listings continues to be at levels that are creating a stronger Sellers market than in outlying areas at this point. Our level of sale price to list price, is at its highest point than we have ever recorded at 98.3 %. This speaks to how tight the market is and that there are “no deals” or very few at the moment. The Sellers market in the city is also being driven by the $350,000 and down market as it also accounts for 70% of all the sales.

So what is the overall advice from RE/MAX?

We think that although we could use some more listings, the market is in very good shape. Although activity has cooled, the “conditions” are keeping the avg sale price at a manageable level. After a heavy run-up from our previous levels, it is great to see that there has not been a drastic downstroke but rather a very gentle settling. Because of the latest flare up with Covid, there is no doubt there are some anxious sellers and many of them may be waiting for things to settle down before listing their home. Over the next months the conditions will remain very similar with listings slow to come, but will keep the market with steady activity. The message to sellers is that they are still on average, receiving about a 10% lift on the selling price when compared to pre-covid levels and that should remain steady while the Buyers still have access to low interest rates. The message to Buyers is that there will be no “bubble popping” or “market crashing” in Southern Alberta. If you are wanting to make a move, now is the time as cheap interest rates look like a lock through the end of the year. There is risk to waiting as the government could make a move in early 2022 which will impact borrowing capacity.

What to expect for the rest of 2021

RE/MAX Owner Dallas Harty says,

“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. The market will not take a break and will continue moving forward.

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 September! More Home Buyers and Sellers are taking advantage of the REMAX brand and tools in this ever changing market. It is complex conditions like the ones we are seeing, that shifts even more people to using a long standing, trusted name like REMAX to make sure they are getting the most for their home.  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.