It’s hard to believe that we are closing in on the last couple of months of 2021!We feel that it has probably never been more important to get good market information from trusted sources, as we are being bombarded by all kinds of market messages that at times have nothing to do with “Our Market”.  RE/MAX is committed to watching the numbers very carefully and using it to offer good, solid Real Estate advice to those people looking to Buy or Sell. We know our market in “real time” and are confident in our messaging. Below, we will provide an update that will include all of Southern Alberta as well as some info on just the City of Lethbridge for your convenience.

Southern Alberta

For the second month in a row over the past 12 months, we have not seen an increase in overall sales transactions. The month of October although very steady, was down 4% in transactions when compared to October of 2020. Having said that, pricing held steady and actually increased approx 4.5% when compared with the year before. The number of available listings remains low when compared to previous years which makes the market a “Sellers” market. 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, know what they are doing and further, this number indicates that it is a Sellers market. The market in Southern Alberta continues to be driven by the $350,000 and below transactions as it made up 75% of all sales.

City of Lethbridge 

In the City of Lethbridge the number of sales transactions was flat when compared to October of the previous year. This means the average pricing remained steady and showed a 4% increase 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 below transactions as it also accounts for approx 68% of all the sales.

So what is the overall advice from RE/MAX?

We believe that our local market is in really nice shape! Sellers are seeing a very nice increase from pre-pandemic levels and have the opportunity to continue this trend before any interest rate adjustments in early 2022. The message to sellers is that they are still on average, receiving about an 8-10% lift on the selling price when compared to pre-covid levels. That should remain steady while the Buyers still have access to low interest rates. The message is exactly the same for Buyers, 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 the lower interest rates look like a lock through the end of the year. There is a 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 as the Bank of Canada has been VERY clear with its messaging and has said rates will increase in 2022. Overall as far as pricing, 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 October! More Home Buyers and Sellers are taking advantage of the RE/MAX 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 RE/MAX 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.