The month of January just flew by! It certainly was an interesting month with some very valuable indicators that will help us set compass from the upcoming months. It is very clear to us, that our market is continuing to sit in heavy Seller’s market territory with some risk that the conditions may persist for a while yet. We will provide some numbers for both complete LDAR area and as well will break out the City of Lethbridge.

LDAR AREA

Overall sales for the area were very strong but were actually down from 2021. This year’s activity saw a 4% decrease in the number of transactions in January. Having said that, the average sale price grew by 10% which is the result of the strong Sellers conditions.

The number of active listings across the area decreased by 27% when compared to January of last year which is continuing to be the problem. The number of new listings coming on is also down 22% which is not allowing enough listings to be available for the amount of buyers in the market.

City of Lethbridge

Overall Sales for the City of Lethbridge were up 24% in January versus the previous year. The average home sale price also grew almost 10% in the city when compares to a year ago. The issue is that the number of active listings is down 25% this January versus last year. As you can see the number of transactions continues to grow and the number of listings continues to drop. This will continue to put upward pressure on sale prices as we struggle to keep enough inventory to satisfy the Buyer demand.

What do we see?

We saw the Bank of Canada hold the rate in an earlier announcement, however we know that this will be short lived. We absolutely expect that they will move the rate upon their March update which will shift the market significantly. Rates are expected to rise in succession which will reduce the borrowing capacity of would be Buyers, which will ultimately impact Sellers.

If you are having any kind of thoughts about moving into the market or moving up in the market, the window is small if you are looking to take advantage of these favorable conditions.

Owners Message

Dallas Harty says, “There is no question that there needs to be some urgency for Buyers and Sellers to take advantage of this opportunity. We are in a time where it is really important to work with a knowledgeable, experienced Brokerage/Agent to get you the most. We are proud of our track record and continue to deliver results to our clients. We want to congratulate all of our RE/MAX agents and support staff as we once again, were number 1 in the market for Buyers and Sellers in Southern Alberta. We are proud to have served the area for the past 41 years and would look forward to the opportunity to meet with you and your family. Market evaluations and consultations are free and there is no obligation. Reach out today and let us help you get more.”

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.