Welcome to April, the month of March gave us much of the same, in terms of market conditions, as we continue to be in heavy Sellers’ market territory. As we predicted, the conditions are consistent and we are being plagued by lack of listings. The lack of inventory has put additional pressure on pricing which was reflected in the results for the past month. Having said that, we are far from a “runaway train” so to speak, as the increases were quite reasonable considering the lack of listings. We have provided an update below that outlines some key metrics for both Southern Alberta as well as just the City of Lethbridge.

Southern Alberta

Sales transactions across Southern Alberta were up 8% when compared to last year. Average sale price rose 7% which is pretty steady and the number of listings continues to lag behind last year by approx 25%.

City of Lethbridge

Sales transactions in the city showed a 17% increase when compared to March of 2021. Average home price showed a nice healthy increase of 7.5% when compared to the same month last year. Again, the common theme is that listings are down and in the city the listings were also off 26% when compared to a year ago.

What do we see?

We really don’t see these market conditions cleaning up any time soon. We do think that as we head deeper into spring, there will continue to be listings coming on that will hopefully be enough to satisfy the current demand from buyers.

We are fully expecting that the Bank of Canada will be very aggressive in the short term by increasing the interest rate. In fact there is a possibility that they will increase .5% in the next announcement which is right around the corner. This will bend the Buyer demand line a bit and will pat down the flames from what has been a pretty strong run. Our markets across Southern Alberta will remain strong for many other reasons. Even though we have seen a strong run up, we are still considered very affordable as we compare to other metro cities and other markets across the country. We are having more people relocating to Southern Alberta from out of province to take advantage of the home price imbalances across the country. Even our closest Metro City (Calgary) is posting an average single family home price that is more than $250,000 higher than ours.

Owners Message

Dallas Harty says, “Southern Alberta continues to perform well and is showing very steady gains. Even in our small market, we have experienced many multiple offers on some homes that have resulted in “over asking” sold prices. The market itself is very tricky at the moment, as limited inventory is creating some unique challenges but also great opportunities.  We are in a time where it is really important to work with a knowledgeable, experienced Brokerage/Agent to get you the most from your experience. A mistake in listing price in these types of conditions, can cause Sellers to leave money on the table. It is more important than ever that you are using a Full Time, experienced agent, that understands the market conditions in real time, to make sure you are getting the most for your home. 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 #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.