The last few months have seen our market experience significant change. As was predicted, sales would slow up and the market would definitely soften. The increase of available inventory as well as the increase in interest rates have definitely taken the heat out of the extreme seller’s market that we had earlier this year. Below we have outlined some of the metrics for both Southern Alberta and also just the City of Lethbridge.

Lethbridge and Surrounding Area

The number of sales transactions is down for the 4th month in a row when compared to last year. Transactions were down 15% overall. The number of listings has almost caught up to the inventories of last year only being off 6% from 2021 levels. Average home price has held very steady and actually showing an increase of 3% over the same time frame in 2021. Lastly, the close to list price has slid to 97.5% which indicates a cooling trend.

City of Lethbridge

The decrease in the number of sales was sharper in the city with a decrease of 25% versus last year. The number of listings in the City has actually increased 5% over last year and is contributing to the overall balancing of the market. The interesting stat here is that prices held steady and actually showed a 2% increase over last year. The close to list price has also slid in the city to 98% which is still pretty strong but indicates some cooling.

What is happening?

Although it was expected, the slowdown in the number of transactions has allowed inventory to build which is putting the market closer to balance than it has been for a while. It’s predicted that the increased interest rates will soften the buyer’s pool which will give buyers a great opportunity to have access to a strong listing pool. Although things have cooled, the numbers still show a Sellers’ market but not near as extreme. Over the next while all signs point that there will be Sellers that will continue to take advantage of these conditions, which will put more inventory on the market. Over the next months, we could actually see a very balanced market as the trend of reduced buyers will continue, coupled with increased inventory. As far as things CRASHING or a huge decrease in average home prices…….

It doesn’t appear to be the case and the industry, just doesn’t see it.

There may be a gradual cooling trend in the upcoming months which may take us to seeing the average home price numbers be flat to last year and may even see some slight decreases…… but nothing more.

Owners Message

Dallas Harty says, “We are steadfast in our message that Lethbridge and Surrounding area remains one of the most stable Real Estate markets in the country and is a good place to invest and or own a home.

Although we have moved away from the extreme Sellers Conditions we were in earlier in the year, the market is still favoring the Seller.  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.