Despite the extreme cold weather in February, Re/Max managed to have a pretty decent month when compared with February of last year.
Overall, we’ve seen home sale prices in Lethbridge inch up as well as noticed the number of transactions increase slightly. We would like our clients to pay close attention to something we call "absorption rate". This is a very simple measurement; however has huge importance, as it is typically the gauge that is used to determine if the market favours the Buyer or the Seller. Currently, the rate of Absorption for February was just under 10%, which definitely says that the current market is a "Buyers Market". If we could offer some general insight, it would be that this is an incredible time for potential buyers to get into the real estate market, or to move up. One of the reasons, is that there is lots of inventory available and further, the mortgage rates are still historically low, which makes this a great time to make a move. We feel like the interest rates will not be this low forever, however we believe that they will stay low for the balance of 2019!
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.
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