Another crazy month in the books! We are now deep enough into the year where the year over year comparisons become much more meaningful because of the impact COVID had on each individual month. As always, we will break the numbers into 2 categories which will include LDAR area which is all sales in all areas that we operate and then the City of Lethbridge on its own.

Southern Alberta

Sales transactions were up almost 9% for the month while the avg sale price increased by 5%. There were less “new listings” that came on which is keeping the overall market a bit tight and overall keeps things leaning to the Sellers side. The market is clearly being driven by the $350k and down as this category made up 80% of the sales.

City of Lethbridge 

Sales transactions were up 15% year over year while the avg sale price has cooled off with a 1.5% increase month over month. This is actually a good sign as it ensures we have a soft landing after a bit of a run up over the past 16 months. The amount of “new listings” coming on in the city is up slightly, however is not keeping pace with the number of sales transactions which puts the city into a stronger seller’s market. The market in the city is also being driven by $350k and down as 81% of all sales are coming from this price range.

So what is the overall advice from RE/MAX?

So we are very confident that we have done a great job in keeping market pricing in check. While many markets across the country are experiencing run away increases, that have the potential to create a bubble, we are nowhere near that. In fact when you break own the numbers they are very promising as it shows that we have now created a new average home price, where it is doubtful that we will go below. If you are looking to buy a first home or of you are looking to move up in the market, now is a great time while rates continue to be super low. If you are a Seller, basically the avg home is getting 10% more for their home that was listed 2 years ago.

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, because the market has cooled a bit and you will be able to take advantage of this market condition.

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 August! More Home Buyers and Sellers are taking advantage of the RE/MAX brand and tools in this ever changing market. 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.