So, it is typical that we usually update people on a monthly basis about what is happening in the marketplace. There probably won’t be a more important update than this as a lot has happened so far in 2020.

Of course, with everything that has happened with COVID and all of the restrictions, you can imagine that many Buyers and Sellers were left wondering what to do and were looking for guidance. From the beginning Real Estate was deemed essential and as such, we needed to pivot quickly to put in procedures to protect Buyers, Sellers, staff and agents while they looked to navigate the process. We moved quickly and had many families in our area get in touch to get a plan in place. We are grateful that all of our agents and support staff worked together to implement a business plan that would allow us to deliver a high level of service without interruption.

Fast Forward 4 months and although we aren’t out of the woods yet, our communities are working their way back to some sense of normalcy as some of the restrictions have been lifted. So now what? What is happening in the market? What should I do? These are all very valid questions and we want to share with you “Our Market…Our Story” which shares the facts with Buyers and Sellers about what is happening in real time in Southern Alberta.

The problem in times like this is that there are plenty of people that are fighting for the headlines and unfortunately some of the predictions are pure speculation and are not based on any local influences, but rather, are very general thoughts usually based on the METRO centres across the country.

So here we go…this past 30+ days has shown a strong increase in the number of sales transactions at 11% measured against 2019, as well as an average home sale increase of almost 5%. One of the most important statistics that you can measure is absorption rate which measures the amount of sales inside the total amount of homes that are listed. The current absorption rate is currently as good as we have seen it with respect to the market being a bit more balanced.

What this means is that the conditions are showing benefits for both Buyers and Sellers at this time. Having said that, we are seeing some real pockets of very high activity which tends to be in the $200-250k range as well as the $250k-300K range. If you are a Buyer, the opportunity is amazing as lending rates are at historical lows which makes investing in a home or a larger home a lot more attractive. Overall, we are very pleased with our local market and expect sales to continue to be strong through the summer months.

RE/MAX had an incredibly strong last few months as many clients leaned on the tools, the network of Top Agents and the unrivaled experience to handle their Real Estate needs. RE/MAX has drawn on our 40 years of local service and our amazing group of 60+ Realtors to ensure we can maintain the highest level of service during this time. We are ready to serve and if you have questions about your situation, please be sure to get in touch with us. You can call us today 327-2221 or text us at 403-635-8888 or click us at www.realestatelethbridge.remax.ca or www.realestatetaber.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.