Lethbridge Real Estate Market Update - February 2024

Lethbridge Real Estate Market Update - February 2024

Welcome to the latest Lethbridge real estate market update brought to you by the Compass Team. As we delve into the statistics and trends of February 2024, we aim to provide valuable insights to both prospective buyers and sellers in our community.

Overview:

February witnessed continued dynamism in the Lethbridge real estate market, marked by notable shifts in various indicators compared to the previous month and the same period last year. Let's delve into the numbers to understand the nuances driving these changes.

Average Price:

The average price of homes in Lethbridge experienced a significant increase from January 2024, reaching $376,597, representing a notable 3.1% rise. Comparatively, this reflects a substantial 7.3% increase from February 2023, highlighting the enduring strength of the local market.

Property Types:

- Detached Homes: The average price for detached homes surged to $435,278, indicating a remarkable 9% increase from January 2024 and a substantial 12.9% rise from February 2023.

- Semi-Detached Homes: While the average price for semi-detached homes experienced a slight decrease of 16.5% from the previous month, it remained 5.7% higher than February 2023, emphasizing the resilience of this segment.

- Apartments and Townhouses: Apartments witnessed a slight decrease in average price, while townhouses saw a notable 6.4% increase, reflecting the varied dynamics within the residential sector.

Market Performance:

- List to Sold Ratio: February saw an improvement in the list to sold ratio, reaching 98.50%, indicating a strengthening seller's market compared to the previous month and the same period last year.

- Days on Market: Properties spent an average of 62 days on the market in February, demonstrating a significant 20.5% decrease from January 2024 and a substantial 24.4% decrease from February 2023, signaling increased demand and faster transactions.

- New Listings and Current Inventory: The month recorded a 12.6% increase in new listings and a 3.9% decrease in current listings compared to January 2024, indicating a healthy balance between supply and demand.

- Number of Sales and Months of Supply: Despite a 19% decrease in the number of sales, the months of supply decreased by 33.3% from January 2024, underscoring the continued competitiveness of the Lethbridge market.

Comparative Analysis:

In comparison to neighboring markets, Lethbridge remains an attractive destination for homebuyers, with a more affordable average price range. While Calgary, Edmonton, and the provincial average showcase higher average prices, Lethbridge offers competitive pricing with ample opportunities for homeownership.

Conclusion:

As we transition into the spring market, the Lethbridge real estate landscape continues to present promising opportunities for both buyers and sellers. With increasing demand, favorable pricing, and a diverse range of properties, now is an opportune time to explore the possibilities within our vibrant community.

Stay tuned for further updates from the Compass Team as we navigate the evolving dynamics of the Lethbridge real estate market together.