Lethbridge's March Housing Market Madness Update

Welcome to the March housing market update for Lethbridge, Alberta! As the Compass Team, we are excited to bring you the latest information on the real estate market in our city.

Let's start with the average price of homes in Lethbridge, which is currently at $341,952. This is a slight decrease from February, but it's important to note that different types of homes have seen different changes in price. For example, detached homes have seen a 4.4% decrease from February, while semi-detached homes are at a 36-month high. Apartments have also seen a significant increase, with prices up 27.6% from February, and townhouses have increased by 6.3%.

The list to sold ratio is at an impressive 97.80%, indicating a strong sellers market. The average days on the market has also decreased, from 83 in February to 64 in March. This means that homes are selling faster, and there are fewer days for potential buyers to make a decision.

There were 224 new listings in March, bringing the total number of current listings to 445. While this is just under half of the historical average, it's important to note that there were still 151 homes sold in March, with a total value sold of $51,634,794. This shows that despite lower inventory, the real estate market in Lethbridge is still active and vibrant.

The supply of homes is currently at 3 months, which is traditionally much lower than the average of 7 months. This means that there is still a strong seller's market, with high demand for homes and low inventory.

Comparing Lethbridge to Calgary, we see that the average price of homes in Calgary is significantly higher, at $536,684, which is a 56.9% increase from Lethbridge. The average price of detached homes in Calgary is even higher, at $706,850, which is a staggering 91.4% increase from Lethbridge. This makes Lethbridge an attractive option for those looking for more affordable housing options.

In conclusion, the real estate market in Lethbridge is still strong, with a high demand for homes and low inventory. While some types of homes have seen price decreases, others have seen significant increases, showing a diverse market. When compared to Calgary, Lethbridge offers more affordable housing options. If you're interested in buying or selling a home in Lethbridge or Southern Alberta, we encourage you to contact the Compass Team. Our team of experienced professionals is ready to assist you with all of your real estate needs.