May 2023 Market Update

At the Compass Team, we're dedicated to providing you with the latest insights and updates on the real estate market in Lethbridge, Alberta, and the surrounding area. Whether you're a potential buyer, potential seller, current buyer, current seller, past client, or a subscriber to our website, we're here to keep you informed and help you make confident decisions regarding your real estate needs.

Let's dive into the current state of the real estate market in Lethbridge and see what the numbers have to say.

Market Overview

In May 2023, the average price for residential properties in Lethbridge stood at $345,221, representing a slight increase of 1.0% compared to May 2022. While the overall market experienced a modest upward trend, it's important to analyze the various property types individually to gain a comprehensive understanding.

Property Type Analysis

Detached Homes: The average price for detached homes in May 2023 was $314,914, showing a decline of 14.7% compared to the previous month. However, when compared to May 2022, there was a more significant decrease of 19.2%. This indicates a potentially favorable environment for buyers interested in detached properties.

Semi-Detached Homes: With an average price of $276,856, semi-detached homes also saw a decline of 19.2% from April 2023. However, when compared to May 2022, there was a slight increase of 4.9%. This suggests that the market for semi-detached homes is relatively stable.

Apartments: The average price for apartments in May 2023 was $176,596, representing a decrease of 14.9% compared to April 2023. Nevertheless, there was a positive trend when compared to May 2022, with a 2.1% increase in prices. This indicates that apartments could be an attractive option for potential buyers.

Townhouses: Townhouses had an average price of $254,138, experiencing a decrease of 6.8% from April 2023. When compared to May 2022, there was a moderate increase of 3.4%. The townhouse market showcases relative stability with a slight upward trend.

Other Market Indicators

Apart from average prices, several key market indicators provide further insights into the real estate landscape in Lethbridge:

List to Sold Ratio: The list to sold ratio for May 2023 stood at 98.20%, indicating a slight increase of 0.4% compared to April 2023. This signifies a competitive market where properties are selling close to their listed prices.

Days on Market (DOM): In May 2023, the average DOM decreased by 9.4% to 58 days, suggesting a potentially faster pace in property sales. However, compared to May 2022, there was a notable increase of 52.6% in DOM, indicating a shift in market dynamics over the past year.

New Listings: The number of new listings increased by 32% from April 2023, reaching a total of 296. This influx of new properties could offer more options for potential buyers in the market.

Current Listings: In May 2023, there were 473 active listings, representing a 6.3% increase from the previous month. This increase indicates a healthy supply of properties available for purchase.

Sold Properties: Despite a slight decrease of 0.9% compared to May 2022, the number of properties sold in May 2023 was 230. This demonstrates consistent buyer activity in the market.

Supply: The supply of homes in Lethbridge experienced a decrease of 33.3% from April 2023, with a supply level of 2 months. This suggests a potentially more competitive market with a reduced number of available properties.

Value Sold: In May 2023, the total value of properties sold in Lethbridge reached $79,400,846, representing a significant increase of 53.4% compared to April 2023. This surge in value reflects the continued demand and market growth.

Lethbridge Compared to Other Cities

When looking at the real estate market in Lethbridge, it's also important to consider how it compares to other major cities in Alberta:

Calgary: Lethbridge's average residential property price of $345,221 is significantly lower than Calgary's average of $552,960. This makes Lethbridge a more affordable option for buyers seeking a vibrant community with more affordable housing.

Edmonton: Lethbridge's average residential property price of $345,221 is lower than Edmonton's average of $396,473. While still more affordable, Edmonton offers a slightly higher price range compared to Lethbridge.

Alberta: On a provincial level, Lethbridge's average residential property price of $345,221 is lower than the Alberta average of $470,377. Lethbridge provides a more affordable housing market while still offering a great quality of life.

As the Compass Team, we have extensive knowledge and experience in the Lethbridge real estate market. Our team of dedicated professionals is committed to assisting you in achieving your real estate goals, whether you're looking to buy or sell. We pride ourselves on providing personalized service, guiding you through every step of the process, and ensuring your satisfaction.

If you're interested in exploring the opportunities in Lethbridge's real estate market, we invite you to reach out to the Compass Team. Our expertise, combined with the current market trends, will help you make informed decisions and navigate the ever-changing real estate landscape.

Stay tuned for more insightful blogs and updates from the Compass Team as we continue to keep you informed about the real estate market in Lethbridge and the surrounding area.