BLOGS
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.
January 2024 Market Update
Compass Team Real Estate Update: January 2024 Hello Compass Team community! Ryan here, your trusted realtor, bringing you the latest scoop on the ever-exciting Lethbridge real estate market. January has been an impressive month, and I can't wait to share the thrilling details with you. Surging Sales Despite Inventory Dip Let's kick things off with the heart of the matter – sales. January 2024 witnessed a remarkable surge with 115 properties changing hands, up from 80 in December 2023 and 99 in January 2023. What's truly fascinating is that this spike in sales is happening despite a decrease in the number of homes hitting the market. You might expect a drop in sales due to the lower inventory, but quite the contrary. Lethbridge's affordable housing is catching the eye of out-of-province buyers and savvy investors, adding an extra layer of dynamism to our thriving real estate scene. Active Listings on a Downward Spiral Taking a closer look at the active listings, we see a considerable drop – 306 in January 2024 compared to 327 in December 2023 and a whopping 429 in January 2023. As supply dwindles, we anticipate an upward trajectory in home prices. So, if you're thinking about selling, now might be the perfect time to maximize your property's value. Navigating New Listings with Finesse January's new listings clocked in at 135, a slight decrease from January 2023 but an expected uptick from the holiday season. Sellers, take note: quality photos matter. Consider staging your home before the festive season to showcase its best features. We're here to guide you on making your property stand out in a competitive market. Price Watch: The Numbers That Matter Most Now, let's talk numbers. The average home price in January 2024 stands at $365,279 – a substantial increase from December 2023's $362,033 and a significant leap from January 2023's $299,614. A whopping 22% surge in just one year! This robust trend showcases the resilience and growth potential of Lethbridge's real estate market. Breaking it down by property type, detached homes average $399,466, semi-detached homes at $363,980, row/townhouses at $274,859, and apartments at $174,100. Each segment contributes to the overall positive trajectory of our housing market. Days on Market & Close Price Ratios Homes in January 2024 are spending an average of 78 days on the market, a slight increase from December 2023 but a decrease from January 2023. The close price to list price ratio has also seen a positive shift at 97.8%, indicating a strong market favoring sellers. Inventory Outlook & Ryan's Predictions As we look ahead, I predict another year of low inventory and increasing home values in southern Alberta. Why? Low interest rates in 2020 and 2021 prompted many to buy or upgrade. With rates inching up, homeowners are holding tight until rates decrease or mortgages come up for renewal. Investors and new buyers are flooding the market, and Canada's housing shortage is only intensifying. Southern Alberta, with its attractive market, is drawing attention from across the country. Interest rates are stabilizing, predicted to trend down, making it an opportune time for homebuyers. In conclusion, Lethbridge's real estate market is thriving, and the trends suggest a promising future. For a more in-depth analysis, reach out to a mortgage broker. I'm here to guide you through every step of your real estate journey. Here's to a prosperous year of buying, selling, and thriving in the Lethbridge real estate market! Best regards, Ryan and The Compass Team
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.
Categories
Recent Posts
