Lethbridge Real Estate Market Update - April 2023

Lethbridge Real Estate Market Update - April 2023 Welcome to the Compass Team's real estate market update for April 2023 in Lethbridge, Alberta. As always, we are committed to providing the most accurate and up-to-date information about the local housing market, so potential buyers and sellers can make informed decisions.     Compared to March 2023, the average home price in Lethbridge decreased slightly to $335,257. However, the average detached home price increased to $375,009, while the average semi-detached home price decreased to $259,061. The average townhouse price also decreased to $260,838, and the average apartment price saw a significant decrease to $182,536. The average days on market remained the same at 65 days, but the average list to sold ratio increased to 98.4%. In April 2023, there were 222 new listings to the market, and the current listings were 446. The total number of sold listings was 182, with a value of real estate sold at $61,016,820. The months of supply remained low at 2. Compared to April 2022, the average home price decreased from $348,496 to $335,257. However, the average list to sold ratio decreased from 99.6% to 98.4%. Despite the decrease in average home price, the Lethbridge housing market remains strong and stable. When compared to Calgary, Edmonton, and the rest of Alberta, Lethbridge offers more affordable housing options. The average home price in Calgary is $550,048, which is 64.1% higher than Lethbridge. Similarly, the average detached home price in Calgary is $729,870, which is 94.6% higher than Lethbridge. Edmonton's average home price is $389,080, which is 16.1% higher than Lethbridge. The average detached home price in Edmonton is $493,421, which is 31.6% higher than Lethbridge. Finally, Alberta's average home price is $465,443, which is 38.8% higher than Lethbridge. The average detached home price in Alberta is $547,794, which is 46.1% higher than Lethbridge. In addition to the more affordable housing options, Lethbridge is also a better place to move due to its excellent quality of life, lower cost of living, and various amenities. With a vibrant culture, exceptional healthcare facilities, and world-class educational institutions, Lethbridge is an ideal place to raise a family or retire. In conclusion, the Lethbridge real estate market remains strong, stable, and affordable, making it an ideal place for potential buyers and sellers. If you are looking to buy or sell a home in Lethbridge, please don't hesitate to contact the Compass Team for expert advice and guidance.

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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.

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February Market Report - Back into a seller's market?

‌‌‌‌‌‌​​​​​February is a wrap, let real estate season start! That’s right folks, from now until the end of September it is only going to get busier as each month goes past. What does that mean for you?   Sellers - It is time to start finishing up those little unfinished projects around the house. Each week pick a few rooms in the house and give them a deep thorough clean. - Start going through all the stuff you have been collecting. Anything you no longer use, its time to recycle, sell, give away, or donate it. If there is a layer of dust on those boxes, or if those clothes haven’t seen daylight in a year, use this as an opportunity to PURGE! - This is also going to be the time to talk to a Compass Team member about what your home may be worth on the market. Whether you are thinking of selling or are happy where you are, a home owner should know what their asset is worth in the current market. In March we are trying to hone our skills as realtors. One of those skills is providing a detailed and accurate Market Analysis Report for home owners. Please help us keep sharp by providing a Market Analysis for your home. They are FREE, come with NO obligation, and take about 20-30 minutes. For those who are thinking of selling in 2023 let us explain our marketing strategy. We will explain how your home will get in front of the right buyers.   Buyers March is going to be the last month to snag those great deals. Inventory numbers are already below average and prices will remain constant where they are. If you are holding out for the big market crash then I have bad news, you will be waiting a long time for that to happen in Lethbridge. So do not wait until the summer to start shopping, get started in March with a pre-approval and viewing a couple houses per week. Not sure where to start? Do you need some resources to get you started? The Compass Team works with some of the top Lawyers, Home Inspectors, and Mortgage Brokers in the city and we would be happy to introduce you to them! If you are worried about interest rates, we have seen with our own eyes, interest rates as low as 5.04% this month. The Bank of Canada will be reassessing rates the 2nd week of March so it is better to act fast.     With all this talk of March, what happened in February?   As predicted real estate numbers have rebound back from our slow January. We experienced some cold but for the most part the mild weather brought buyers out.   New construction costs on detached homes are averaging over $500,000 in Alberta. With the BoC making it harder for buyers to get approved for more money, it is no surprise the higher value homes have experienced the most dramatic market change. In this market change you will start to see builders shift away from building as many detached single family homes and start building more multi-family and duplex type properties. These types of properties are less expensive and therefore easier for home buyers to purchase.   We are predicting that Lethbridge will see a strong influx of out of province buyers again this year. These buyers will be familiar to seeing homes worth double or triple the prices out of province vs new construction & resale homes here in Lethbridge. They will be coming to our city with equity looking to relocate. This is where it matters what type of realtor you hire. The Compass Team knows how to get your listing in front of these buyers, ask us how we do that.   The strongest market in Lethbridge is still $300,000 and under. In this price point first time home buyers are able to purchase a home and have their mortgage payments be roughly the same as their rent payments. It is also a lot easier for buyers to get pre-approved in this price range. Real Estate investors are also looking at homes in this price range because the low cost to purchase and higher rent rates mean a greater Return on Investment. If you own a home in this price range and are thinking of upgrading, now a great time to sell. Buyers are looking for properties in your price point and there are fewer buyers in the next price bracket up. Talk to Ryan or Ronaldo with the Compass Team on how to make this possible.   If you have not already done so, be sure to follow us on social media and subscribe to our YouTube channels. The Compass Team has some great new listings coming up in March and April you will not want to miss.   Ryan & Ronaldo The Compass Team  

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