The Lethbridge real estate market seems to be cooling, but only by an extremely slim margin, as summer starts in the city. The monthly year-over-year changes were so slight as to indicate essentially a stable market compared to last year. However, year-to-date comparisons between 2017 and 2018 reveal a market that is experiencing a slight downward swing.
In June, 123 detached homes sold in Lethbridge. This was 2% fewer than sold in that month last year. Overall, 563 homes have been sold in the city during the first half of the year. This is where a more pronounced decline in the market can be noticed. Compared to the 629 homes that sold over the same period in 2017, this means that sales have dropped by 10% in the city. While it is true that apartment-style condo sales in the city are up, these represent only a fraction of the total sales. Over the year to date, 63 condos have sold this year compared to 58 last year.
It is also worth noting that through the entire greater Lethbridge area, which includes several rural communities, overall sales of real estate are down. In total, 1,262 homes were sold in the area throughout the first half of the year. This is down 6.45% compared to last year.
- Image from Lethbridge and District Association of Realtors
Listings Down in Detached Homes
The numbers of listings in Lethbridge are down whether you look at June alone or at the year-to-date figures. Last year, there were 223 detached homes listed for sale in the month of June, and this declined 2% this year to 219. Similarly, the number of year-to-date listings totalled 1,102 by the end of June, down 2% from 1,119 in 2017.
This year, there were 24 apartment condos listed, compared to 25 last year. This change is so small as to be statistically insignificant, and the year-to-date trend actually reveals the opposite pattern. Through the end of June, there were 123 condos listed for sale in the city. Over the same period last year, this number only reached 109. This is an increase of 13%.
Average Prices Holding Rock Steady
When comparing average prices between 2017 and 2018, it becomes clear just how steady the Lethbridge market has remained. The average sale price of a detached home so far this year has been $319,668 in the city. This is only a tiny 1% increase from last year. The average sale price of condos in the city has also risen 1%, with the new average sale price being $183,793.
Overall, prospective buyers in Lethbridge should feel confident that they know what they are getting into. The market has held steady for some time now, and 2018 appears to be headed for another significant stretch of stability. The market shouldn’t hold too many surprise twists and turns in the months ahead. This allows buyers to plan for their new home with a certain degree of predictability that isn’t always present when dealing with real estate.
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