Sales in Lethbridge are down in 2017 compared to the previous year. The Lethbridge real estate market is still in healthy shape with a robust future. However, given how strong the 2016 numbers in the area were, it shouldn’t come as a surprise that sales dropped in comparison to last year. Sales for 2017 were still greater than the ten-year average for the city though, showing that things are still strong in the southern Alberta city.
There were 270 homes sold in the city this June. Only two other years in the past 10 have seen stronger sales figures for the month of June. Compared to the surge in activity that was seen in the city last summer though, June’s sales were down 12.3% on a year-over-year basis.
Prices Just Slightly Above Parity with 2016
When sales go down, it is not uncommon to see prices also decline slightly in a given city. Strength from the year before along with the ratio of sales to listings in the city can counteract the effect of dropping demand. This is what is currently taking place in Lethbridge. The average price of a home sold during the month of June was just a hair higher (1.2% to be exact) than the average during June of 2016. The average this year was $273,412.
Prices were also up slightly on a year-to-date basis. Taking into account all homes sales from the start of the year through to the end of June, the average price of a home was $268,872. This is .7% higher than the average price of all homes sold between January and the end of June in 2016.
Listings Up, but Not yet at Average Levels
Overall, the available listings in Lethbridge have grown compared to last year. However, that growth is still not enough to get the supply of homes in the area above the long-term average available listings. Several years of a highly active market and ongoing high turnover in the Lethbridge housing market means that buyers still have a limited number of listings to look through, and that those that are available turn over at a fairly rapid pace. The growth of available listings compared to last year was 6.7%, leaving 1,794 properties available for buyers to choose from as of the end of June.
Overall, the Lethbridge market is certainly a healthy one, still sitting comfortably above the long-term average statistics for the city. However, given economic factors and rising interest rates in Canada, the long-term outlook for the city remains more modest than it might have been in the past. The housing market here should stay strong barring unforeseen economic factors, but any growth that occurs is likely to be moderate compared to what was seen over the last few years.
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