The year-over-year transactions of sales were up 15 percent. The average sales price of homes has been appeased with month over month increase of 1.5 percent. After a bit of run-up over the past 16 months due to the pandemic, this is a good sign as it guarantees a smooth landing. The market is in the favor of the seller as the number of new listings that are coming into the market is slightly higher but still is not keeping pace with sales transactions. Almost 81 percent of all sales are coming in the range of $350K and the market is driven by this price.
The city is seeing high records as it comes to the sale of homes according to the recent report by Lethbridge and the District Association of Realtors. It is exceptionally strong this year and is getting interesting.
The total numbers of sales in the month of July were 241, this makes the total number of sales in the year 2021 to 1500. This is almost an increase of 55 percent over long-term trends. The market saw an increase a few years ago and is currently doing good according to the owner of RE/MAX Real Estate Lethbridge, Dallas Harty. He also said that the conditions were totally different four to five even six years before. The conditions were favoring the buyer as there was a lot of inventory. The number of buyers was not enough, and houses were in the market for a long time. Although an increase of 12 percent is seen in the property’s price it is still falling back as compared to other markets in Alberta and British Columbia specifically for the single-family houses. The average price of a house in Lethbridge is about $325,000 while the average price in Calgary is $540,000. So, there is a difference of about $200,000. Even though there are changes that occur in the stress test measures but even this did not bring any change in the market because the interest rates are still very, very low.
The average price of a two-bedroom house is $166K, a three-bedroom house is $268K, and four bedrooms detached house is $460K. the median average price of a detached house is $302K. the average price of a two-bedroom townhouse is $300K. the average price of a two-bedroom condominium is $202K.
As of 14 September 2021, there are 22 properties in the listings of Lethbridge. Out of these 19 are homes, one is a townhouse. The highest p property is $639,900.00, the lowest priced property is $189,800.00 and the average price of a property is $287,927.27.
To meet the demands of the customers the city has houses with different styles and number of bedrooms. There are five new house developments in Lethbridge. All these developments are low rise and are either completed or under construction. There are five single-family house developments. For a low-rise home, the median price per square foot is almost $261.