Lethbridge Real Estate - Market Update
The following information has been collected and transmitted by CMHC regarding statistics for the Lethbridge and area real estate market. As a Lethbridge real estate professional I try to stay in touch with these trends as they influence the future of our market and local home prices. If you have any questions, my contact info is below.
Sales: Lethbridge sales decreased by 32 per cent from 302 in June 2009 to 206 units this June. In the second quarter, sales were down by 19 per cent compared to the previous year. On a year-to-date basis, sales declined by 5 per cent from 1,103 in 2009 to 1,053 units by mid-year 2010. A higher level of transactions in the first three months of the year pushed the year-to-date figure up. Overall, the weaker level of sales in the second quarter continued to lower the sales trend.
New Listings increased year-over-year in the second quarter. On average, 512 new homes were listed for sale in any given month in the second quarter compared to 446 in the same period last year, representing an increase of 15 per cent. New listings were trending upwards in second quarter.
Active Listings: At the end of June, 1,059 homes were listed for sale on the resale market versus 809 in June 2009, representing an increase of over 23 per cent. Active listings continued to trend higher in the second quarter due to year-over-year gains in June (+30 per cent).
Sale-to-Active Listings Ratio (SALR): Weaker sales and higher active listings pushed the SALR downwards in the second quarter. The SALR was at 19 per cent this June and trending lower during the second quarter.
Prices: The monthly average price for all unit types in June was $239,345, a 2 per cent decline from June 2009. The average price of a single-family home was $261,500 in June, seven per cent lower year-over-year, which contributed to the overall decline. Overall, the average price trend was slightly increasing in the second quarter.
Recommendation: Lower sales, combined with increasing active listings have recently put some downward pressure on price. The SALR decreased, moving into a buyers’ market territory. The sales-to-new listings ratio decreased as well to 38 per cent in June, also representing a buyers’ market. Accordingly, the Lethbridge resale market has been reclassified from a balanced market conditions to BUYERS’ market conditions.