Here's how the month of June stats looked:
Total # of Listings (Month) - 653 (Up 30% from June 2007)
Total # of Listings (YTD) - 3437 (Up 36% from 2007)
Total # of Expired Listings (Month) - 170 (Up 240% from June 2007)
Total # of Expired Listings (YTD) - 642 (Up 228% from 2007)
Total # of Sales (Month) - 279 (Down 13% from June 2007)
Total # of Sales (YTD) - 1436 (Down 20% from 2007)
Although it appears that the number of expired listings (month) is still astronomical compared to last years data, it is actually showing signs of improvement when compared with the May 2008 stats. And although sales for the month are down 13% for June compared to 2007 stats, they are again showing signs of improvement when compared to May sales that were down 32% from previous years numbers.
What does all this mean?? It appears that the market is slowly, but surely correcting itself. It also teaches us that we may not be wise to compare to last year! Really... is it a fair comparison to make?? Last year was off the charts and comparing to those skewed stats will only keep us from moving forward today!
Seller's still need to be diligent in pricing a home in Lethbridge and be realistic when faced with a large number of competing homes for sale. If a buyer is shopping for a pair of pants and they all look pretty much the same, it's simple logic that says they will buy the least inexpensive pair. The same could be said about houses right now... so make sure your house in the one "On Sale"!
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