The month of July proved to be very comparable to June with only minimal increases to the total# of listings (671 in July compared to 653 in June) and the total# of expired listings for the month (182 this month compared to 170 last month) The good news is that there was an increase in the total number of sales for the month (279 in June 2008 and 301 in July 2008) and total sales for the month were down a mere 4% from July of 2007.
With that said, the big question still looming is "Has the market reached the breaking point necessary to force a return to sustainability?"
There are currently 1231 single family homes and condominiums for sale in Lethbridge and the surrounding areas and according to this months numbers, 42% of those are destined to not result in a successful sale. Add to this CMHC and Genworth's removal of the popular 0% down payment and 40 year amortization options which will ultimately reduce the number of buyers able to qualify for a mortgage. Recipe for disaster??? Absolutely not if we keep in mind one key word: MOTIVATION.
For buyers, the challenge may be to wade through the sea of sellers and find the ones that are truly motivated to sell. How can you tell if a seller is motivated? I believe that the asking price of the home is the number one indicator. A savvy buyer will have an experienced REALTOR® working for them to make sure that they are buying at or below market value.
As a seller, the task is to find a motivated buyer with the help of your REALTOR®. What does a motivated buyer look like? They will be pre-qualified for mortgage approval and ready to buy in the immediate future.
Motivated buyer + motivated seller = SALE. It will be these forces of motivation that determine the direction of this market along with the experienced REALTORS® who use their skills and knowledge to match up motivated buyers with motivated sellers helping them both to achieve their goals.
|[ 2007 - 2008 ]|
|Total # of Listings [Month]||671||531||431||26%|
|Total # of Listings YTD||4107||3053||2772||35%|
|Total # of Expired Listings [Month]||182||53||61||243%|
|Total # of Expired Listings YTD||798||249||414||220%|
|Total # of Sales [Month]||301||315||369||-4%|
|Total # of Sales YTD||1738||2115||2272||-18%|
|Total Sales Dollar Volume [Month]||$72,375,383||$82,408,945||$62,941,967||-12%|