November statistics continue to reflect the balancing of our local market. The number of new listings each month continues to decline from previous months as only those "serious" about selling are putting their homes on the market. Prices have stabilized considerably with a 12 month average sale price of $259,774 across our board.
With this said, I continue to hear buyers say they will wait. My feeling is that the perfect storm has brewed and it is time to take action for these reasons:
1. Inventory is still high, meaning there is a great selection of homes for sale in Lethbridge and the surrounding areas. Although the inventory has passed its peak, there are still many well priced homes to choose from.
2. Interest rates are low. "The Bank of Canada has cut the Target for the Overnight Rate by a total of 225 basis points since December 2007, bringing the rate down to 2.25 per cent."(Source: Housing Market Outlook - Canada Edition - Date Released: Fourth Quarter 2008)
3. CMHC is forecasting modest growth in the real estate market in 2009. "After a 0.8 per cent decline in 2008, Alberta’s average resale price will advance 0.7 per cent in 2009".(Source: Housing Market Outlook - Canada Edition - Date Released: Fourth Quarter 2008)
Trying to time the cycles of the real estate market to perfection is difficult and the exact right moment only becomes clear once it has passed. To take advantage of the opportunities that exist today, visit us at Lethbridge Real Estate.
Lethbridge and District Association of REALTORS®
MLS ® Statistic Report
[NOVEMBER 2008 ]
|Total # of Listings [Month]||354||337||325||5%|
|Total # of Listings YTD||5980||4859||4196||23%|
|Total # of Expired Listings [Month]||167||118||68||42%|
|Total # of Expired Listings YTD||1599||644||626||148%|
|Total # of Sales [Month]||107||174||224||-39%|
|Total # of Sales YTD||2479||3002||3351||-17%|
|Total Sales Dollar Volume [Month]||$25,047,605||$41,558,763||$40,426,470||-40%|
|Total Sales Dollar Volume YTD||$612,130,134||$700,059,190||$570,170,815||-13%|