Looking at the LDAR MLS® Statistic Report for February this afternoon truly inspired me. It may have also been the lovely spring weather we had here today paired with the Bank of Canada's overnight rate dropping to an all time low of 0.5%, but it seems there may be be a light at the end of the real estate tunnel after all!
With much to celebrate if you are in the market to purchase a home, the February stats for our local board also provide some encouragement to home sellers in Lethbridge who have struggled through a long, cold winter of slow sales and declining home values.
The stats below show a 14% decrease in the number of homes put up for sale in the month of February when compared to the January. The number of homes for sale that expired unsold also decreased from 175 in January to 109, a decrease of 37%. Less homes for sale in Lethbridge and more of the ones that are for sale selling.... it appears that a balance may be very near in our local market.
But perhaps the most promising statistic was the total number of sales in February: up to 124 total sales from a dismal 76 sales in January, representing a 39% increase. The average price of a single family home also jumped from $223,450 in January to $248,055 in February.
The top 3 price ranges for sales were the $300,000 - $349,999 range with 18 sales (15%), followed by the $230,000 - $239,900 and $200,000 - $219,999 ranges with 11 sales in each category (representing 9% each).
We may want to chalk all this up to a bit of spring fever, but I personally think that buyers in our local market have FINALLY been able to tune out the media and realize that REAL ESTATE IS LOCAL. Lethbridge has always been and continues to be a great place to buy a home and now you can do so at the lowest mortgage rates EVER!!!
Give me a call or text me at 403-715-7653 if you are ready to buy and subscribe to my blog here so you don't miss my upcoming hot property picks for March.
Lethbridge and District Association of REALTORS®
MLS ® Statistic Report
[FEBRUARY 2009 ]
|Total # of Listings [Month]||395||442||291||-11%|
|Total # of Listings YTD||857||943||666||-9%|
|Total # of Expired Listings [Month]||109||77||19||42%|
|Total # of Expired Listings YTD||284||171||47||66%|
|Total # of Sales [Month]||124||194||240||-36%|
|Total # of Sales YTD||200||361||424||-45%|
|Total Sales Dollar Volume [Month]||$31,120,869||$51,623,801||$47,844,255||-40%|
|Total Sales Dollar Volume YTD||$48,103,069||$91,642,107||$85,506,895||-48%|