June Market Update
We get asked every week: What's the market like? What's going on in Lethbridge? Is it a good time to sell? What about house prices? Is the market going to crash?!
So we're here today to give you an update on what's going on as of June 2023!
The market continues to remain tight with supply and demand, however it shows some overall positive indicators.
Over the past month we saw the number of transactions down 10% from a year ago and 22% from 2 years ago. Having said that, the number of transactions were actually up from the 5 year average for May excluding the pandemic years. The number of overall listings across all types is down slightly from last year with our average home price increasing by 1%. The amount of new listings that came on in May was down 10% from the year before.
City of Lethbridge
In the City, the number of transactions were down only about 5% when compared to last year but actually up from the 5 year avg prior to the pandemic.
Our average home price has not only hung in there but has increased by just under 2%. The number of overall listing remains low and is down 5% from a year ago. The number of new listings that have come on is down slightly and puts the market in pretty heavy sellers market territory.
So as we predicted for several months, the supply and demand conditions that we have seen are not changing much and actually show the possibility of getting a bit tougher. The bright spot of our market is that we are seeing VERY steady home sale prices versus seeing large spikes both ways.
At the moment we have less than 2 months worth of inventory (371 active listings) and that keeps the market in Sellers market territory.
The only thing that fixes the situation we are in is increased supply. Unfortunately the number of building permits is also at a low point which will put further pressure on supply.
We are fortunate that since we had a strong run up, many things have changed and we continue to show strength in overall home prices.
We don't see this scenario changing in the near future and in fact we think the conditions will remain constant through the summer months.
If you are thinking about selling...it really is an AMAZING time to sell. The market activity is being dominated by $400,000 down.
We don't see the dream of home ownership going away anytime soon and the continued increase in local rents, inter provincial migration and out of province migration will keep home prices high for the foreseeable future.
We have a strong economy with good jobs numbers and big business investments being made in the area(ie Mccain expansion). Lastly, the massive avg home price gap between us and Calgary will continue to make Lethbridge an attractive option.
If you would like to chat more about if it is a good time for you to sell, we would LOVE to come and chat and do a free home evaluation. We'll walk through your house, give our expert advise on what needs to be done to get it sold as quick as possible for TOP dollar, and chat more about what listing with The Property Twins Team is really like! Call us anytime! If you're not ready today, we can help you make a plan for 1,2, or 5 years down the road!
- The Property Twins Team
Call Whitney: 403-715-2085 Call Kirby: 403-308-8207 Call Kyran: 403-360-4549 Call Spring: 403-795-9658