Market Report For December of Lethbridge Real Estate

admin — Sat, 07 Feb 2009 18:17:28 +0000

As the year came to a close, there are a few things to note when looking at the Lethbridge, Alberta real estate market for the month of December:
1. Presently there are 566 homes for sale in Lethbridge (399 single family, 146 condo, 21 mobile homes)
2. 118 of those 566 listings were put up for sale in the month of December.
3. 55 homes sold in Lethbridge in the month of December.

Now in order to see where we’re in heading, we require to look back at the statistics for the entire board for the past few months:
August – 534 new listings, 236 sold
September – 460 new listings, 228 sold
October – 527 new listings, 171 sold
November – 354 new listings, 107 sold
December – 240 new listings, 92 sold
The number of new homes put on the market changed each month by -14%, 14%, -32% and then -47% respectively. Other than the increase in October, there’s been a dramatic decline in the number of new homes put up for sale each month. Comparatively, the number of homes that sold each month drops by only 3%, 25%, 37% and then 14%, respectively.

The December stats could be an indication that our local market in Lethbridge is very near equilibrium. The decline in the number of new homes listed for sale every month is outpacing the decline in sales (and home sales typically slow in the winter months, so we can expect to see an increase in sales activity in the spring months).
What can we expect to see in the coming months for the real estate market in Lethbridge? If supply continues to decrease rapidly and the demand for homes stays at a constant, the inventory of homes for sale will continue to deplete. The forces of supply and demand dictate a market, and in this scenario, their forces will hold prices steady.
What does this mean for Sellers? I can only echo my thoughts from previous months: Price your home competitively and make it shine. It’s still a tough time to be a seller. Get a professional on your side and keep your expectations realistic. Realize that if you’re selling and then buying in the same market, you’ll make up for any perceived losses on the buying end.
What does this mean for Buyers? A Balanced Market means the end of a Buyer’s Market. If you’re sitting on the fence, now is the time to jump in and put your money and patience to work for you. Selection is steadily decreasing, interest rates are holding and there are several homes out there priced at or below market value.

Property All Time » equilibrium

Market Report For December of Lethbridge Real Estate