How's the Spring Market Shaping Up?
“I'll stick my neck out to predict a good year for real estate once again in the Lethbridge area. Consumers will want to watch their timing for how many active listings are on the market and be wise to the costs of the New Home construction.”
So how are things this Spring? At the time of writing this article, Fort McMurray is seeing some residents thankfully starting to return, but the effects of this on real estate in the province have not even begun to be analyzed. The news for real estate is “Eye-popping” in Toronto and Vancouver, certainly less so in Calgary. Lethbridge?
The best news is on the West side. The average sold price of single-family detached homes in April was $344,433 - a 3.9% increase over April 2015. The number of sales in that month increased by 38.8% over the previous year, with more active listings and sales than in the previous 10 years.
The North side is holding its own right now, with average sale prices in April on single-family detached homes up just over half a percent. Sales volume is running about 23% above April 2015. Prices are holding, as the number of active listings is down almost 20%.
The South side needs to catch up a bit here, folks. Average sale price on the same style home as above has slipped to about 3.5% below April the previous year. Sales volume is on par with previous years. The number of active listings in this category for April was down about 9% in the South of the City, so it is expected that this average sale value will rebound over the next month or two.
Of course, there's a lot more detail that could be discussed as far as different styles and categories of homes and certainly diversity in the market as we look outside of the City. Call me anytime to talk about it further, maybe we can grab a coffee…
It's what I love to do! (403)393-5582 / rlagemaat@sutton.com
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