The April 2021 real estate market in Lethbridge was still busy, but not crazy – have you been hearing all the over-list stories coming out of B.C. and Ontario? It’s nuts – but don’t let that sway you from buying or selling a home in Lethbridge. As I mentioned in my March real estate update, the Lethbridge market is pretty balanced and still very affordable.
April 2020 Real Estate Stats
We had 577 active listings in April. This is WAY down from the 778 listings available in April 2020 or the 801 in April 2019. And they’re selling quickly! The city saw 244 homes sell in April, versus just 77 during the onset of the pandemic last April and well above the 146 sales in April 2019.
We’re seeing signs of this pace normalizing a bit, with our usual influx of spring listings starting to hit the market. Time will tell if the buyers continue to absorb them at record pace or if the additional listings will take us back to more typical market conditions – stay tuned for the May update!
What does this mean for buyers and sellers?
The lack of inventory and quick pace of sales seen in our April 2021 real estate stats is putting some upward pressure on home sales.
- Homes are selling faster – in an average of 64 days in April 2021 versus 98 in April 2020 and 102 days in April 2019.
- The average price is up (great news for home owners!), but just slightly ($311,063 versus $301,653 in April 2020), which is way easier on the buyers than those five or six figure over-ask increases in other markets.
We’ve also been seeing indications that the government may intervene by increasing the qualifying rate for buyers (the “stress test” you’ve heard about) to cool those super hot markets where the prices appear to have no relation to the underlying property values. Unfortunately, it would also likely disrupt our more balanced market by reducing the purchasing power of buyers and even knocking some of them out of the market. If you’re thinking of buying and you’re “just” qualified, you should buy now.
Are you thinking about buying or selling this spring? Send me a message or call/text me at 403-795-4486. Let’s figure out if now is the best time for you to make a move!