Have you heard? The March 2021 Lethbridge real estate market is super busy! Be wary of comparisons with last year’s data over the next few months, though. As of March 2021, we are comparing against the uncertainty of last year’s early stages of the COVID-19 pandemic.
Comparisons to the 2020 Pandemic Real Estate Market
Last March, as news of a global pandemic unfolded, Canadians went into a strict lockdown. Governments were announcing new restrictions and guidelines in daily updates. Businesses were shut down. Social activity was curtailed at unprecedented levels. Naturally, real estate transaction activity was also suppressed as we all stayed home and tried to figure out what this new reality meant for our lives and livelihoods.
Along with everything else, real estate stood still for several weeks until the industry was declared an essential service. COVID-19 protocols for activities like showings rolled out. Real estate brokerages and agents figured out how do operate virtually. (Thankfully, I’ve been practicing for a few years now!) Within a couple of months, it was clear real estate was not going to be one of the industries suffering and Transaction volumes began to soar.
Why does this matter today? Because people like statistics, and real estate statistics typically compare the current year to the previous year. Because even a slower-than-typical March market would look busy compared to Pandemic March. This March WAS busy, but comparisons to last year could amplify the gains.
March 2021 Lethbridge Real Estate Update
As I mentioned in my February update, we were firmly in seller’s market territory throughout February and into the beginning of March. A large influx of March listings softened the seller’s market conditions somewhat. Now, we are still in seller’s market territory but without the extreme “over ask” conditions experienced in cities like Vancouver and Toronto.
In Lethbridge, the number of transactions (224) more than doubled from the same month in 2020 (107) and was double 2019 (122). With that came an increase in avg home price of about 10%.
What to Expect This Spring
After several years of conditions that favour buyers, we’re likely to see a more balanced market over the coming months. And, with plenty of people looking to move, sellers may get a bit more for their homes. The market is good for buyers too. They will still benefit from historically low lending rates. And, in Lethbridge, they can still buy truly affordable homes.
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!