February brought some crazy Lethbridge real estate stats! City of Lethbridge sales were up a staggering 49% (vs Feb 2020) resulting in 25% less inventory available and an absorption rate of 27% – well into Sellers Market territory. As a result, average prices across the city were up 13%!
Listings are pretty scarce right now – especially in that key $300 – $400,000 price range. So what does that mean for you if you’re currently thinking of buying or selling a home?
What does this mean for home sellers?
These Lethbridge real estate stats mean there are frustrated buyers out there looking and not enough listings to meet their needs. We’re seeing more multiple offers and those “nice” listings – clean, staged to sell, priced well – are selling within just days.
BUT – it’s early for a true spring market. We expect the usual rush of new listings in April/May/June, and that will likely bring us back to a more balanced market.
If you’re planning to sell your home this spring, NOW is the time to get it listed! Although it’s tempting to save some cash by selling yourself, you could end up leaving money on the table if you have one of those highly-coveted homes. A good agent knows how to market your home to attract multiple offers – and how to work those offers to get you the maximum amount for your home – maybe even over asking price!
Want to start getting your home ready? Check out Prepare Your Home for Sale: 8 Ways to Make Your Home “The One”.
What do these stats mean for Lethbridge home buyers?
If you’re looking for a home now, it’s pretty frustrating. Good listings are going fast – sometimes there’s an offer by the time buyers even see the listing on REALTOR.CA!
If you have to buy right away, working with a good agent will really help you out because agents often know about upcoming listings before they hit REALTOR.CA. An experienced agent will know how to navigate multiple offer situations and can assist you in being the successful buyer.
Forbes wrote a helpful piece on this last month, How to Buy a Home in a Seller’s Market. Our Lethbridge market isn’t as hot as Vancouver or Toronto, so no need to make unnecessary cash or no-inspection offers, but there are some great tips there.
If you can wait a bit, there will likely be a large influx of new listings as spring draws closer (like there is every year). This should help move us out of that seller’s market and back into a more balanced situation. It should give you some breathing room to compare properties and make a thoughtful offer.
Want to know what to do to get ready to buy? Check out Home Buyer Checklist: 6 Ways to Be Prepared.
The next two months are shaping up to be EXTREMELY busy. Are you thinking about buying or selling this spring? Send me a message or call/text me at 403-795-4486 – let’s chat!