Last week, Lethbridge and District Association of REALTORS issued their MLS Statistic Report for October. Here are some highlights from that report.

October 2014

Sector Listings Sales S/L Ratio Avg. sale price
Northside 44 33 75% $231,386
Southside 55 51 92% $264,961
Westside 58 58 100% $294,826

Year to date 2014

Sector Listings Sales S/L Ratio Avg. sale price
Northside 561 321 57% $222,025
Southside 689 445 64% $284,709
Westside 1081 607 56% $293,628

October 2013

Sector Listings Sales S/L Ratio Avg. sale price
Northside 50 28 56% $235,822
Southside 60 42 70% $276,978
Westside 83 36 43% $296,160

Year to date 2013

Sector Listings Sales S/L Ratio Avg. sale price
Northside 577 300 51% $225,961
Southside 722 404 55% $271,463
Westside 1106 575 51% $285,452

There are a few things to note from these statistics:

  • The number of listings in all sectors of the city decreased significantly last month compared to October 2013. The number of units sold, on the other hand, increased in all sectors of the city.
  • Naturally, the ratio of houses listed to sold improved as well in all areas of the city. It was more pronounced on the Westside, however, which sold as many homes as it listed.
  • House prices increased slightly over the last year for all sectors.
  • Fewer single-family detached homes were listed last month compared to October 2013, but more homes sold, increasing the S/L ratio. The average price jumped from $297,000 to $291,000.
  • Mobile homes listings were up, but sales were fairly stable. Their average price was $109,050.
  • Townhome listings were up by 29% even though sales were down, and the average price dropped by $4000.
  • Other medium-density housing options listed last month were stable or slightly lower.
  • Total units listed were down by 12% and total sales were up by 36%. Average sale price for all housing types in the entire city was at $270,000, down 34% over 2013

So what does it all mean?
It means it’s still a great time to buy a house! Prices have dropped slightly overall and homes are sitting for nearly 3 months. This gives buyers time to choose the home they want and a bit of leverage when negotiating price. That being said, inventory is decreasing, which means there are fewer houses out there to choose from, and if that becomes a trend, prices could increase.
Contact Mortgage Design Group today to talk about how we can help you get into the house you want.