September real estate market report for Lethbridge

by | Oct 8, 2014 | Home ownership, Housing market

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

September 2014

Sector Listings Sales S/L Ratio Avg. sale price
Northside 38 25 65% $212,120
Southside 47 42 89% $316,162
Westside 69 47 68% $308,887

Year to date 2014

Sector Listings Sales S/L Ratio Avg. sale price
Northside 513 288 56% $220,952
Southside 528 394 62% $287,265
Westside 1010 549 54% $293,502

September 2013

Sector Listings Sales S/L Ratio Avg. sale price
Northside 56 42 75% $231,783
Southside 62 30 48% $290,117
Westside 73 43 58% $285,145

Year to date 2013

Sector Listings Sales S/L Ratio Avg. sale price
Northside 527 272 51% $224,945
Southside 662 362 54% $270,824
Westside 1023 539 52% $284,737

There are a few things to note from these statistics:

  • The number of listings on the Southside increased significantly last month compared to September 2013; the Westside went up as well, but only slightly. The number of units sold, on the other hand, went up for only the Northside.
  • The ratio of houses listed to houses sold dropped for the Southside and Westside, but increased significantly for the Northside.
  • House prices increased over the last year for the Northside, but dropped for the other two sectors.
  • Fewer single-family detached homes were listed last month compared to September 2013, but the same number of homes sold, increasing the S/L ratio. The average price jumped from $292,000 to $307,000.
  • Mobile homes listings were fairly stable, but sales were down, but the average price increased by nearly 50% to $75,000.
  • Townhome listings were up by 42% even though sales were still the same, and the average price went up by only $2000.
  • The number of half duplexes and other medium-density housing options listed last month were stable or slightly lower.
  • Total units listed were down by 14% and total sales were fairly stable. Average sale price for all housing types in the entire city was at $293,000, up 9% over 2013

So what does it all mean?
It means it’s still a great time to buy a house! There is a solid inventory of homes on the market, even though it’s down from last September. That being said, sales are pretty stable. Fewer homes listed and the same number selling means that a homes are more likely to sell than they were last year. Homes are taking almost a week to sell, but that may be related to their going up by about $25,000 over the past year. It’s a perfect time to get in before prices go up even more.
Contact Mortgage Design Group today to talk about how we can help you get into the house you want.