Real Estate Market Update

The Lethbridge real estate market’s listing and sales data in March saw a bit of a

correction over March of 2012 with sales of single family homes in the city down

21% year over year. There were also 39 more units listed than last month signalling a

moderate shift towards a buyer’s market. An increase in sales activity brought on by the

spring market, should be kicking in directly. The average sale price for March dipped by

2% over last year, with March reporting an average sale price on single family homes of

$282,973.00.

 

The total list to sales ratio for single family homes in March was 47% which is typical

for this time of year although it does mean that less than half of the houses coming on the

market are selling. Selecting the correct list price is absolutely crucial to a successful sale

in today’s market. Of the homes that did sell, the average time on the market for a single

family home decreased from 77 days in March 2012 to only 70 days in March of 2013.

We expect the wave of warmer spring weather to bring with it brisk sales activity in the

Lethbridge real estate market in the coming months.

 

How to tell if a neighbourhood is improving?

When you’re looking for a new home, you want to find one in a great neighbourhood or,

at least, in a neighbourhood that is on the upswing. How can you tell if a particular area is

improving? Here are some common indicators:

Pride of ownership.

Take a walk around the neighbourhood. Do you get a sense

that people take good care of their homes? Are the lawns mowed? Is the landscaping

trimmed? Are flowers planted? Homeowners are more likely to look after their properties

when they like where they are living.

Home improvements.

Are people investing in their homes? Are they getting their

driveways re-done? Their windows replaced? Are there signs of home improvement

projects? If so, this is a clear indication that homeowners like the area enough to invest in

their properties.

Real estate sales activity.

Do homes tend to sell quickly in the area? Do they sell for a

good price? If so, the neighbourhood is probably in demand. If people want to live there,

it's a desirable area.

 

Business investment.

Are businesses investing in the surrounding area? Is there an

increase in the number of upscale shops, health clubs, restaurants, and other commercial

enterprises that often locate near desirable neighbourhoods?

 

Community involvement.

Are there signs that the community plays an active role in the

look and lifestyle of the neighbourhood? Are there neighbourhood picnics, yard sales and

other get-togethers? Check Facebook.com to see if the neighbourhood has a community

page.

City plans.

Find out what plans the city has for the area. Will there be road

improvements done in the near future? Are there any major construction projects on

the schedule, such as a new school or community center. Although such projects can be

disruptive in the short term, they may improve the neighbourhood – and, as a result, boost

the value of any home you buy – in the long-term.

 

Of course, the best way to find out the desirability of a neighbourhood is to talk to a good

REALTOR® who knows the area.

If you need more information on the Lethbridge real estate market contact

 

Chuck Gulyas at RE/MAX real estate-lethbridge. 403-327-2221.

“Don’t wait. The time will never be just right.” – Napoleon Hill