A study conducted by the Lethbridge and District Association of Realtors is providing some insight into the real estate market in the city.
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According to the study, there were 1,528 homes sold through real estate agents in 2018, 99 fewer than in 2017. It’s believed much of that decline came from houses selling in the $350,000 to $450,000 range.
“That’s why a lot of the builders might be struggling. The mortgage changes we found in Lethbridge were most affected by average income,” Lethbridge and District Real Estate Board president Justin Myer said. “So if you look at people’s income in Lethbridge, that $350,000 to $450,000 was most impacted by the mortgage changes, so those sales have dropped off quite a bit.”
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In terms of the average sale price, the number is nearly identical to what it was in 2017, at $288,844.
The fastest homes to sell are coming in the $250,000 to $300,000 range.
“It’s the quickest selling inventory out there,” Myer said. “If you have a single family home under $200,000, they’re pretty quick to go too. It doesn’t really matter the condition.”
Myer believes the overall market for 2019 should remain similar to the past two years.
“I think 2019 is going to be right on par,” Myer said. “Lethbridge won’t boom, it won’t go to 1,700 sales or anything like that. We’ll probably stay in that 1,500 to 1,600 sales again.”