LETHBRIDGE: The local real estate market seems to be settling down following a boom and a recession.
In 2010 single family residential sales fell roughly 10-per cent, going from 1,700 sales in 2009 to 1,500 last year.
Lethbridge Real Estate Board President Stan Mills explained that while there were fewer sales in 2010 when compared to 2007, 2008 and 2009 the numbers are actually very good when looking back before the boom. He stated that prior to 2007 last year's numbers would have been an increase, and indicate that our city is getting back to normal.
Mills went on to say that we should expect moderate growth in 2011. He commented that part of the problem in 2010 was that there were too many homes on the market, meaning potential buyers had more time to look at their options, bringing the market to a stand-still. He noted that a number of the extra homes have now been cleared, leaving the numbers at a level that will help move them faster.
Mills added that prices have also remained fairly steady from last year, only falling a small amount. In 2009 the average sale price for a single family home was $279,000. That's compared to $276,000 in 2010.
Mills also noted that when compared to the rest of the province and country, Lethbridge is still one of the strongest centres in Canada.