LETHBRIDGE: Strength and stability were two key words for the local real estate market in 2013.
Home sales in Lethbridge climbed from 2,175 in 2012 to 2,241 last year. The total dollar value also increased from $569-million to $588-million, with the average sale price going from just under $259,000 in 2012 to $260,000 in 2013.
Lethbridge and District Association of Realtors Executive Officer Cathy Maxwell, noted that she expects the trend to continue in 2014, "Research that I've done with CMHC (Canada Mortgage and Housing Corporation), with out CREA (Canadian Real Estate Association) chief economist, everything is pointing to a good solid year. I don't expect it to be a boom year necessarily , but I do think it's going to be a good stable market, and it's going to be a good place to live."
As for the time it's taking for a house to move in Lethbridge, Maxwell went over the average time and a few of the variables that go into that, "Right now the quickest price range is about the $250,000 mark, those go very quickly. If you're in the half a million dollar mark or $700,000 that's going to take a little longer to sell, and the average selling time is about 90-days give or take, you have to see in your market."
While Maxwell acknowledged that the national average price of $391,000 is much higher than the number in our city, she pointed out that all of Alberta is expected to climb. She added that the stability we've seen in Lethbridge over the last few years is making our city a very attractive option for those moving into the province.