Hey Lethbridge! Real Estate last month was better than anticipated - thanks to Mother Nature!! Here’s our January Real Estate Market update for single family homes in Lethbridge.
Lethbridge overall is in a Balanced to Buyer's Market.
How do months of inventory impact real estate clients?
Months of inventory are often referenced when determining whether it’s a seller’s market or a buyer’s market:
- If there are 0-4 months of inventory, meaning that all current listings can expect to be sold within 4 months, it is considered a seller’s market because houses are selling very quickly. In a seller’s market, sellers have the advantage because demand for property exceeds supply.
- If there are 5-8 months of inventory, it is considered a balanced market. Current listings aren’t selling like hotcakes, but they’re not staying on the market too long either.
- If there are 9 or more months of inventory, it is considered a buyer’s market because houses are selling slowly. In a buyer’s market, buyers have more negotiating power than sellers do because the supply of listings exceeds the current demand for housing.
These timelines are approximate, but it is generally accepted 6 or more months of inventory represents optimum conditions for buyers!
Now is a great time to buy Lethbridge!! Especially if you are in the $400,000-$500,000 price range!!
All of these changes affect home values, including yours. If you want to know the new value of your home.
Click below for a custom home evaluation.