The average price for these residential properties was $294,000, which is slightly above regular levels.
Overall, total real estate transactions totalled $88-million compared to $72-million last year.
“Lethbridge, as always, fairs well. We have a good, solid economy here and diversification has always helped us. It’s a unique situation, but right now, we’re sitting pretty good and I’d almost say we’re trending upward,” says Maxwell.
Going forward, things are a little less certain.
Assuming home sales continue on their current trajectory, Maxwell believes it will be a great year, but 2020 has been anything but predictable.
There is currently about three months of inventory, meaning it would take three months to sell every home that is already listed, assuming normal sales volumes.
“That could mean you might see an adjustment in the prices again because supply in the city of Lethbridge in the month of June has gone down, so when supply is lower, prices might go higher. I’m not predicting that, but that’s what you could see.”
The other factor is post-secondary education.
Both Lethbridge College and the University of Lethbridge are planning to offer the majority of courses online this year. This will likely mean thousands of fewer students will be moving to the city in August and September, thus negatively impacting demand.
As a whole, Maxwell is still remaining optimistic about Lethbridge’s economy and the state of the real estate sector long-term.
