Lethbridge & Coaldale Market Update – January 2017

Coaldale Mortgage - Market Update January 2017

Lethbridge & Coaldale Market Update – January 2017

Being Lethbridge and Coaldale mortgage professionals, the team at Mortgage Worx is consistently monitoring the housing market performances of each town and its surrounding communities.

In doing so, we can confidently provide our clients with the best advice and services possible when it comes to getting a mortgage.

Per the Lethbridge Real Estate Board Association, home sales in December 2016 were just under what they were in December 2015. Last month there were 126 units sold, a 2.6% decrease from the same month last year in Lethbridge.

For the 12-months of 2016, home sales in Lethbridge reached a nine-year high thanks to a 1.2% jump from what 2015 sold.

The average home sold for $262,265 in December 2016, a small decrease of 1.7% from the same time last year, while the average selling price for a home in all of 2016 experienced a 1.3% increase to $266,801.

Looking at Coaldale specifically, the average price that a residential home sold for in 2016 was $269,110, a drop from the $287,065 average recorded in 2015. Also falling was the number of total home sales as they dropped from 165 units to 148 units year-over-year.

The number of listings in Coaldale stood at 266 units for all of 2016, a number that was slightly higher than the 249 we saw in 2015. The average sale-to-list price fell from 65% in 2015 to 55% in 2016.

However, the number of new listings for all property types in Lethbridge equalled 135 units last month, the exact same as December 2015.

Overall, the number of residential months of inventory was 8.4 months at the end of December 2016, up minimally from the 8.2 months we had in December 2015. This number is calculated by taking the number of homes for sale on the market and determining how long it would take for them to sell based on the current pace of sales.

Although there were no major changes in the area in December, we can expect things to start to ramp up once again as we get further into 2017. With oil prices on the rise and a new season upon us, it wouldn’t be surprised to see sales increase over the coming months.

If you’re interested in buying or selling a home in the area, consulting a Coaldale mortgage broker from Mortgage Worx is a great way to ensure that you get the right deal for your situation.

We are here to help people Lethbridge and the surrounding areas find the right financial plan suited for their needs. For more information, reach out to us today!

Source: http://www.ldar.ca/dataimages/MLS%20Statistics%20-%20December%2031%202016_1.pdf

Source: http://creastats.crea.ca/leth/

 

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