Lethbridge Real Estate Board projects a downfall due to the volatile economy however it is not as bad as one would think.
Lethbridge is a city in the province of Alberta, Canada and it is the largest city in Southern Alberta. It is Alberta’s 4th largest city by population after Calgary, Edmonton and Red Deer. In area, it is the third largest coming after Calgary and Edmonton.
In the month of July there were a total of 532 listings, which is 139 listing less that July 2008. Arguably this could be associated with the economic recession Canada is currently in.
The total number of listing from year to date is 3,495, when compared to the total number of listings in July 2008. This equals 15% decrease or 611 listing less in July 2009.
The total sales this month was only short by 21, as there were 281 sales the past month bringing in a total sales dollar volume of $71,274,807. The total sales dollar volume in the same period last year was $72,978,383; this is a short fall of $1.7 million. With there being 21 less sales (compared to July 2008) this was definitely a positive month for the real estate in Lethbridge.
The real estate market is currently moving along well throughout Lethbridge, especially when there was a slow start at the beginning of the year. We are not lagging too far behind 2008′s numbers. In fact comparing 2008 to 2009 we are behind almost $71 million and if you look at the 2007 to 2008 numbers it was short $52 million. $20 million is a lot of money but when you look at these figures and take into consideration the economic instability, it is not that bad.
With the month of August ahead of us, hopefully we will find good news on the real estate market which will further boost hopes of the recession coming to a quick end.
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
