My apologies for getting this out so late... I keep hearing talk about this slowing real estate market but I've been swamped! With that said, on with the report!
When comparing the September 2008 stats to those of August 2008, we again see a decline in the the number of new listings in Lethbridge (down from 534 to 460) followed by a parallel decline in the number of listings that are expiring unsold (174 in August to 116 in September). Perhaps an indication that only those who are serious about selling are putting out a "For Sale" sign and the days of fishing for top dollar are dead and gone. Surprisingly though, the total number of homes that sold across the board in the month of September (228) is only down slightly from August (236).
One stat that sticks out to me is the comparison between the homes sold with respect to new listings. August stats came in at 44% (homes that sold compared to new listings) while September is telling us 50%.What these stats say to me in a nutshell is that on average there are roughly 50 qualified buyers for every 100 homes for sale. They are taking their time, taking their pick and taking advantage of this buyer's market. So what does this mean for buyers and sellers alike?
Buyers: This is an overstocked inventory and you have the opportunity to look for the house that is "On Sale". With that said, recent years of quick sales and inflated prices led home sellers to falsely believe that their "seller's market" would last forever. Real estate is cyclical and ever changing. Don't wait until your opportunity has passed.
Sellers: If you want a sale, make sure you are priced right and that your home's "value" is prominently displayed when all your and your REALTOR's hard work manages to get one of those few buyers through your front door.
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Lethbridge Real Estate Board
MLS ® Statistic Report
[SEPTEMBER 2008 ]
|[ 2007 - 2008 ]|
|Total # of Listings [Month]||460||495||393||-7%|
|Total # of Listings YTD||5100||4083||3523||25%|
|Total # of Expired Listings [Month]||236||82||59||188%|
|Total # of Expired Listings YTD||1205||394||519||206%|
|Total # of Sales [Month]||228||197||274||16%|
|Total # of Sales YTD||2201||2608||2870||-16%|
|Total Sales Dollar Volume [Month]||$55,895,858||$47,672,493||$47,709,152||17%|
|Total Sales Dollar Volume YTD||$544,337,729||$606,246,278||$481,570,578||-10%|