The message from the Kootenay Association of Realtors is the same this month as in the four months before — real estate sales continue to be very strong driven by high demand for single family homes.
Based out of Nelson, KAR reports monthly on sales in the East and West Kootenays. They report that a total of 315 unit sales were recorded the Multiple Listing Service in November of 2020, a rise of 66.5 per cent from November a year ago.
The average price was $401,969, up 15.2 per cent from last year. Total sales dollar volume was $126.6 million.
“Much like other regions in BC, these are exciting times for Kootenay real estate. Our sales numbers in November reflect the high demand that has been seen over the last 6 months across the province. It seems as though a major demand shift has happened as a result of consumers who retained their job and found themselves making important life decisions during the pandemic. Many regarded the high volume of sales to pent-up demand, but November figures suggest that the market will remain as attractive, even in 2021”, said KAR President Tyler Hancock.
Over the past year, the average price for a single-family home has risen in the Kootenay region. Hancock adds, “The Kootenay region will continue to be a seller’s market. We’ve recorded yet another month where average price for single-family detached homes in the region has risen by double-digits, as compared to last year. The average price of a single-family home in Nov 2019 was $388,529 and we are now at $476,494. I wouldn’t be surprised if we reach the $500k mark by the end of the next quarter. I believe that the idea of remote working has made some home buyers opt for properties that may be remote but offer higher value for money. If the demand continues, we’ll have more people look away from the bigger cities to more reasonable markets like the Kootenays”.
However, strong sales such as these can lead to lack of inventory, which Hancock hopes will improve.
“We’ve all been patiently waiting for the negative impacts of the pandemic to subside. With a Covid-19 vaccine on the horizon, I don’t see the demand falling any time soon, but the situation with respect to inventory will certainly improve.”