After an October that saw real estate sales for the Kootenays hold steady while inventory increased, the Association of Interior Realtors – Kootenay Branch report that sales dipped in November. Not uncommon heading into the holiday season, they say.
Still sales were down 48.5 per cent from November 2021, and down 15.6 per cent from October 2022.
“Although the numbers seem far below what we have become accustomed to, comparing sales from this year to last year would be like comparing apples to oranges,” says the Association of Interior Realtors President Lyndi Cruickshank, adding that if you compared it to pre-pandemic times, this would be a fairly typical November.
On the positive side, inventory, which had been of some concern during the hot pandemic market, has increased substantially, up 85.3 per cent from November of last year. There are currently 6,980 units on the market in the Kootenays, providing much more option for buyers, the Association says.
“While it’s great to see that the number of active listings is higher than it has been for a long time, the market remains tight as new inventory seems to be flattening,” said Cruickshank, adding “this is not unusual for this time of year as sellers hold off on listing while they are enjoying the holiday season.”
In the Kootenay region, unit sales decreased 42.5 per cent compared to November 2021 with 180 sales recorded in November 2022. There were 254 new listings recorded in the Kootenay and Boundary region in November, down 1.2 per cent compared to the same time last year. The overall active listings in the Kootenay and Boundary region increased 40.8 per cent compared to November 2021 with 1,087 listings overall.
“Unlike other markets within the Association, the Kootenay and Boundary region was only just below average in terms of seasonally adjusted sales activity. This could be a sign that it may well be heading into a more balanced market ahead of other regions,” said Cruickshank.