Real estate trends of solid sales and lower inventory continue in the Kootenay region, according to the latest report from the Kootenay Association of Realtors. The latest figures show that 279 residential unit sales were recorded by the Multiple Listing Service in February 2021, a 62.2 per cent rise from the previous year.
Residential prices rose as well, up 25.5 pre cent from the same month last year to $427,812.
KAR President Chuck Bennett says that the trend shows no sign of slowing down. He also says that while average home prices have been consistently rising, there has not been an abrupt spike.
“This tells me that we are in a healthy market phase where both, the seller as well as the buyer, can derive high value for their real estate decisions,” he said.”The big jump in year-to-date sales, however, can be attributed to the fact that post-pandemic, the Kootenay region has indeed become an attractive destination for home buyers in BC.”
However, the concern over low inventory is not going away either. Numbers are at an all time low, Bennett says.
“We’ve added fewer new listings as compared to February 2020. If we continue at this rate, average prices in the region will continue to rise. This may lead to more sellers wanting to sell their homes. March has proven to be a significant month for markets in the past, it will be interesting to see if inventory numbers improve in the coming days.”
Year-to-date, Kootenay MLS® residential sales dollar in February was $212.1 million, 88.3 per cent higher than what it was last year. YTD Residential unit sales were up by 49.7 per cent at 500 units, while the average MLS® residential price (YTD) was up by 25.8 per cent to $424,203. As of March 06, 2021, there were 782 active listings.