Strong sales continue in Kootenay real estate as market prepares for a supply bounce back in fall
Nelson, BC – 09-07-2021: The Kootenay Association of REALTORS® (KAR) reports that a total of 346 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2021, a fall of 21.7 per cent from August 2020. The average MLS® residential price in the region was $432,299, an 8 per cent rise from $400,135 recorded in the same month last year. Total sales dollar volume in August was $149.5 million, a 15.4 per cent drop compared to August 2020, which stood at $176.8 million.
Last month was once again an average month in the Kootenay real estate market with average residential prices dropping month-on-month. According to KAR President, Chuck Bennett, “Monthly average prices are representative of the average price of homes sold in that month. In the past two months, for example, we sold more units in August, but the average price has decreased because we sold more homes over $500k in July. This does not mean that the demand for homes in the region has dropped. Our unit sales have been consistent with our seasonal trend, which typically sees less activity in the summer months. Also, a region that is as large as the Kootenays is bound to have varying average prices. Since our sales remain strong, the upward trend of average prices will continue.”
Fewer new listings (439) were added to the Kootenay MLS® System last month, as compared to August 2020 (462). Bennett adds, “It is true that the market is yet to pick up in terms of supply, and this is a major issue across all other regions in BC. This is because we’re recovering from a supply drought due to multiple hot market months back-to-back. We must acknowledge that the market is balancing and is in transition at the moment. Our inventory will continue to take shape for the rest of the year. I’m happy to see that our active inventory at the end of each month has been increasing. Anything other than that, would’ve been a cause for concern. But right now, we’re confident of a supply rebound from the historical low levels that we are at right now.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in August was $1.21 billion, 60 per cent higher as compared to the sum in the first 8 months last year. YTD residential unit sales were up by 34.4 per cent at 2752 units, while the average MLS® residential price (YTD) was up by 19 per cent to $442,040. There are 1,130 active residential listings in the Kootenay region as on September 06, 2021.
Kootenay Association of REALTORS® (KAR)
102-247 Baker Street
Nelson, BC V1L 4H4
August 2021 Residential Units Sold, Dollar Volume and Average Sales:
August 2021 Y-T-D Residential Units Sold, Dollar Volume and Average Sales:
East Kootenay: Canal Flats, Cranbrook, Cranbrook Lakes, Creston, Creston Rural, Elkford, Fernie, Fernie Rural, Invermere, Invermere Rural, Sparwood, Radium, Kimberley, Kimberley/Cranbrook Rural, Golden, Golden Rural
West Kootenay: Castlegar, Castlegar Rural, Fruitvale, Grand Forks, Grand Forks Rural, Grand Forks Rural West, Greenwood, Kaslo, Midway, Montrose, Nakusp, Nakusp Rural, Nelson, Nelson Rural, New Denver, Rossland, Salmo, Silverton, Slocan, Trail, Trail Rural, Warfield
Units Sold since August 2020 comparison with the previous year:
Average Sales Price since August 2020 comparison with the previous year: