Residential sales volume in Kootenay real estate continues its record-breaking run
Nelson, BC – 06-03-2021: The Kootenay Association of REALTORS® (KAR) reports that a total of 279 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2021, a rise of 62.2 per cent from February 2020. The average MLS® residential price in the region was $427,812, a 25.5 per cent rise from $340,669 recorded in the same month last year. Total sales dollar volume in February was $119.3 million, a 103.7 per cent rise over February 2020, which stood at $58.5 million.
According to KAR President, Chuck Bennett, “The current trend in Kootenay real estate is showing no signs of a slowdown any time soon. The continuing rise in residential sales over the last 6 months is a clear indicator of high demand for homes in the region. At the same time, while average home prices in the region have also been growing consistently, we haven not seen 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. The big jump in Year-to-date (YTD) 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.”
With spring around the corner, there is a sense of positivity among consumers in the market. Bennett adds, “In the last 10 months, pent up demand and low interest rates have been touted as major drivers for rising real estate sales in the Kootenays. But that should not overshadow the fact that our inventory numbers are at an all-time low. More specifically, 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 and our job as REALTORS® will be to help sellers achieve that. 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 (YTD), 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.
Kootenay Association of REALTORS® (KAR)
102-247 Baker Street
Nelson, BC V1l 4H4
February Residential Units Sold, Dollar Volume and Average Sales:
Y-T-D Residential Units Sold, Dollar Volume and Average Sales:
East Kootenay: 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, Grand Forks, Grand Forks Rural, Grand Forks Rural West, Nelson, Nelson Rural, Rossland, Trail, Trail rural
Units Sold (March 2020 onward) comparison:
Average Sales Price (March 2020 onward) comparison: