All is well in the Kootenay real estate market, amidst fears of falling inventory numbers
Nelson, BC – 06-02-2021: The Kootenay Association of REALTORS® (KAR) reports that a total of 219 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2021, a rise of 35.1 per cent from January 2020. The average MLS® residential price in the region was $427,543, a 28.2 per cent rise from $333,331 recorded in the same month last year. Total sales dollar volume in January was $93.6 million, a 73.3 per cent rise over January 2020, which stood at $53.9 million.
The Kootenay region has seen a surge in sales and a substantial drop in the number of active listings. According to KAR President, Chuck Bennett, “This is very much the case across all regions in BC. We must acknowledge that our country is still in the midst of a pandemic and we haven’t yet achieved complete normalcy in real estate markets. Sales numbers have been much better in the last 8 months, but this is not a true representation of our current situation. With respect to inventory, it is a bit worrying for me when I see sluggish improvement in the number of new properties being listed. Although unlikely, at this rate, we may soon exhaust our active inventory. Realtors® in the region are aware of this and have been proactively promoting our current market health as an opportunity for sellers who have been contemplating to buy a new home during the pandemic. We’re in 2021 now and have started the new year with new zeal. I am sure that if demand continues, more people will be willing to sell their homes in the months to come and our active inventory will improve.”
Average Days-on-Market (DOM) for residential properties in the Kootenay region has reduced from 116 to 102. Bennett adds, “There are several factors that can affect this, but a significant improvement in DOM for Multi-Family properties can be driving the reason. In the last year, we have transformed our sales procedures and adhered to safety protocols to suit real estate clients. Thanks to the sustained efforts of industry leaders and the BC government, we as Realtors®, have been able to be on top of our business.”
In the last 12 months, a total of 3562 residential unit sales were recorded by the Kootenay MLS®, with dollar volume of $1.3 Bn at an average price of $389,150.
Kootenay Association of REALTORS® (KAR)
102-247 Baker Street
Nelson, BC V1L 4H4
January only 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