Sales in Kootenay real estate market were at a record high in July
Nelson, BC – 06-08-2020: The Kootenay Association of REALTORS® (KAR) reports that a total of 411 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2020, a rise of 19.4 per cent from July 2019. The average MLS® residential price in the region was $389,684, a 10.3 per cent rise from $353,125 recorded in July last year. Total sales dollar volume in July was $160.1 million, a 31.8 per cent rise over 2019, which stood at $121.4 million.
According to KAR President Tyler Hancock, “Though sales figures in the region have improved considerably this month, the market is still exhibiting signs of inconsistency. The sharp spike in average prices and dollar volume can be attributed to the demand having sprung back while the supply is low. This dramatic sales growth is likely not a sign of normalcy in the Kootenay real estate market.”
The number of units sold, and average prices in the Kootenays have been consistently increasing over the last 3 months. Hancock says, “The region has witnessed more demand for single family homes in July. We are anticipating this demand to continue as more home buyers are drawn to the Kootenays from larger, more densely populated regions. REALTORS®, however, understand that this imbalance of demand and supply is not under their control. Bringing equilibrium will largely depend on government policies and regulations, especially if we are hit by a second Covid-19 wave.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume was $572.1 million, only 1.4 per cent lower than the same period last year. YTD Residential unit sales are down by 7.1 per cent at 1579 units, while the average MLS® residential price (YTD) was up by 6 per cent to $362,332.
Kootenay Association of REALTORS® (KAR)
208 – 402 Baker Street,
Nelson, BC V1L 4H8
July 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 (Jan 2020 onward) comparison:
Average Sales Price (Jan 2020 onward) comparison:
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