Summer months slower than usual in Kootenay real estate but demand continues to be high
Nelson, BC – 08-07-2021: The Kootenay Association of REALTORS® (KAR) reports that a total of 333 residential unit sales were recorded on the MLS® System in July 2021, a fall of 23.2 per cent from July 2020. The average MLS® residential price in the region was $473,704, a 20.7 per cent rise from $392,428 recorded in the same month last year. Total sales dollar volume in July was $157.7 million, a -7.8 per cent drop compared to July 2020, which stood at $170.3 million.
Average prices for homes in the Kootenay region continue to rise, even as demand seems to have slowed. According to KAR President, Chuck Bennett, “Our sales last month were close to what we had in June 2021, and I believe that the demand for homes in the Kootenay region is very much intact. Rising average prices, on the other hand, can be correlated to the shortage of inventory that we’ve been facing for quite some time now. It is important to consider that sellers in the market are still benefitting from the multiple offer scenarios, even as the numbers suggest a fall in units sold. I expect active inventory numbers to improve as we approach fall. But as demand continues, we may be hitting record lows before that time. That being said there is no doubt that we’ll be having a record-setting year sales-wise.”
Although we’re in a seller’s market, there was a drop in the number of new listings added last month. Bennett adds, “Adding new listings at the same rate as we were a few months ago is always going to be a challenge. Aside from COVID-19, the recent fires have had an impact on all industries. As our province is yet to recover fully from external factors that can affect buying and selling decisions, I can understand why the market performance was slow last month. However, as demand continues and with strong financial growth expected in the province, I see sellers being more confident about making real estate decisions in the days to come. The imbalance of supply and demand will eventually fade away, but we can’t deny that much needs to be done supply-wise."
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in July was $1.06 billion, 83.2 per cent higher as compared to the sum in the first 7 months last year. YTD residential unit sales were up by 49.6 per cent at 2402 units, while the average MLS® residential price (YTD) was up by 22.4 per cent to $445,008. There are 1,098 active residential listings in the Kootenay region as of July 06, 2021.
Kootenay Association of REALTORS® (KAR) 102-247 Baker Street Nelson, BC V1L 4H4 firstname.lastname@example.org
July 2021 Residential Units Sold, Dollar Volume and Average Sales:
July 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: