Kootenay real estate market continues to stay strong amid province-wide real estate slowdown
Nelson, BC – 06-07-2021: The Kootenay Association of REALTORS® (KAR) reports that a total of 364 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2021, a rise of 8.3 per cent from June 2020. The average MLS® residential price in the region was $446,785, a 19.5 per cent rise from $373,760 recorded in the same month last year. Total sales dollar volume in June was $162.6 million, a 29.4 per cent rise over June 2020, which stood at $125.5 million.
Although market behaviour of Kootenay real estate has been like the rest of the province for most of 2021, it is one of the few regions that didn’t record a huge drop in sales last month. According to KAR President, Chuck Bennett, “Yes, we’ve performed relatively better than other regions, but the performance hasn’t been as per our expectations. We’ve seen steep growth and rapidly changing market scenarios for most of the last 12 months; something that’s been difficult to comprehend for most of us. However, I’m proud that Realtors® in the Kootenay region have been on top of their business through testing times and have been successful in providing consumers with all the necessary support they need during the entire real estate transaction process. Our sales performance in June 2021, is reflective of an evenly balanced real estate market that continues to be strong and shall remain for the rest of the year as well.”
While 515 new residential listings were added to the Kootenay MLS® System in June, the inventory graphs look flat and the market continues to be supply-starved. Bennett adds, “It’s true that we are way below our average inventory count at the end of the first 6 months in any given year. As we’re in transition of the province re-opening this month, it will be interesting to see how seller’s respond to continued demand for Kootenay real estate. I will not be surprised if we add more listings in the coming days, as once we fully open, more people will be willing to make a move and sellers would be interested in getting good value for their current homes during that phase. My prediction for the rest of the year is positive and I’m confident the market will follow it’s seasonal trend and continue it’s spirited run.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in June was $907 million, 119.5 per cent higher as compared to the sum in the first 6 months last year. YTD residential unit sales were up by 76 per cent at 2061 units, while the average MLS® residential price (YTD) was up by 24.7 per cent to $440,090. There are 1,098 active residential listings in the Kootenay region as on July 06, 2021.
Kootenay Association of REALTORS® (KAR) 102-247 Baker Street Nelson, BC V1l 4H4 email@example.com
June Residential Units Sold, Dollar Volume and Average Sales:
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 June 2020 comparison with the previous year:
Average Sales Price since June 2020 comparison with the previous year: