May residential sales numbers are positive but REALTORS® prepare for a tough year ahead.
For Immediate Release
Nelson, BC – 06-03-2020: The Kootenay Association of REALTORS® (KAR) reports that a total of 154 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2020, a fall of 54.8 per cent from May 2019. The average MLS® residential price in the region was $372,133, a 4.3 per cent rise from $356,825 recorded in May last year. Total sales dollar volume in May was $57.3 million, a 52.9 per cent fall over 2019, which stood at $121.6 million.
The Kootenay region has seen a sharp rise in the number of units sold in May as compared to April of this year. This can be attributed to the reopening of businesses in the region.
“We predict sales figures in the Kootenays to improve over summer. The jump in sales last month is a good start, after we had a dull April due to the coronavirus pandemic. It looks like the market has been very receptive to the government’s measures to bring businesses back on track,” said KAR President Tyler Hancock.
Although we see improved numbers in May, it is difficult to anticipate the pace at which this trend will continue. Even if the uptake improves like it has done last month, it is believed that sales will be below seasonal levels throughout this year. “We will have to wait and watch,” says Hancock.
According to real estate stakeholders in the region, sales by the end of 2020 will be close to what was achieved last year. This will depend on the market’s adoption of high-tech means to do business and the support of the government.
“Most of the areas in the Kootenay region recorded better numbers toward the end of May, close to the long weekend. If we keep taking measured steps to opening business operations, the impact of Covid-19 on the Kootenay real estate market may be minimized”, added Hancock.
Year-to-date, Kootenay MLS® residential sales dollar volume fell by 21.3 per cent to $283.3 million, compared with the same period in 2019. YTD Residential unit sales have lowered by 22.8 per cent to 823 units, while the average MLS® residential price (YTD) was up 1.9 per cent to $344,241.
Kootenay Association of REALTORS® (KAR) 208 – 402 Baker Street, Nelson, BC V1L 4H8 firstname.lastname@example.org
May Residential Units Sold, Dollar Volume and Average Sales:
YTD 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
Comparative Market Graphs: Current vs Year Before
a) Units sold:
b) Average price: