Strong sales in Kootenay real estate to continue through summer, inventory numbers improve
Nelson, BC – 06-06-2021: The Kootenay Association of REALTORS® (KAR) reports that a total of 367 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2021, a rise of 109.7 per cent from May 2020. The average MLS® residential price in the region was $457,960, a 23.5 per cent rise from $370,730 recorded in the same month last year. Total sales dollar volume in May was $168.1 million, a 159.1 per cent rise over May 2020, which stood at $38.2 million.
For the first time in the last 10 months we have not seen a record-breaking month in Kootenay real estate. According to KAR President, Chuck Bennett, “Very similar to other regions in the province, sales in the Kootenay region have indeed lowered. Having added 553 new listings last month, I feel that this is a good sign. It means that we’re on track to achieving a demand and supply balance in the market. This normal provincial pattern is what we see every year after the first quarter and is indicative of a normal summer market coming ahead, which has always been a good time for Kootenay real estate. A bounce back is expected in the post-pandemic market and with summer already here, we’re confident that our sales figures in June and July will be very strong.”
The Kootenay real estate market continues to struggle in terms of inventory. Bennett adds, “If you check our YTD sales figures, you’ll notice that in the last decade, 2021 is still the best year for Kootenay real estate. Other than inventory, the market has been booming. We must understand that along with high sales, low inventory is the most basic indicator of a hot market. After having a string of record-breaking months, these numbers are bound to stand where they are. I can’t deny that we are far from our average inventory numbers. As the economy is expected to grow faster post-pandemic, a slowdown in demand is unlikely. At the current rate, it may take 12-18 months before we reach our inventory targets.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in May was $739.1 million, 157 per cent higher as compared to the sum in the first 5 months last year. YTD residential unit sales were up by 102.1 per cent at 1688 units, while the average MLS® residential price (YTD) was up by 27.1 per cent to $437,832. As of May 06, 2021, there were 1009 active residential listings in the Kootenay region.
Kootenay Association of REALTORS® (KAR)
102-247 Baker Street
Nelson, BC V1l 4H4
May Residential Units Sold, Dollar Volume and Average Sales:
Y-T-D Residential Units Sold, Dollar Volume and Average Sales:
PLEASE NOTE THESE AREAS HAVE BEEN EXPANDED TO INCLUDE ALL MAJOR AREAS WITHIN THE EAST AND WEST KOOTENAY REGIONS
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: