No signs of slowing down in Kootenay real estate, high demand continues for single family homes
Nelson, BC – 06-12-2020: The Kootenay Association of REALTORS® (KAR) reports that a total of 315 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2020, a rise of 66.6 per cent from November 2019. The average MLS® residential price in the region was $401,969, a 15.2 per cent rise from $348,864 recorded in November last year. Total sales dollar volume in November was $126.6 million, a 92 per cent rise over 2019, which stood at $65.9 million.
“Much like other regions in BC, these are exciting times for Kootenay real estate. Our sales numbers in November reflect the high demand that has been seen over the last 6 months across the province. It seems as though a major demand shift has happened as a result of consumers who retained their job and found themselves making important life decisions during the pandemic. Many regarded the high volume of sales to pent-up demand, but November figures suggest that the market will remain as attractive, even in 2021”, says KAR President Tyler Hancock.
Over the past year, the average price for a single-family home has risen remarkably in the Kootenay region. Hancock adds, “The Kootenay region will continue to be a seller’s market. We’ve recorded yet another month where average price for single-family detached homes in the region has risen by double-digits, as compared to last year. The average price of a single-family home in Nov 2019 was $388,529 and we are now at $476,494. I wouldn’t be surprised if we reach the $500k mark by the end of the next quarter. I believe that the idea of remote working has made some home buyers opt for properties that may be remote but offer higher value for money. If the demand continues, we’ll have more people look away from the bigger cities to more reasonable markets like the Kootenays”.
The market inventory levels fell considerably in 2020. “We’ve all been patiently waiting for the negative impacts of the pandemic to subside. With a Covid-19 vaccine on the horizon, I don’t see the demand falling any time soon but the situation with respect to inventory will certainly improve.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar in November was $1.2 billion, 29 per cent higher than what it was last year. YTD Residential unit sales were up for the second time running by 16.9 per cent at 3265 units, while the average MLS® residential price (YTD) was up by 10.8 per cent to $381,378.
Kootenay Association of REALTORS® (KAR)
208 – 402 Baker Street,
Nelson, BC V1L 4H8