Steady sales numbers in Kootenay real estate in October showcase no signs of chilling down in winter
Nelson, BC – 11-06-2021: The Kootenay Association of REALTORS® (KAR) reports that a total of 365 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2021, a fall of 17.7 per cent from October 2020. The average MLS® residential price in the region was $473,236, a 20.1 per cent rise from $394,030 recorded in the same month last year. Total sales dollar volume in October was $172.7 million, a 1.6 per cent drop compared to October 2020, which stood at $174.9 million.
Over the last 5 months, residential unit sales have been lower than the market performance of the Kootenay region during the same period in 2020. According to KAR President, Chuck Bennett, “2020 was the most unusual year in terms of market behaviour. The hot real estate market that began somewhere in June 2020 and simmered after April 2021, was one-of-a kind because our sales were driven by external pandemic-related factors. As we’re now seeing consistent performance over the last 5 months, its safe to say that in terms of sales, we’re comfortably moving towards the new year. Our area continues to offer great value to buyers who look to derive more value for their money, and having consistent sales numbers is indicative of the continuing high demand for homes in our region. Although we expected sales to grow during fall months, 365 home sales in October 2021 is still a high number, only bettered by October 2020 in the last decade. We are determined to keep this trend going with >350 home sales every month on an average. Such consistency is also the reason why 2021 is the best year we’ve had in terms of unit sales.”
Average Days on Market (DOM) has reduced significantly on a month-on-month and YTD basis. Bennett adds, “It is true that homes are selling faster in 2021. Multiple offer scenarios continue, and this has been a trend since the new year. Our residential DOM number has fallen from 97 days (Oct 2020) to 56 days (Oct 2021) and from 106 days (YTD 2020) to 64 days (YTD 2021). Although these are promising signs for the market, as REALTORS® however, we’re more concerned about the supply of properties in the region than anything else at the moment. The demand has always been there and there’s no slowdown predicted in that regard. These market conditions are in favour of those who want to sell their home and I’m confident that we’ll see more properties getting listed going forward. If this happens, I see the winter months as a prime time for our inventory to get a much-needed supply boost. I’m positive that with steady sales numbers, falling DOM, and moderate rise in average prices, the Kootenay region will be one of the most attractive destinations for both buyers and sellers in 2022.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in October was $1.5 billion, 39.1 per cent higher as compared to the sum in the first 10 months last year. YTD residential unit sales were up by 17.8 per cent at 3478 units, while the average MLS® residential price (YTD) was up by 18.1 per cent to $447,741 since the start of 2021. There are 893 active residential listings in the Kootenay region as on November 06, 2021.
Kootenay Association of REALTORS® (KAR)
102-247 Baker Street
Nelson, BC, V1L 4H4
October 2021 Residential Units Sold, Dollar Volume and Average Sales:
October 2021 Y-T-D Residential Units Sold, Dollar Volume and Average
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 October 2020 comparison with the previous year:
Average Sales Price since October 2020 comparison with the previous year: