Kootenay real estate market celebrates December 2020, by setting another sales record
Nelson, BC – 06-01-2021: The Kootenay Association of REALTORS® (KAR) reports that a total of 221 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in December 2020, a rise of 35.5 per cent from December 2019. The average MLS® residential price in the region was $424,240, an 18.5 per cent rise from $357,709 recorded in the same month last year. Total sales dollar volume in December was $93.7 million, a 60.8 per cent rise over December 2019, which stood at $58.3 million.
According to KAR President, Chuck Bennett, “We’ve had another record-setting month for Kootenay real estate, following the strong demand that hit the market in June 2020. Such extraordinary market behaviour would have been hard to predict 6 months ago, but after a string of high-performance months, our sales numbers for December seem normal. We were aware and prepared for a slowdown in the holiday season, but we’ve managed to end 2020 on a strong note with the best performing December in a decade. As our annual sales numbers for the year have comfortably exceeded our performance in 2019, I foresee high potential for growth for Kootenay real estate in 2021, if the demand continues.”
Annual sales figures report that the average residential price in the region has increased by 11.5% for all residential property types and by 13.5% for single-family homes in 2020. Bennett adds, “That’s correct, and we predict that this trend will continue through 2021. However, we’ve reached a point where there is concern in the market that there is not enough supply to cater to the high demand for residential properties. With BC Government’s constant efforts to make Covid-19 vaccinations available to the public, I’m optimistic that more sellers will want to list their properties in the coming days, and this will help the market achieve some balance.
These are encouraging numbers and exciting times for a seller, as well as for buyers looking to make a long-term investment.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar in December was $1.3 billion, 31.2 per cent higher than what it was last year. YTD Residential unit sales were up for the third time running by 17.2 per cent at 3494 units, while the average MLS® residential price (YTD) was up by 11.5 per cent to $384,186.
Kootenay Association of REALTORS® (KAR)
102-247 Baker Street
Nelson, BC V1L 4H4
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
Units Sold (Jan 2020 onward) comparison with 2019:
Average Sales Price (Jan 2020 onward) comparison with 2019: