Rise in real estate sales momentum expected in Kootenay real estate as the market enters fall months
Nelson, BC – 10-06-2021: The Kootenay Association of REALTORS® (KAR) reports that a total of 351 residential unit sales were recorded via the Multiple Listing Service® System (MLS® System) in September 2021, a fall of 23.9 per cent from September 2020. The average MLS® residential price in the region was $468,136, a 17.2 per cent rise from $399,021 recorded in the same month last year. Total sales dollar volume in September was $164.3 million, a 10.4 per cent drop compared to September 2020, which stood at $183.5 million.
The total number of residential units sold monthly in the Kootenay region has remained consistent over the last few months. According to KAR President, Chuck Bennett, “Our seasonal pattern indicates that on average, we sell about 330 – 350 units per month. Our area continues to present a unique value proposition for buyers coming from other regions, keeping our sales figures higher than 200 in general. Like in the case of our performance during the summer of 2021, when we expected sales to drop drastically after the hot market but managed to achieve over 250 units sold per month. Although our sales volume has increased this year, we’ve seen our market follow the usual sales pattern that we normally see, and I’m glad that the market has safely emerged from the pandemic’s grip.”
Upward pressure on average prices continues to rattle the affordability quotient of homes in the Kootenay region. Bennett adds, “I don’t see this having any negative impact on the way our region is perceived among buyers. Residential properties in our area continue to provide great value, even as average prices continue to rise. The reality is that affordability in real estate will eventually depend on the steps taken by the government to improve supply of homes. Steadily increasing average prices on the other hand, is indicative of the constant high demand for Kootenay homes. In fact, since our region garnered a lot of attention from buyers during the pandemic and we set sales records; the Kootenay region remains among the most preferred areas for people who want good value for the money they spend on their real estate. We’ve predicted that it’ll be a year before we start seeing normal inventory levels again, thus the upward pressure on average prices will remain.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in September was $1.38 billion, 46.5 per cent higher as compared to the sum in the first 9 months last year. YTD residential unit sales were up by 24 per cent at 3110 units, while the average MLS® residential price (YTD) was up by 18.1 per cent to $444,757 since Sep 2020. There are 1,069 active residential listings in the Kootenay region as on October 06, 2021.
Kootenay Association of REALTORS® (KAR)
102-247 Baker Street
Nelson, BC V1L 4H4
September 2021 Residential Units Sold, Dollar Volume and Average Sales:
September 2021 Y-T-D Residential Units Sold, Dollar Volume and Average Sales:
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 September 2020 comparison with the previous year:
Average Sales Price since September 2020 comparison with the previous year:
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