While Kootenay real estate sales have been soaring for almost a year now, a consistent concern has been lack of inventory. But in the latest report from the Kootenay Association of Realtors, President Chuck Bennett says that while sales have been strong there is no downward trend in the number of new listings being added, and that since the beginning of 2021 new listings have been coming in at a faster rate.
“In the Kootenays, it is true that homes are currently selling with multiple offers. Not just compared to a small dip in sales in March last year but even looking at our performance in the last five years, we have sold more month-on-month. In such a scenario, inventory numbers are bound to be low.As average prices are bound to rise in multiple offer situations, as a realtor, I can attest that this is a good time for the sellers in the market. Which in turn is the reason why we will continue to see more new listings in the market through summer. There is a spike in average prices indeed, but it is more of a consistent rise that we see in healthy markets,” Bennett said.
A total of 372 residential unit sales were recorded by the Multiple Listing Service in March 2021 in the Kootenays, a rise of 84.1 per cent from March 2020. The average MLS® residential price in the region was $428,629, a 25 per cent rise from $342,708 recorded in the same month last year. Total sales dollar volume in March was $159.4 million, a 130.7 per cent rise over March 2020, which stood at $69.2 million.
“For the last five years we had seen consistent sales numbers but that trend has been disrupted by the pandemic. Such a change in market behaviour can be attributed to buyer fatigue that the region has seen since the 2016 hot market. As the demand for residential properties continues to grow, we will see this uptrend in the coming months as well,” Bennett said.
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in March was $372.9 million, 102.4 per cent higher as compared to the sum in the first 3 months last year. YTD residential unit sales were up by 60.8 per cent at 875 units, while the average MLS® residential price (YTD) was up by 25.7 per cent to $426,217. As of April 06, 2021, there were 865 active residential listings in the Kootenay region.