Kootenay Association of Realtors (KAR) President Chuck Bennett admits to some concerns regarding inventory as the new year begins.
“With respect to inventory, it is a bit worrying for me when I see sluggish improvement in the number of new properties being listed. Although unlikely, at this rate, we may soon exhaust our active inventory,” he said in the latest update from KAR.
The hope is, he says, that if demand continues strong, more people will list their homes in the coming months.
Stats show that January 2021 saw a rise of 35.1 per cent in unit sales over January 2020. The average residential price in the Kootenays was $427,543, up 28.2 per cent from the same time last year.
Additionally, homes are selling faster with the average days on market for residential properties reducing from 116 to102 days.
The Kootenay real estate market has been on a very strong run for the past eight months.