Kootenay real estate sales surge for fourth month in a row

Kootenay real estate sales surge for fourth month in a row

However the Kootenay Association of Realtors cautions inventory is low heading into winter

The Kootenay Association of Realtors has announced another record breaking month in the region.

READ: Another strong month for real estate sales

READ: July Kootenay real estate sales at record high

The Association says that a total of 442 residential unit sales were recorded by the Multiple Listing Service in September 2020, a rise of 52.9 per cent over the same time last year.

The average MLS residential price in the region was $395,768, up 11.3 per cent from last year. Total sales in September valued $174.9 million, a 69 per cent rise over September 2019.

This is the fourth month in a row that real estate sales have broken records in the region.

“The impact we were expecting Covid-19 to bring is not reflecting on the real estate market for several reasons. The first is pent-up demand over the last 5 months, and the fact that people may not want to wait until winter arrives. Moreover, Realtors® in the region have adapted well to changing market scenarios and have been quite successful in minimizing the impact of the pandemic. We are sitting on the cusp of a major transition in our daily lives but real estate buyer behaviour in the Kootenays appears to be unaffected,” said KAR President Tyler Hancock.

“Sales numbers may seem to be the go-to parameter for analysts to determine market health but as a Realtor, there is more to it than that,” he said. “Although the numbers may seem extraordinary right now, we must not forget that these are extraordinary times as well. It is great to see sales records being broken, but we cannot use this to forecast how the market will perform as we approach winter.”

One concern is inventory levels, which continue to be low, and that may determine market behaviour in the days to come.

“I remember mentioning this last month that average prices will reach the $400k mark by September and today we’re at $395k. Against the ongoing trend, if we can get more homes on the market, average prices in the region will stabilize,” adds Hancock.

Year-to-date (YTD), Kootenay MLS residential sales dollar in September was $932.6 million, 17.2 per cent higher than what it was last year. YTD Residential unit sales were up for the first time this year by 7.6 per cent at 2486 units, while the average MLS residential price (YTD) was up by 8.9 per cent to $375,141.



carolyn.grant@kimberleybulletin.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Dr. Albert de Villiers, Chief Medical Health Officer for the Interior Health Authority. (Contributed)
‘People need to start listening’: IH top doc combats COVID-19 misconceptions

Dr. Albert de Villiers says light at the end of the tunnel will grow in step with people’s adherence to PHO guidance

Rotary president Isabelle Simard, middle, and Rotary members Michele LaPointe and Bob Finnie are hoping the 12 days of Christmas shop local contest can help local businesses mitigate COVID-19. (Claire Palmer photo)
Rotary looks to support local businesses

The contest will kick off on Dec. 12

A laboratory technician holds a dose of a COVID-19 novel coronavirus vaccine candidate that’s ready for trial on monkeys at the National Primate Research Center of Thailand. (Mladen Antonov - AFP)
Update: Interior Health reports 66 new COVID-19 infections, 4 in ICU

570 cases are active; 18 in hospital, 4 in intensive care

The Golden Nordic Club is working towards a COVID-safe winter ski season opening. (File photo)
Golden Nordic Ski Club working towards opening

While Dawn Mountain is provincially run and open, the chalet and Nordic Club are not as of yet

The Interact Club meets in 2019 for their annual Anti-Grinch project. This year, the club members will add the Angel Tree to their list of Christmas charitable causes. (Contributed)
Interact Club takes on Angel Tree

With changes to this year’s Anti-Grinch project, there is increased capacity for the Angel Tree

Motorists wait to enter a Fraser Health COVID-19 testing facility, in Surrey, B.C., on Monday, Nov. 9, 2020. THE CANADIAN PRESS/Darryl Dyck
Another 694 diagnosed with COVID-19 in B.C. Thursday

Three more health care outbreaks, 12 deaths

Margaret Holm
HOLM: Better Bicycle Lanes

Margaret Holm writes about solutions to global warming

The newly opened Switzmalph Child Care Centre at Salmon Arm offers culturally enriched programs featuring the Secwépemc culture but is open to children of all heritages. (Martha Wickett - Salmon Arm Observer)
Video: Switzmalph Child Care Centre shares culture with Shuswap community

New daycare at Salmon Arm offers Secwépemc culturally enriched programs to children of all heritages

Susan Kootnekoff is the founder of Inspire Law, an Okanagan based-law practice, and provides Kelowna Capital News with weekly stories from the world of local, national and international law. (Contributed)
Kootnekoff: Are we really “all in this together?”

Susan Kootnekoff is the founder of Inspire Law, her diverse legal career spans over 20 years

Amanda Weber-Roy, conservation specialist for BC Parks in the Kootenays. Photo: Bill Metcalfe
VIDEO: Kootenay youth climate group works to protect Nelson’s water supply

Youth Climate Corps members spent five weeks thinning forest in West Arm Park

(Pixabay)
Canadians’ mental health has deteriorated with the second wave, study finds

Increased substance use one of the ways people are coping

A private retail non-medical cannabis store has been proposed for the Mall at Piccadilly. The application will go to Salmon Arm Council’s planning meeting for a referral on Dec. 7. (City of Salmon Arm image)
Retail cannabis store proposed for Salmon Arm’s Mall at Piccadilly

Application to come to council’s planning meeting on Monday, Dec. 7.

Nanaimo RCMP are looking for a suspect who rammed a police car to escape an arrest attempt. 
(File photo)
North Okanagan robbery suspect leaves empty handed, and gets caught

Armed suspect demanded cash and lottery tickets from Vernon Street business

Most Read