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

The Village of Salmo has told Cody Puckett and Ashley Nelson that clearing land at this property doesn’t constitute building a property according to a bylaw. Photo: Submitted
Work in progress? Salmo family, village at odds over property construction

Cody Puckett says he’s being evicted from his own land, which the village disputes

Finn Lydon. Photo: Submitted
UPDATE: Winlaw boy reported missing has been found

Finn Lydon was was located last evening

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

(File)
One death and 82 new cases of COVID-19 in Interior Health

1,981 total cases, 609 are active and those individuals are on isolation

Youth Climate Corps members April Gariepy, Summer Monkman and Linn Murray at work in West Arm Provincial Park, fall 2020. Photo: Submitted
Youth Climate Corps members April Gariepy, Summer Monkman and Linn Murray at work in West Arm Provincial Park. fall 2020. Photo submitted
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

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

Melissa David, of Parachutes for Pets and her dogs Hudson and Charlie are trying to raise money for a homeless shelter that will allow pets and are seen in Calgary, Alta., Thursday, Feb. 6, 2020.THE CANADIAN PRESS/Jeff McIntosh
‘My only wish:’ Children asking pet charity to help their furry friends at Christmas

Parachutes for Pets says it has received 14 letters from children in the last week t

Melissa Velden and her chef-husband Chris Velden, stand in their dining room at the Flying Apron Inn and Cookery in Summerville, N.S. on Friday, Nov. 20, 2020. The couple is hosting holiday parties with appropriate distancing and other COVID-19 health protocols in place at their restaurant. THE CANADIAN PRESS/Andrew Vaughan
Celebrities, Santa and Zoom part of office holiday parties being held amid COVID-19

Many will send tokens of appreciation to workers or offer time off or cash

Richard Reeves examines a painted film strip in his home studio. Photo: Aaron Hemens
PHOTOS: Pandemic inspires creativity for Creston animator Richard Reeves

For more than 30 years, Richard Reeves has been creating abstract animated short-films by drawing and painting images onto strips of film.

Good Samaritan Mountainview Village located at 1540 KLO Road in Kelowna. (Good Samaritan Society)
First long-term care resident dies from COVID-19 in Interior Health

Man in his 80s dies following virus outbreak at Mountainview Village

A demonstrator wears representations of sea lice outside the Fisheries and Oceans Canada offices in downtown Vancouver Sept. 24, demanding more action on the Cohen Commission recommendations to protect wild Fraser River sockeye. (Quinn Bender photo)
First Nations renew call to revoke salmon farm licences

Leadership council implores use of precautionary principle in Discovery Islands

Ten-month-old Aidan Deschamps poses for a photo with his parents Amanda Sully and Adam Deschamps in this undated handout photo. Ten-month-old Aidan Deschamps was the first baby in Canada to be diagnosed with spinal muscular atrophy through Ontario’s newborn screening program. The test was added to the program six days before he was born. THE CANADIAN PRESS/HO, Children’s Hospital Eastern Ontario *MANDATORY CREDIT*
First newborn tested for spinal muscular atrophy in Canada hits new milestones

‘If Aidan had been born any earlier or anywhere else our story would be quite different’

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

Increased substance use one of the ways people are coping

Most Read