New listings of residential properties are rising in 2021. Kootenay Association of Realtors

New listings of residential properties are rising in 2021. Kootenay Association of Realtors

Strong Kootenay real estate market continues; new listings rising

New listings of residential properties are rising in 2021

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.

READ: Residential sales volume in Kootenay real estate continues its record-breaking run

READ: Hot Kootenay real estate market shows no signs of slowing



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

People are shown at a COVID-19 vaccination site in Montreal, Sunday, April 18, 2021, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
211 new COVID-19 cases in Interior Health over the weekend

Currently, there are 875 active cases of the virus in the region

A nurse prepares a dose of the COVID-19 vaccine in Kelowna on Tuesday, March 16. As of April 19, more than 230,000 doses have been administered across the Interior Health region. (Phil McLachlan/Black Press)
More than 230K doses of COVID-19 vaccine administered across Interior Health

A total of 220,216 first doses and 13,775 second doses have been given to residents across the B.C. Interior

A class is in isolation after a potential exposure at J.V. Humphries School in Kaslo. Photo: School District 8
Kaslo school’s class isolated due to possible COVID-19 exposure

A class at J.V. Humphries School is home for the week

Village council saw an application to build a seven foot fence around a 3rd Ave. property in Nakusp. (Jocelyn Doll-Revelstoke Review)
Village of Nakusp sees application for seven foot fence

Council raised concerns about curb appeal

Elvira D’Angelo, 92, waits to receive her COVID-19 vaccination shot at a clinic in Montreal, Sunday, March 7, 2021, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
110 new cases of COVID-19 in Interior Health

Provincial health officers announced 1,005 new cases throughout B.C.

Sunday’s storm rocked one of the ferries crossing Kootenay Lake. Photo: Dirk Jonker
VIDEO: Storm makes for wild ferry ride across Kootenay Lake

The video was captured by ferry employee Dirk Jonker

Families of two of three workers killed in a train derailment near Field, B.C., in 2019 have filed lawsuits accusing Canadian Pacific of gross negligence. The derailment sent 99 grain cars and two locomotives off the tracks. THE CANADIAN PRESS/Jeff McIntosh
Families of workers killed in Field train derailment allege negligence in lawsuit

Lawsuits allege the workers weren’t provided a safe work environment

(New Westminster Police)
4 youth arrested after 30-person brawl in New Westminster leaves 1 seriously injured

Police are looking for witnesses who saw the incident take place

South Surrey’s Paul Cottrell, who works with the DFO, tows a grey whale out of Semiahmoo Bay Sunday. (Contributed photo)
Dead whale floating near White Rock towed to shore for necropsy

Animal has been dead since at least April 15

Dr. Bonnie Henry gives her daily media briefing regarding Covid-19 for the province of British Columbia in Victoria, B.C, Monday, December 7, 2020. THE CANADIAN PRESS/Jonathan Hayward
Toddler marks youngest British Columbian to die related to COVID-19

Child one of eight people to die from virus this weekend

Chakalaka Bar & Grill remains open in defiance of orders from Island Health to close. (Cole Schisler photo)
B.C. health authority seeks injunction against restaurant defying COVID-19 orders

Chakalaka Bar and Grill plans to continue serving customers without public health compliance

Kimberley's Steve Tersmette has published Waterfall Hikes In Southern British Columbia, documenting 100 of the areas waterfalls.
Pharmacist Barbara Violo arranges all the empty vials of the Oxford-AstraZeneca COVID-19 vaccines that she has provided to customers at the Junction Chemist which is a independent pharmacy during the COVID-19 pandemic in Toronto, on Monday, April 19, 2021. THE CANADIAN PRESS/Nathan Denette
B.C. to open up AstraZeneca vaccines for all people 40+, set up clinics in hot spots

A total of 13 neighbourhoods and communities will receive the AstraZeneca vaccine

Most Read