Like the rest of the Kootenays, residential real estate sales were down but still robust in Trail and Rossland from 2021, as March sales showed a slight spring from February.
In the East and West Kootenay, there was a total of 325 residential unit sales recorded in March, down 17 per cent compared to the same time last year. Average prices saw double-digit percentage increases across all home categories compared to March 2021, with the greatest increase occurring within the Townhouse category with a 42 per cent increase with the average unit going for more than $411,000.
The number of single-family home sales were down almost 25 per cent over last year’s, however, the price increased 27 per cent with the average home in the Kootenay Region priced at over $673,000.
In Trail, the number of home sales, 10, were down 44.4 per cent from last year, and, unlike most other municipalities, the average price increased just 3.6 per cent from last year with a single-family home at about $321,000.
In Rossland, sales are down almost 38 per cent, with the average home showing an increase of about 22 per cent to more than double that of Trail at $697,500.
“Throughout the hot-market last year, the Kootenays saw an influx of residents from outside the region,” said Association of Interior Realtors President Kim Heizmann. “Smaller communities become an attractive destination; with the advent of mining jobs here and work from home situations for buyers.
“Our sales at this time last year were higher, but we’ve sold 100 listings more than our March average and, historically, it was the second-best March we’ve had after March 2021.”
Condo/apartment sales saw a 20 per cent increase from last year, with the average price at almost $270,000.
There were 495 new listings recorded by the Kootenay MLS® in March 2022 and 764 active listings overall in the Kootenay and district region.
The month of March saw a slight uptick over February sales showing signs that the typically busy spring market has commenced in the region, reports the realtors’ association.
A total of 1,898 residential unit sales were recorded across the association’s region, marking a 25 per cent decrease compared to a record high number of units sold in March 2021.
New residential listings coming onto market in March saw a decrease of 7 per cent within the region with 2,871 new listings recorded compared to the same period last year yet increased 55 per cent compared to last month’s 1,850.
The overall active listings clocked in marginally below last year March’s active listings with 4,018 listings that is a nearly 3 per cent decrease in year-over-year comparisons.
“The spring fling seems to have been kick started which is great news for buyers and sellers, however new listings are still not coming on to market at the rate needed to meet demand,” said Heizmann.
“Without a drastic supply of housing coming onto market, the lack of inventory will continue to impact buyers and sellers in the coming months.”