More inventory is becoming available in the Kootenay market. Black Press file

More inventory is becoming available in the Kootenay market. Black Press file

Kootenay real estate sales slightly lower, but still ahead of last year

More inventory is entering the market says Kootenay Associaton of Realtors

Not breaking a sales record for the first time in ten months is actually good news for Kootenay real estate, says Kootenay Association of Realtors president Chuck Bennett.

“Very similar to other regions in the province, sales in the Kootenay region have indeed lowered. Having added 553 new listings last month, I feel that this is a good sign. It means that we’re on track to achieving a demand and supply balance in the market. This normal provincial pattern is what we see every year after the first quarter and is indicative of a normal summer market coming ahead, which has always been a good time for Kootenay real estate. A bounce back is expected in the post-pandemic market and with summer already here, we’re confident that our sales figures in June and July will be very strong.”

Not that May wasn’t a good month for sales. It was up 109.7 per cent from May of last year on sales of 367 residential units. The average price was up as well, to $457,960 a rise of 23.5 per cent from the same period last year.

And inventory, though improving is still an issue.

“If you check our YTD sales figures, you’ll notice that in the last decade, 2021 is still the best year for Kootenay real estate,” Bennett said. “Other than inventory, the market has been booming. We must understand that along with high sales, low inventory is the most basic indicator of a hot market. After having a string of record-breaking months, these numbers are bound to stand where they are. I can’t deny that we are far from our average inventory numbers. As the economy is expected to grow faster post-pandemic, a slowdown in demand is unlikely. At the current rate, it may take 12-18 months before we reach our inventory targets.”

READ MORE: Booming year ahead, says Kootenay Association of Realtors

READ MORE: Strong Kootenay real estate market continues; new listings rising



carolyn.grant@kimberleybulletin.com

Like us on Facebook and follow us on Twitter

Just Posted

FILE – Perry Bellegarde, National Chief of the Assembly of First Nations, takes part in an event on Parliament Hill in Ottawa on Tuesday, July 7, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Indigenous Peoples Day must be a ‘call to action’, says Assembly of First Nations chief

Discovery of children at Kamloops residential school site must lead to change, Perry Bellegarde says

Trees blown over by a windstorm in forest owned by Anderson Creek Timber. Photo: Anderson Creek Timber
Timber company logging near Nelson raises local concerns

Anderson Creek Timber owns 600 hectares of forest adjacent to the city

Keith Smyth, Kootenay Savings director at-large joins children from the Kids’ Care Centre at St. Michael’s Catholic School. Photo: Submitted
Kootenay Savings continues credit union’s tradition of giving

Funding totalling $48,250, is going to a wide array of Kootenay initiatives

From left: Karl Luedtke (West Arm Outdoors Club), Dale Williams (BCWF), Molly Teather (FLNORD), Gord Grunerud (West Arm Outdoors Club), Eugene Volokhov (Grand Prize Winner), Casey McKinnon and Lex Jones (Jones Boys Boats). Photo: Tammy White, Whitelight Photography
Balfour man lands big prize from angler incentive program

Eugene Volokhov of Balfour is now the proud owner of a sleek 18-foot Kingfisher boat

“I want to see the difference in the world, embrace it, celebrate it … ” Photo: David Cantelli/Unsplash
A new way to say ‘Hello’

“Inclusion, you see, is NOT about making us all the same.”

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
VIDEO: Border quarantine to soon lift for fully vaccinated Canadians

Eligible travellers must still take multiple COVID-19 tests

Chilliwack secondary school’s principal is apologizing after a quote equating graduation with the end of slavery in the U.S. was included in the 2020-2021 yearbook. (Screenshot from submitted SnapChat)
B.C. student’s yearbook quote equates grad to end of slavery; principal cites editing error

Black former student ‘disgusted’ as CSS principal apologizes for what is called an editing error

Skeena MLA Ellis Ross. (Photo by Peter Versteege)
BC Liberal leadership candidate condemns ‘senseless violence’ of Okanagan church fires

Skeena MLA Ellis Ross says reconciliation isn’t about revenge for past tragedies

A coroner’s inquest will be taking place at the Capitol Theatre in Port Alberni for the next week. (ELENA RARDON / ALBERNI VALLEY NEWS)
Teen B.C. mom who died following police custody recalled as ‘friend to many’

Police sent Jocelyn George to hospital after intoxication had gone ‘beyond the realm’ of normal detox

FILE - In this Nov. 29, 2020, file photo, Las Vegas Raiders defensive end Carl Nassib leaves the field after an NFL football game against the Atlanta Falcons in Atlanta. Nassib on Monday, June 21, 2021, became the first active NFL player to come out as gay. Nassib announced the news on Instagram, saying he was not doing it for the attention but because “I just think that representation and visibility are so important.” (AP Photo/John Bazemore, File)
Nassib becomes first active NFL player to come out as gay

More than a dozen NFL players have come out as gay after their careers were over

Penticton Indian Band Chief Greg Gabriel speaks to the Sacred Hearts Catholic Church burning down early Monday morning, June 21, 2021. (Monique Tamminga Western News)
Penticton band chief condemns suspicious burning of 2 Catholic churches

Both Catholic church fires are deemed suspicious, says RCMP

COVID-19 daily cases reported to B.C. public health, seven-day moving average to June 17, 2021. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infections drop to 90 on Sunday, 45 Monday

Pandemic spread dwindles as 77% of adults receive vaccine

By protesting uninvited in First Nations’ territories, conservationists are acting in a neocolonial or paternalistic manner, says Huu-ay-aht Chief Robert Dennis. Photo by Heather Thomson
A closer look: do Vancouver Island First Nations support the war in the woods?

First Nations/environmentalist old growth alliance uneasy, if it exists at all

A blood drive in support of 1-year-old Rielynn Gormley of Agassiz is scheduled for Monday, June 28 at Tzeachten First Nation Community Hall in Chilliwack. Rielynn lives with type 3 von Willebrand disease, which makes it difficult for her to stop bleeding. (Screenshot/Canadian Blood Services)
Upcoming blood drive in honour of Fraser Valley toddler with rare blood condition

The Gormley family has organized a blood drive in Chilliwack on June 28

Most Read