Real estate sales in the Kootenays were down in October 2021 compared to the same month last year, but it’s not a cause for concern because 2020 was such an unusual year, says Kootenay Real Estate Association President Chuck Bennett.
“2020 was the most unusual year in terms of market behaviour. The hot real estate market that began somewhere in June 2020 and simmered after April 2021, was one-of-a kind because our sales were driven by external pandemic-related factors,” Bennett says.
KAR reports that a total of 365 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2021, a fall of 17.7 per cent from October 2020. The average MLS® residential price in the region was $473,236, a 20.1 per cent rise from $394,030 recorded in the same month last year. Total sales dollar volume in October was $172.7 million, a 1.6 per cent drop compared to October 2020, which stood at $174.9 million.
Performance for the past five months has been consistent Bennett says, indicating a continued high demand for homes in the Kootenays.
“Although we expected sales to grow during fall months, 365 home sales in October 2021 is still a high number, only bettered by October 2020 in the last decade. We are determined to keep this trend going with greater than 350 home sales every month on an average. Such consistency is also the reason why 2021 is the best year we’ve had in terms of unit sales.”
Homes are also selling faster, with average days on market reduced significantly, and multiple offer situations are not uncommon.
Supply of properties remain a concern according to Bennett.
“The demand has always been there and there’s no slowdown predicted in that regard. These market conditions are in favour of those who want to sell their home and I’m confident that we’ll see more properties getting listed going forward. If this happens, I see the winter months as a prime time for our inventory to get a much-needed supply boost. I’m positive that with steady sales numbers, falling DOM, and moderate rise in average prices, the Kootenay region will be one of the most attractive destinations for both buyers and sellers in 2022.”