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Kootenay real estate sale prices see small drop

Kootenay real estate prices were down a bit in the first six months of this year, but there is a silver lining. - Greg Nesteroff photo
Kootenay real estate prices were down a bit in the first six months of this year, but there is a silver lining.
— image credit: Greg Nesteroff photo

The average sale price for residential homes in Nelson dropped slightly in the first half of 2012 compared to the same period last year — but more houses are selling.

According to second quarter statistics released by the Kootenay Real Estate Board, in Nelson 38 of 110 detached residential homes advertised on the multiple listing service sold as of June 30 this year, with an average price of $335,000.

In the first half of 2011 there were only 28 sales from 105 listings and the average sale price was about $341,000 — $6,000 more than this year.

Conversely, Kootenay-wide residential home prices increased by $8,000 in the first half of the year, from $275,000 in 2011 to $283,000 this year.

Sales of high-end homes in the East Kootenay are driving up that average.

For example, the average sale price in rural Fernie is $914,000 so far this year, where last year it was $438,000.

Average home prices were also above $500,000 within the city of Fernie, as well as in rural Kimberly/Cranbrook and rural Invermere.

Total sales of residential detached units increased about 20 per cent Kootenays-wide, with a total of 594 sold this year, compared to 481 sold by the second quarter last year.

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