Hot on the heals of BC Assessments indicating property values were generally up across the Kootenays as of July 1, 2020, comes another record breaking month announced by the Kootenay Association of REALTORS® (KAR).
KAR reports that a total of 221 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in December 2020, a rise of 35.5 per cent from December 2019. The average MLS® residential price in the region was $424,240, an 18.5 per cent rise from $357,709 recorded in the same month last year. Total sales dollar volume in December was $93.7 million, a 60.8 per cent rise over December 2019, which stood at $58.3 million.
“We’ve had another record-setting month for Kootenay real estate, following the strong demand that hit the market in June 2020,” said KAR President Chuck Bennett. “Such extraordinary market behaviour would have been hard to predict six months ago, but after a string of high-performance months, our sales numbers for December seem normal. We were aware and prepared for a slowdown in the holiday season, but we’ve managed to end 2020 on a strong note with the best performing December in a decade. As our annual sales numbers for the year have comfortably exceeded our performance in 2019, I foresee high potential for growth for Kootenay real estate in 2021, if the demand continues.”
The average residential price has increased by 11.5 per cent for all homes and by 13.5 per cent for single family homes in the past year.
Bennett predicts the trend will continue through 2021, although he says there is concern that there is not enough supply to cater to the high demand.
“With BC Government’s constant efforts to make Covid-19 vaccinations available to the public, I’m optimistic that more sellers will want to list their properties in the coming days, and this will help the market achieve some balance,” he said. “These are encouraging numbers and exciting times for a seller, as well as for buyers looking to make a long-term investment.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar in December was $1.3 billion, 31.2 per cent higher than what it was last year. YTD Residential unit sales were up for the third time running by 17.2 per cent at 3494 units, while the average MLS® residential price (YTD) was up by 11.5 per cent to $384,186.