2021 has been a hot market for luxury homes in the Kootenay region
Nelson, BC – The Kootenay Association of REALTORS® (KAR) reports that a total of 304 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2021, a fall of 5.6 per cent from November 2020. The average MLS® residential price in the region was $443,809, a 10 per cent rise from $403,029 recorded in the same month last year. Total sales dollar volume in November was $134.9 million, a 4 per cent rise from November 2020, which stood at $127.8 million.
Kootenay REALTORS® broke residential unit sales records across the KAR region in November. Year-to-date, KAR unit sales (3,783) have already surpassed total unit sales from 2020, which had been, until now, the highest in recent history.
Chuck Bennett, KAR President, reports that the significant rise in luxury home sales has had an impact on the average sale price in the region. “When considering homes that sold for over one million dollars, unit sales in 2021 are already 160% above those reported at the end of 2020,” says Bennett. “That certainly has helped push our average sale prices to the highest they’ve been in many years. That being said, I believe that interest rates forecasted for 2022 will put some downward pressure on sale prices as the year progresses.”
While the luxury home market has grown in 2021, the most popular price bracket for homebuyers remains between $300,000-$400,000 for the second year in a row. “We’re still in a seller’s market, and even more so if your list price is in that price range,” adds Bennett.
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in November was almost $1.7 billion, 35.6 per cent higher as compared to the sum in the first 11 months last year. YTD residential unit sales were up by 15.5 per cent at 3783 units, while the average MLS® residential price (YTD) was up by 17.3 per cent to $447,497 since the start of 2021. There are 737 active residential listings in the Kootenay region as of December 06, 2021.
Kootenay Association of REALTORS® (KAR)
102-247 Baker Street
Nelson, BC, V1L 4H4
communications@kar.realtor
November 2021 Residential Units Sold, Dollar Volume and Average Sales:
November 2021 Y-T-D Residential Units Sold, Dollar Volume and Average Sales:
** East Kootenay: Canal Flats, Cranbrook, Cranbrook Lakes, Creston, Creston Rural, Elkford, Fernie, Fernie Rural, Invermere, Invermere Rural, Sparwood, Radium, Kimberley, Kimberley/Cranbrook Rural, Golden, Golden Rural
West Kootenay: Castlegar, Castlegar Rural, Fruitvale, Grand Forks, Grand Forks Rural, Grand Forks Rural West, Greenwood, Kaslo, Midway, Montrose, Nakusp, Nakusp Rural, Nelson, Nelson Rural, New Denver, Rossland, Salmo, Silverton, Slocan, Trail, Trail Rural, Warfield
Units Sold Comparison (last 12 months):
Average Sales Price Comparison (last 12 months):
Source: https://www.kar.realtor/post/november2021
