2021 sets a new record in Kootenay real estate as average monthly residential price crosses $500k
Nelson, BC – The Kootenay Association of REALTORS® (KAR) reports that a total of 178 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in December 2021, a fall of 23.6 per cent from December 2020. The average MLS® residential price in the region was $510,302, a 20.9 per cent rise from $422,065 recorded in the same month the year before. Total sales dollar volume in December was $90.8 million, a 7.6 per cent drop compared to December 2020, which stood at $98.3 million.
There were 3979 residential units sold in the Kootenay region in 2021. According to KAR President, Bruce Seitz, “This is an annual sales record for us. After the COVID lockdowns in the early days of 2021, as REALTORS® we observed that the Kootenay region garnered some positive attention from real estate buyers, resulting in nearly 300-350 units being sold every month for most of last year. This was mainly due to pent-up demand for real estate in the province, and because our region provided good value for money to the average buyer. While some more popular regions were navigating through high prices and external pandemic-related factors, sellers in the Kootenay region benefitted and were able to confidently list and sell properties with the help of agents who skillfully supported them during some challenging times in 2021. As demand for homes in the province was higher than usual last year, the Kootenay region became a more desired residential property location in the province, resulting in nearly 4000 sales.”
Monthly average price for residential properties reached an all-time high of $510,303 in December 2021. Seitz adds, “For the last 6 months, we have been on course to reach the $500k mark for the monthly average residential price. There’s no denying the fact that we’ve been in a seller’s market for a long time now and these market circumstances, when coupled with high demand and multiple offer scenarios, are bound to fetch higher prices for properties that would’ve otherwise been sold for less. As such, we’ve kept a keen eye on the inventory numbers that have dwindled to record-lows in the past few months. As increasing average prices are directly linked to falling inventory, I don’t see any reduction in the upward pressure on average prices any time soon. Sellers will continue to benefit from the high demand for homes in the Kootenay region through 2022 and the year will present a perfect scenario for those who look to derive more value for their properties.”
Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in December was $1.79 billion, 33.2 per cent higher as compared to the sum in 2020. YTD residential unit sales were up by 13.4 per cent at 3979 units, while the average MLS® residential price (YTD) was up by 33.2 per cent to $451,099 since the start of 2021. There are 621 active residential listings in the Kootenay region as on January 06, 2022.
Kootenay Association of REALTORS® (KAR)
102-247 Baker Street
Nelson, BC, V1L 4H4
communications@kar.realtor
December 2021 Residential Units Sold, Dollar Volume and Average Sales:
December 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 since December 2020 comparison with the previous year:
Average Sales Price since December 2020 comparison with the previous year:
Source: https://www.kar.realtor/post/december2021
