The number of residential units sold in the Kootenays was down 21 per cent in August 2021 compared to August 2020, but the average price of home was up eight per cent, says the Kootenay Association of Realtors in their latest update.
This adds up to a total dollar sales volume of $149.5 million, a 15.4 per cent drop from last year.
August 2021 can be categorized as an average month, says KAR President Chuck Bennett.
“This does not mean that the demand for homes in the region has dropped,” Bennett said. “Our unit sales have been consistent with our seasonal trend, which typically sees less activity in the summer months. Also, a region that is as large as the Kootenays is bound to have varying average prices. Since our sales remain strong, the upward trend of average prices will continue.”
Supply continues to be an issue as fewer new listings were added in August 2021 than August 2020. Last year, supply was already an issue.
“It is true that the market is yet to pick up in terms of supply, and this is a major issue across all other regions in BC,” Bennett said. “This is because we’re recovering from a supply drought due to multiple hot market months back-to-back. We must acknowledge that the market is balancing and is in transition at the moment. Our inventory will continue to take shape for the rest of the year. I’m happy to see that our active inventory at the end of each month has been increasing. Anything other than that, would’ve been a cause for concern. But right now, we’re confident of a supply rebound from the historical low levels that we are at right now.”
And while August was down somewhat, year to date figures are strong at $1.21 billion, 60 per cent higher than the first eight months of 2020.
As of September 6, 2021, there are 1,130 active residential listings in the Kootenay region.