Kootenay Association of REALTORS® MLS® home sales, prices surge in October
The number of homes sold through the MLS® System of the Kootenay Association of REALTORS® totaled 379 units in October 2021. This was a substantial decline of 18.3% from October 2020 but was still the second best level for this month on record.
Home sales were 8.5% above the five-year average and 30.4% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled a record 3,486 units over the first 10 months of the year. This was a gain of 20% from the same period in 2020.
"Sales activity really took off in October after quieting down over the past few months. We were about halfway between the wild record from last year and the third best October recorded in 2019, so all told this was still an extremely strong October," said Chuck Bennett, President of the Kootenay Association of REALTORS®. "We’re still not seeing any kind of meaningful return of new listings, and as a result overall inventories left on the market have dropped below 1,000 and look set to stay below that number until next spring or summer."
The average price of homes sold in October 2021 was a record $481,147, up by 20.1% from October 2020.
The more comprehensive year-to-date average price was $447,940, an increase of 18.4% from the first 10 months of 2020.
The dollar value of all home sales in October 2021 was $182.4 million, was a small reduction of 1.9% from the same month in 2020.
The number of new listings decreased by 4.8% from October 2020. There were 336 new residential listings in October 2021.
New listings were 1.7% below the five-year average and 4.2% below the 10-year average for the month of October.
Active residential listings numbered 938 units on the market at the end of October, a sharp decrease of 21.3% from the end of October 2020. Active listings haven't been this low in the month of October in more than 25 years.
Active listings were 40.9% below the five-year average and 56.9% below the 10-year average for the month of October.
Months of inventory numbered 2.5 at the end of October 2021, down from the 2.6 months recorded at the end of October 2020 and below the long-run average of 8.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
BOARD & ASSOCIATION INFORMATION
The Kootenay Association of REALTORS® (KAR) is the regional professional association for REALTORS® in the East and West Kootenays and the Boundary region, in southeast BC. The KAR geographic area is the second largest in BC and encompasses two time zones – Pacific and Mountain. In such a large area there are significant variations within each community, and it is important to call a REALTOR® to get data specific to the area you are interested in.
Kootenay Association of REALTORS®