Residential real estate sales in the Kootenays continued their year-long rise according to the latest statistics released by the Kootenay Association of Realtors (KAR).
KAR reports 417 residential unit sales in April 2021, a rise of 259 per cent from the same time last year. Average prices were up 34.4 per cent to $443, 274, and the total sales volume was $194.8 million at 383 per cent rise over April of 2020.
KAR President Chuck Bennett says that real estate transaction processes have evolved through the pandemic, the end result of which is both sellers and buyers get through the process in the simplest way possible.
“Add that to the current demand, and we get a scenario that’s conducive for all parties venturing into the Kootenay real estate market, ” Bennett said.
“The region has always been a lucrative proposition for buyers who are looking for more value for their money spent in real estate. Due to the current demand, we’re selling new listings as soon as they come up, and often with multiple offers. This has made sellers approach the current situation with positivity, and many find this to be the perfect time to enter the market. This may be one reason why 2021 year-to-date has seen more listings added than any of the last 5 years. Even though the market may get slower in the coming days due to buyer fatigue, 2021 will still be the best year for Kootenay real estate in a long time.”